Olin (NYSE:OLN) Downgraded by JPMorgan Chase & Co. to Neutral

Olin (NYSE:OLN) was downgraded by stock analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report issued on Thursday,Finviz reports. They currently have a $28.00 price objective on the specialty chemicals company’s stock, down from their prior price objective of $50.00. JPMorgan Chase & Co.‘s price target suggests a potential upside of 8.57% from the company’s previous close.

Several other equities research analysts have also recently weighed in on OLN. UBS Group set a $28.00 target price on shares of Olin in a research note on Thursday. Royal Bank of Canada lowered shares of Olin from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $45.00 to $30.00 in a report on Tuesday, February 4th. Bank of America raised shares of Olin from a “neutral” rating to a “buy” rating and decreased their price target for the company from $48.00 to $40.00 in a report on Tuesday, January 14th. Barclays reaffirmed an “equal weight” rating on shares of Olin in a research note on Monday, February 3rd. Finally, 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 report on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Olin has a consensus rating of “Hold” and a consensus target price of $38.38.

Olin Price Performance

Shares of NYSE:OLN opened at $25.79 on Thursday. The company’s fifty day moving average is $31.15 and its two-hundred day moving average is $38.98. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32. Olin has a 12-month low of $25.77 and a 12-month high of $60.60. The company has a market cap of $2.98 billion, a P/E ratio of 28.66 and a beta of 1.45.

Olin (NYSE:OLN) last posted its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, topping 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 1.38 earnings per share for the current fiscal year.

Olin declared that its Board of Directors has initiated a share buyback program on Thursday, December 12th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the specialty chemicals company to buy up to 45% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, CEO Kenneth Todd Lane acquired 7,250 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was acquired at an average price of $28.06 per share, with a total value of $203,435.00. Following the purchase, the chief executive officer now directly owns 7,250 shares in the company, valued at approximately $203,435. This trade represents a ? increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Olin

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Olin by 11.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 297,425 shares of the specialty chemicals company’s stock valued at $10,053,000 after acquiring an additional 29,919 shares during the last quarter. Voloridge Investment Management LLC bought a new position in shares of Olin during the fourth quarter valued at $4,692,000. Two Sigma Advisers LP bought a new position in shares of Olin during the fourth quarter valued at $7,514,000. Two Sigma Investments LP raised its stake in shares of Olin by 890.4% during the fourth quarter. Two Sigma Investments LP now owns 451,020 shares of the specialty chemicals company’s stock valued at $15,244,000 after acquiring an additional 405,480 shares during the last quarter. Finally, Tidal Investments LLC bought a new position in Olin during the fourth quarter worth $331,000. 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.