Morgan Stanley Lowers Olin (NYSE:OLN) Price Target to $28.00

Olin (NYSE:OLN) had its target price reduced by stock analysts at Morgan Stanley from $31.00 to $28.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “underweight” rating on the specialty chemicals company’s stock. Morgan Stanley’s target price suggests a potential upside of 5.01% from the company’s previous close.

Several other equities analysts have also recently commented on the stock. Piper Sandler reduced their price objective on shares of Olin from $51.00 to $41.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. BMO Capital Markets reduced their price target on shares of Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a research report on Tuesday, October 29th. UBS Group lowered their price objective on Olin from $35.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, January 31st. Royal Bank of Canada cut Olin from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from $45.00 to $30.00 in a research report on Tuesday. Finally, Truist Financial lowered their price target on Olin from $38.00 to $32.00 and set a “hold” rating on the stock in a report on Monday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $40.94.

Olin Trading Down 3.8 %

NYSE:OLN opened at $26.67 on Tuesday. The company has a market cap of $3.11 billion, a P/E ratio of 29.63, a P/E/G ratio of 0.69 and a beta of 1.45. Olin has a 1 year low of $26.48 and a 1 year high of $60.60. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.27 and a quick ratio of 0.77. The stock’s fifty day moving average price is $34.92 and its two-hundred day moving average price is $40.73.

Olin (NYSE:OLN) last issued its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. As a group, analysts expect that Olin will post 2.47 EPS for the current year.

Olin announced that its Board of Directors has initiated a share buyback plan on Thursday, December 12th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the specialty chemicals company to reacquire up to 45% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity at Olin

In related news, VP R Nichole Sumner sold 10,500 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $43.75, for a total transaction of $459,375.00. Following the transaction, the vice president now directly owns 24,056 shares in the company, valued at $1,052,450. This trade represents a 30.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Connable Office Inc. grew its stake in shares of Olin by 9.3% in the fourth quarter. Connable Office Inc. now owns 6,207 shares of the specialty chemicals company’s stock worth $210,000 after purchasing an additional 527 shares during the last quarter. Proficio Capital Partners LLC lifted its holdings in Olin by 2,101.8% in the 4th quarter. Proficio Capital Partners LLC now owns 119,821 shares of the specialty chemicals company’s stock worth $4,050,000 after buying an additional 114,379 shares during the period. Illinois Municipal Retirement Fund grew its position in shares of Olin by 34.4% in the 4th quarter. Illinois Municipal Retirement Fund now owns 65,395 shares of the specialty chemicals company’s stock worth $2,210,000 after buying an additional 16,728 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Olin by 8.1% during the fourth quarter. Bank of New York Mellon Corp now owns 1,305,521 shares of the specialty chemicals company’s stock valued at $44,127,000 after buying an additional 97,980 shares during the period. Finally, Ieq Capital LLC bought a new position in shares of Olin during the fourth quarter valued at approximately $824,000. 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.