Olin (NYSE:OLN) Given New $17.00 Price Target at Truist Financial

Olin (NYSE:OLN) had its price target boosted by investment analysts at Truist Financial from $15.00 to $17.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “hold” rating on the specialty chemicals company’s stock. Truist Financial‘s target price points to a potential downside of 7.31% from the company’s current price.

A number of other analysts have also issued reports on OLN. The Goldman Sachs Group set a $18.00 target price on shares of Olin in a research report on Wednesday, September 30th. Barclays assumed coverage on Olin in a report on Monday, October 12th. They issued an “equal weight” rating and a $18.00 price target for the company. Mizuho increased their price target on Olin from $23.00 to $24.00 and gave the stock a “neutral” rating in a research note on Friday, July 31st. BMO Capital Markets decreased their price objective on Olin from $30.00 to $25.00 and set a “market perform” rating on the stock in a report on Monday, July 6th. Finally, Royal Bank Of Canada lifted their price objective on Olin from $16.00 to $19.00 and gave the company a “sector perform” rating in a research report on Monday. One research analyst has rated the stock with a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Olin currently has a consensus rating of “Reduce” and a consensus target price of $20.43.

Olin Price Performance

OLN stock traded up $0.74 during trading on Monday, hitting $18.34. The stock had a trading volume of 1,219,677 shares, compared to its average volume of 3,163,186. The stock has a market cap of $2.09 billion, a price-to-earnings ratio of -12.45 and a beta of 1.14. The company has a debt-to-equity ratio of 1.75, a quick ratio of 0.88 and a current ratio of 1.45. The company’s 50 day moving average price is $16.44 and its two-hundred day moving average price is $22.28. Olin has a 1-year low of $14.64 and a 1-year high of $30.46.

Olin (NYSE:OLN) last released its quarterly earnings results on Thursday, October 29th. The specialty chemicals company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.02). The firm had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.83 billion. Olin had a negative return on equity of 6.63% and a negative net margin of 2.49%. Olin’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.37 earnings per share. On average, sell-side analysts forecast that Olin will post -0.80 EPS for the current fiscal year.

Hedge Funds Weigh In On Olin

Several institutional investors and hedge funds have recently bought and sold shares of the stock. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Olin during the 2nd quarter worth about $1,267,000. Amundi raised its holdings in Olin by 337.2% in the first quarter. Amundi now owns 684,036 shares of the specialty chemicals company’s stock valued at $20,336,000 after buying an additional 527,586 shares during the period. Engineers Gate Manager LP lifted its position in Olin by 1,601.5% during the second quarter. Engineers Gate Manager LP now owns 210,478 shares of the specialty chemicals company’s stock valued at $4,172,000 after buying an additional 198,108 shares in the last quarter. WINTON GROUP Ltd acquired a new position in Olin during the second quarter valued at approximately $1,747,000. Finally, Empowered Funds LLC grew its stake in Olin by 1,946.0% during the first quarter. Empowered Funds LLC now owns 435,599 shares of the specialty chemicals company’s stock worth $12,950,000 after buying an additional 414,309 shares during the period. Institutional investors and hedge funds own 88.67% of the company’s stock.

About Olin

Olin Corporation (NYSE: OLN) is a global manufacturer of chemicals and ammunition. The company operates through three primary businesses: Chlor Alkali Products and Vinyls, Epoxy, and Winchester.

Its Chlor Alkali Products and Vinyls business produces chlorine, caustic soda, hydrochloric acid, bleach products, hydrogen, chlorinated organic chemicals and other related materials used in industrial, water-treatment, construction and consumer applications. Olin’s Epoxy business manufactures epoxy resins, intermediates and other specialty materials used in coatings, adhesives, composites, electronics and infrastructure-related applications.

Through its Winchester business, Olin produces and distributes sporting ammunition, reloading components, and small-caliber ammunition for law enforcement and military customers.