Citigroup Issues Pessimistic Forecast for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN) had its price objective decreased by Citigroup from $34.00 to $30.00 in a report released on Thursday morning,Benzinga reports. Citigroup currently has a buy rating on the specialty chemicals company’s stock.

A number of other research firms have also recently weighed in on OLN. Wells Fargo & Company reissued an “equal weight” rating on shares of Olin in a report on Monday, February 3rd. Morgan Stanley cut their price target on shares of Olin from $31.00 to $28.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 4th. Royal Bank of Canada cut shares of Olin from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $45.00 to $30.00 in a research report on Tuesday, February 4th. Truist Financial dropped their price objective on Olin from $38.00 to $32.00 and set a “hold” rating on the stock in a report on Monday, February 3rd. Finally, BMO Capital Markets reduced their target price on Olin from $44.00 to $34.00 and set a “market perform” rating for the company in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $37.44.

Olin Stock Performance

Shares of OLN stock opened at $25.23 on Thursday. Olin has a 12 month low of $22.98 and a 12 month 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 company has a market cap of $2.91 billion, a P/E ratio of 28.04 and a beta of 1.61. The firm has a fifty day moving average price of $27.51 and a 200 day moving average price of $36.27.

Olin (NYSE:OLN) last released its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (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%. Sell-side analysts predict that Olin will post 1.38 earnings per share for the current fiscal year.

Olin announced that its Board of Directors has approved a share buyback plan on Thursday, December 12th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the specialty chemicals company to reacquire up to 45% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Olin Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, March 6th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.17%. The ex-dividend date was Thursday, March 6th. Olin’s payout ratio is 88.89%.

Insider Buying and Selling at Olin

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

Institutional Investors Weigh In On Olin

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. increased its holdings in shares of Olin by 34.3% in the 4th quarter. Blue Trust Inc. now owns 2,887 shares of the specialty chemicals company’s stock valued at $98,000 after purchasing an additional 738 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in Olin by 55.5% in the fourth quarter. Harbor Capital Advisors Inc. now owns 143,062 shares of the specialty chemicals company’s stock valued at $4,835,000 after buying an additional 51,051 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position 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 valued at $62,168,000 after acquiring an additional 37,043 shares during the period. KBC Group NV boosted its stake in shares of Olin by 82.9% during the 4th quarter. KBC Group NV now owns 5,461 shares of the specialty chemicals company’s stock worth $185,000 after acquiring an additional 2,476 shares in the last quarter. Finally, Mariner Investment Group LLC acquired a new stake in shares of Olin in the 4th quarter worth approximately $355,000. Institutional investors and hedge funds own 88.67% of the company’s stock.

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.