Olin (NYSE:OLN) Downgraded by Piper Sandler to “Neutral”

Olin (NYSE:OLN) was downgraded by research analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a note issued to investors on Thursday,Briefing.com Automated Import reports. They currently have a $33.00 price target on the specialty chemicals company’s stock, down from their previous price target of $41.00. Piper Sandler’s price objective points to a potential upside of 17.90% from the company’s previous close.

OLN has been the subject of a number of other research reports. Royal Bank of Canada cut shares of Olin from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $45.00 to $30.00 in a report on Tuesday, February 4th. KeyCorp dropped their price objective on Olin from $50.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Wells Fargo & Company decreased their target price on shares of Olin from $40.00 to $31.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. BMO Capital Markets cut their price target on shares of Olin from $44.00 to $34.00 and set a “market perform” rating for the company in a research note on Wednesday, February 5th. Finally, Bank of America raised Olin from a “neutral” rating to a “buy” rating and cut their price target for the company from $48.00 to $40.00 in a report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $40.44.

Olin Stock Down 2.1 %

NYSE OLN opened at $27.99 on Thursday. The stock has a fifty day moving average of $33.45 and a 200-day moving average of $40.06. The stock has a market capitalization of $3.26 billion, a P/E ratio of 31.10, a price-to-earnings-growth ratio of 0.91 and a beta of 1.45. Olin has a 52 week low of $26.48 and a 52 week high of $60.60. 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 announced its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (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%. On average, equities research analysts forecast that Olin will post 1.83 EPS for the current year.

Olin announced that its Board of Directors has authorized a share buyback program on Thursday, December 12th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the specialty chemicals company to reacquire up to 45% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Farther Finance Advisors LLC grew its holdings in shares of Olin by 88.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after purchasing an additional 276 shares during the last quarter. Covestor Ltd boosted its position in Olin by 357.5% in the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock valued at $44,000 after buying an additional 715 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Olin during the third quarter worth $47,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Olin by 26.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock worth $75,000 after buying an additional 318 shares in the last quarter. Finally, Spire Wealth Management lifted its stake in shares of Olin by 246.8% in the 4th quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock valued at $55,000 after acquiring an additional 1,150 shares during the last quarter. 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.