Olin (NYSE:OLN) Given New $45.00 Price Target at Citigroup

Olin (NYSE:OLN) had its target price reduced by Citigroup from $48.00 to $45.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have a buy rating on the specialty chemicals company’s stock.

Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada cut their target price on shares of Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 29th. Barclays dropped their price objective on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Friday. BMO Capital Markets dropped their price objective on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 29th. Wells Fargo & Company dropped their price objective on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Finally, Piper Sandler dropped their price objective on shares of Olin from $57.00 to $51.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $50.14.

Olin Trading Down 5.3 %

Shares of OLN opened at $35.33 on Monday. The firm’s 50-day moving average price is $43.08 and its 200-day moving average price is $44.95. The firm has a market capitalization of $4.12 billion, a price-to-earnings ratio of 29.03, a PEG ratio of 1.51 and a beta of 1.43. The company has a current ratio of 1.40, a quick ratio of 0.82 and a debt-to-equity ratio of 1.32. Olin has a 1-year low of $35.27 and a 1-year high of $60.60.

Olin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Thursday, November 14th were paid a $0.20 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.80 annualized dividend and a dividend yield of 2.26%. Olin’s dividend payout ratio is presently 64.52%.

Olin declared that its Board of Directors has authorized a share buyback plan on Thursday, December 12th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy up to 45% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Olin

In related news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $43.75, for a total transaction of $459,375.00. Following the transaction, the vice president now owns 24,056 shares in the company, valued at $1,052,450. This represents a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC increased its holdings in Olin by 20.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 8,466 shares of the specialty chemicals company’s stock valued at $399,000 after buying an additional 1,440 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in Olin during the second quarter valued at approximately $211,000. Blue Trust Inc. increased its holdings in Olin by 79.1% during the second quarter. Blue Trust Inc. now owns 1,311 shares of the specialty chemicals company’s stock valued at $62,000 after buying an additional 579 shares during the last quarter. Raymond James & Associates increased its holdings in Olin by 11.4% during the second quarter. Raymond James & Associates now owns 174,220 shares of the specialty chemicals company’s stock valued at $8,214,000 after buying an additional 17,801 shares during the last quarter. Finally, First Citizens Bank & Trust Co. increased its holdings in Olin by 48.2% during the second quarter. First Citizens Bank & Trust Co. now owns 5,599 shares of the specialty chemicals company’s stock valued at $264,000 after buying an additional 1,822 shares during the last quarter. Institutional investors own 88.67% of the company’s stock.

About Olin

Olin Corporation manufactures and distributes chemical products in the United States, Europe, Asia Pacific, Latin America, and Canada. It operates through three segments: Chlor Alkali Products and Vinyls; Epoxy; and Winchester. The Chlor Alkali Products and Vinyls segment offers chlorine and caustic soda, ethylene dichloride and vinyl chloride monomers, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, and chlorinated organics intermediates and solvents.