Barclays Cuts Olin (NYSE:OLN) Price Target to $34.00

Olin (NYSE:OLN) had its target price decreased by Barclays from $43.00 to $34.00 in a report issued on Monday morning,Benzinga reports. Barclays currently has an equal weight rating on the specialty chemicals company’s stock.

OLN has been the subject of a number of other reports. Piper Sandler lowered their target price on Olin from $51.00 to $41.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Bank of America upgraded shares of Olin from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $48.00 to $40.00 in a research note on Tuesday, January 14th. UBS Group cut their target price on shares of Olin from $35.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, January 31st. Citigroup decreased their price target on shares of Olin from $48.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, December 16th. Finally, BMO Capital Markets cut their price objective on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 29th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $40.94.

Olin Trading Down 3.8 %

NYSE: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 firm’s fifty day moving average is $34.92 and its 200-day moving average is $40.73. The firm 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. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27.

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 net margin of 1.66% and a return on equity of 5.10%. Equities analysts expect that Olin will post 2.47 earnings per share for the current year.

Olin announced that its Board of Directors has initiated a stock buyback program on Thursday, December 12th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the specialty chemicals company to reacquire up to 45% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity at Olin

In other Olin news, VP R Nichole Sumner sold 10,500 shares of the company’s 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 sale, 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Olin

Several hedge funds have recently modified their holdings of OLN. Hotchkis & Wiley Capital Management LLC increased its position in shares of Olin by 6.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,838,988 shares of the specialty chemicals company’s stock valued at $424,095,000 after acquiring an additional 531,330 shares during the last quarter. Pzena Investment Management LLC grew its stake in Olin by 24.8% in the 3rd quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company’s stock valued at $165,661,000 after purchasing an additional 685,710 shares during the period. Bank of New York Mellon Corp increased its position in shares of Olin by 8.1% during the 4th 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 purchasing an additional 97,980 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Olin by 2.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,295,699 shares of the specialty chemicals company’s stock worth $62,168,000 after purchasing an additional 37,043 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in shares of Olin by 19.2% in the 3rd quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company’s stock worth $51,015,000 after buying an additional 172,768 shares during the last quarter. 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.