Wells Fargo & Company Issues Pessimistic Forecast for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN) had its price objective cut by equities researchers at Wells Fargo & Company from $40.00 to $31.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 11.69% from the stock’s previous close.

OLN has been the topic of several other research reports. UBS Group dropped their target price on Olin from $35.00 to $34.00 and set a “neutral” rating on the stock in a report on Friday, January 31st. Truist Financial initiated coverage on Olin in a report on Tuesday, January 28th. They issued a “hold” rating and a $38.00 price objective for the company. KeyCorp lowered their target price on shares of Olin from $50.00 to $40.00 and set an “overweight” rating on the stock in a report on Monday. Citigroup decreased their price objective on shares of Olin from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, December 16th. Finally, Morgan Stanley dropped their target price on shares of Olin from $41.00 to $31.00 and set an “underweight” rating on the stock in a report on Monday, January 13th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Olin currently has an average rating of “Hold” and an average target price of $41.75.

Olin Stock Performance

Shares of OLN opened at $27.76 on Monday. The firm has a market cap of $3.24 billion, a P/E ratio of 30.84, a PEG ratio of 0.69 and a beta of 1.45. Olin has a twelve month low of $27.15 and a twelve month high of $60.60. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27. The firm’s 50 day moving average price is $34.92 and its two-hundred day moving average price is $40.73.

Olin (NYSE:OLN) last issued its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. On average, analysts forecast that Olin will post 2.47 EPS for the current fiscal year.

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

Insider Buying and Selling at Olin

In other news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $43.75, for a total value of $459,375.00. Following the completion of the transaction, the vice president now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Olin

Institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. lifted its stake in shares of Olin by 5.6% in the 2nd quarter. Sei Investments Co. now owns 12,161 shares of the specialty chemicals company’s stock valued at $573,000 after acquiring an additional 640 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in Olin in the 2nd quarter worth about $2,486,000. CWM LLC raised its position in Olin by 18.0% in the third quarter. CWM LLC now owns 8,668 shares of the specialty chemicals company’s stock valued at $416,000 after purchasing an additional 1,324 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Olin by 4,862.5% during the third quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company’s stock valued at $76,000 after purchasing an additional 1,556 shares in the last quarter. Finally, Merrion Investment Management Co LLC bought a new stake in shares of Olin during the third quarter worth about $579,000. 88.67% of the stock is currently owned by institutional investors and hedge funds.

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.