Olin (NYSE:OLN) Hits New 12-Month Low Following Analyst Downgrade

Olin Co. (NYSE:OLN) shares reached a new 52-week low during trading on Monday after Citigroup lowered their price target on the stock from $48.00 to $45.00. Citigroup currently has a buy rating on the stock. Olin traded as low as $36.22 and last traded at $36.52, with a volume of 250549 shares. The stock had previously closed at $37.31.

Several other brokerages also recently issued reports on OLN. KeyCorp reduced their price objective on Olin from $57.00 to $56.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Piper Sandler reduced their price objective on Olin from $57.00 to $51.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 30th. Barclays reduced their price objective on Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Friday. Wells Fargo & Company reduced their price objective on Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Finally, Royal Bank of Canada reduced their price objective on Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $50.14.

Insider Activity at Olin

In other Olin news, VP R Nichole Sumner sold 10,500 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $43.75, for a total transaction of $459,375.00. Following the completion of the sale, the vice president now directly 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 legal filing with the SEC, which is available through this hyperlink. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Olin

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its stake in Olin by 88.2% during the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock worth $28,000 after acquiring an additional 276 shares during the last quarter. nVerses Capital LLC acquired a new stake in Olin during the second quarter worth about $33,000. Covestor Ltd increased its stake in Olin by 357.5% during the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock worth $44,000 after acquiring an additional 715 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in shares of Olin in the third quarter worth about $47,000. Finally, Denver PWM LLC purchased a new stake in shares of Olin in the second quarter worth about $59,000. 88.67% of the stock is currently owned by institutional investors and hedge funds.

Olin Price Performance

The company has a 50-day moving average price of $43.08 and a two-hundred day moving average price of $44.95. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82. The company has a market cap of $4.12 billion, a PE ratio of 29.03, a P/E/G ratio of 1.51 and a beta of 1.43.

Olin Announces Dividend

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

Olin announced that its Board of Directors has authorized a stock buyback program on Thursday, December 12th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Olin Company Profile

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.