Morgan Stanley lowered shares of Olin (NYSE:OLN) from an overweight rating to an equal weight rating in a report issued on Friday, BenzingaRatingsTable reports. The firm currently has $23.00 price objective on the specialty chemicals company’s stock, down from their previous price objective of $33.00.
OLN has been the topic of several other reports. Alembic Global Advisors set a $95.00 price objective on shares of Celanese and gave the company a sell rating in a report on Monday, April 22nd. Royal Bank of Canada dropped their price objective on shares of Olin to $19.00 and set a sector perform rating on the stock in a report on Wednesday, July 10th. ValuEngine downgraded shares of Yext from a strong-buy rating to a buy rating in a report on Friday, May 10th. Cowen reaffirmed a buy rating and issued a $6.50 price objective on shares of Daseke in a report on Monday, May 6th. Finally, Nomura downgraded shares of Infosys from a neutral rating to a reduce rating in a report on Monday, April 15th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $27.83.
Shares of Olin stock opened at $20.84 on Friday. The company’s 50 day moving average is $21.59. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 11.91, a price-to-earnings-growth ratio of 0.72 and a beta of 1.54. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.48 and a quick ratio of 0.85. Olin has a 12-month low of $17.87 and a 12-month high of $32.00.
Olin (NYSE:OLN) last released its quarterly earnings data on Tuesday, April 30th. The specialty chemicals company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.04). The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.69 billion. Olin had a net margin of 5.14% and a return on equity of 11.12%. The firm’s revenue was down 9.2% on a year-over-year basis. During the same period last year, the company earned $0.12 earnings per share. Equities research analysts anticipate that Olin will post 1.41 EPS for the current fiscal year.
In related news, EVP John L. Mcintosh sold 19,335 shares of the stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $22.54, for a total transaction of $435,810.90. Following the sale, the executive vice president now directly owns 81,477 shares of the company’s stock, valued at $1,836,491.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Scott Mcdougald Sutton purchased 7,000 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were purchased at an average cost of $21.02 per share, for a total transaction of $147,140.00. Following the completion of the acquisition, the director now directly owns 22,000 shares of the company’s stock, valued at approximately $462,440. The disclosure for this purchase can be found here. 1.90% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC boosted its holdings in Olin by 1.8% during the first quarter. SG Americas Securities LLC now owns 26,162 shares of the specialty chemicals company’s stock worth $605,000 after buying an additional 472 shares in the last quarter. Boston Partners boosted its holdings in Olin by 2.4% during the first quarter. Boston Partners now owns 23,008 shares of the specialty chemicals company’s stock worth $532,000 after buying an additional 543 shares in the last quarter. Crossmark Global Holdings Inc. boosted its holdings in Olin by 2.4% during the second quarter. Crossmark Global Holdings Inc. now owns 23,220 shares of the specialty chemicals company’s stock worth $509,000 after buying an additional 545 shares in the last quarter. Oakbrook Investments LLC boosted its holdings in Olin by 3.5% during the first quarter. Oakbrook Investments LLC now owns 17,600 shares of the specialty chemicals company’s stock worth $407,000 after buying an additional 600 shares in the last quarter. Finally, CWM LLC boosted its holdings in Olin by 1,219.7% during the first quarter. CWM LLC now owns 1,676 shares of the specialty chemicals company’s stock worth $39,000 after buying an additional 1,549 shares in the last quarter. 91.61% of the stock is currently owned by hedge funds and other institutional investors.
Olin Corporation manufactures and distributes chemical products in the United States and internationally. 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, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, chlorinated organics intermediates and solvents, and sodium hypochlorite.The Epoxy segment provides allyl chloride and epichlorohydrin, as well as acetone, bisphenol, cumene, and phenol for use in resins and other plastic materials, water purification, and pesticides, as well as for the manufacturers of polymers; liquid and solid epoxy resins that are used in adhesives, paints and coatings, composites, and flooring; and differentiated epoxy resins for use in electrical laminates, paints and coatings, wind blades, electronics, and construction, as well as offers additives.
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