Truist Financial Cuts Olin (NYSE:OLN) Price Target to $32.00

Olin (NYSE:OLN) had its target price trimmed by Truist Financial from $38.00 to $32.00 in a research note published on Monday,Benzinga reports. The firm currently has a hold rating on the specialty chemicals company’s stock.

A number of other brokerages have also recently issued reports on OLN. Piper Sandler cut their target price on shares of Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Citigroup cut their price target on Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, December 16th. Wells Fargo & Company dropped their target price on Olin from $40.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Monday. Barclays lowered their price target on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a research report on Friday, December 13th. Finally, Royal Bank of Canada cut their price objective on shares of Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $40.94.

Olin Price Performance

Shares of OLN opened at $26.67 on Monday. Olin has a 52 week low of $26.48 and a 52 week high of $60.60. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 1.32. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 0.69 and a beta of 1.45. The stock has a 50 day moving average of $34.92 and a 200-day moving average of $40.73.

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

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

Insider Buying and Selling

In related news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction on Friday, November 8th. The stock was 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 in the company, valued at $1,052,450. This trade represents a 30.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Harbor Capital Advisors Inc. boosted its stake in Olin by 55.5% in the 4th quarter. Harbor Capital Advisors Inc. now owns 143,062 shares of the specialty chemicals company’s stock worth $4,835,000 after purchasing an additional 51,051 shares during the period. Segall Bryant & Hamill LLC purchased a new stake in shares of Olin in the third quarter valued at $916,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of 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 in the last quarter. Mariner Investment Group LLC acquired a new stake in shares of Olin in the fourth quarter worth $355,000. Finally, Barclays PLC grew its holdings in shares of Olin by 37.7% during the third quarter. Barclays PLC now owns 125,913 shares of the specialty chemicals company’s stock valued at $6,042,000 after buying an additional 34,485 shares in the last quarter. 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.