Wells Fargo & Company Has Lowered Expectations for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN) had its price target reduced by research analysts at Wells Fargo & Company from $31.00 to $25.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 10.47% from the stock’s previous close.

OLN has been the topic of several other reports. Royal Bank of Canada lowered Olin from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $45.00 to $30.00 in a research report on Tuesday, February 4th. JPMorgan Chase & Co. cut shares of Olin from an “overweight” rating to a “neutral” rating and cut their price target for the company from $50.00 to $28.00 in a report on Thursday, February 27th. Barclays reaffirmed an “equal weight” rating on shares of Olin in a research note on Monday, February 3rd. Citigroup dropped their target price on shares of Olin from $34.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, March 27th. Finally, Piper Sandler cut shares of Olin from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $41.00 to $33.00 in a research note on Thursday, February 13th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $36.69.

Olin Trading Down 8.4 %

Shares of NYSE:OLN traded down $2.07 during trading on Tuesday, reaching $22.63. The stock had a trading volume of 661,735 shares, compared to its average volume of 1,456,732. The stock has a market cap of $2.60 billion, a price-to-earnings ratio of 25.14 and a beta of 1.61. 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 fifty day moving average is $26.75 and its 200 day moving average is $35.76. Olin has a 52 week low of $22.08 and a 52 week high of $60.60.

Olin (NYSE:OLN) last issued its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (EPS) for the quarter, beating 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, equities analysts forecast that Olin will post 1.38 EPS for the current fiscal year.

Olin declared that its Board of Directors has initiated a stock buyback plan 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 plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, CEO Kenneth Todd Lane purchased 7,250 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were purchased at an average cost of $28.06 per share, with a total value of $203,435.00. Following the completion of the acquisition, the chief executive officer now owns 7,250 shares of the company’s stock, valued at approximately $203,435. This represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Covestor Ltd raised its holdings in Olin by 45.8% in the 4th quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company’s stock valued at $45,000 after acquiring an additional 419 shares during the last quarter. Spire Wealth Management boosted its position in shares of Olin by 246.8% during the 4th quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock valued at $55,000 after acquiring an additional 1,150 shares during the last quarter. CoreFirst Bank & Trust purchased a new stake in shares of Olin in the fourth quarter valued at about $66,000. Jones Financial Companies Lllp grew its stake in shares of Olin by 59.9% in the 4th quarter. Jones Financial Companies Lllp now owns 2,431 shares of the specialty chemicals company’s stock valued at $82,000 after buying an additional 911 shares during the period. Finally, Blue Trust Inc. lifted its holdings in Olin by 34.3% in the fourth quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company’s stock valued at $98,000 after acquiring an additional 738 shares during the last quarter. 88.67% of the stock is owned by hedge funds and other institutional investors.

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.