Olin (NYSE:OLN) Given New $31.00 Price Target at Morgan Stanley

Olin (NYSE:OLN) had its price target lowered by Morgan Stanley from $41.00 to $31.00 in a research note published on Monday,Benzinga reports. The brokerage currently has an underweight rating on the specialty chemicals company’s stock.

OLN has been the topic of several other reports. Barclays dropped their target price on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a report on Friday, December 13th. 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. Citigroup lowered their target price on Olin from $48.00 to $45.00 and set a “buy” rating for the company in a report on Monday, December 16th. Piper Sandler cut their price target on Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Finally, BMO Capital Markets decreased their price objective on Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $47.80.

Olin Price Performance

Shares of OLN stock opened at $31.69 on Monday. Olin has a twelve month low of $30.69 and a twelve month high of $60.60. The company has a current ratio of 1.40, a quick ratio of 0.82 and a debt-to-equity ratio of 1.32. The stock has a fifty day simple moving average of $38.18 and a two-hundred day simple moving average of $42.44. The stock has a market capitalization of $3.69 billion, a price-to-earnings ratio of 25.56, a P/E/G ratio of 1.51 and a beta of 1.48.

Olin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Thursday, November 14th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.80 annualized dividend and a dividend yield of 2.52%. Olin’s payout ratio is currently 64.52%.

Olin declared that its board has initiated a stock repurchase plan on Thursday, December 12th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to purchase up to 45% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $43.75, for a total value of $459,375.00. Following the transaction, the vice president now directly owns 24,056 shares of the company’s stock, valued at approximately $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 accessible through the SEC website. 1.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Olin

A number of large investors have recently bought and sold shares of OLN. Harbor Capital Advisors Inc. lifted its stake in Olin by 55.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 143,062 shares of the specialty chemicals company’s stock valued at $4,835,000 after acquiring an additional 51,051 shares during the period. Segall Bryant & Hamill LLC acquired a new position in Olin during the third quarter valued at $916,000. Charles Schwab Investment Management Inc. boosted its holdings in Olin by 2.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,295,699 shares of the specialty chemicals company’s stock valued at $62,168,000 after purchasing an additional 37,043 shares during the last quarter. Magnetar Financial LLC acquired a new stake in Olin during the 2nd quarter worth about $2,350,000. Finally, Canada Pension Plan Investment Board raised its stake in shares of Olin by 846.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 14,200 shares of the specialty chemicals company’s stock valued at $670,000 after buying an additional 12,700 shares during the last quarter. Hedge funds and other institutional investors own 88.67% of the company’s stock.

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.