Olin (NYSE:OLN) Shares Gap Down – What’s Next?

Olin Co. (NYSE:OLN)’s share price gapped down before the market opened on Friday . The stock had previously closed at $45.04, but opened at $41.96. Olin shares last traded at $41.76, with a volume of 931,775 shares.

Analysts Set New Price Targets

Several research analysts have commented on OLN shares. KeyCorp cut their price target on shares of Olin from $62.00 to $57.00 and set an “overweight” rating for the company in a report on Monday, October 7th. Royal Bank of Canada reduced their target price on Olin from $61.00 to $52.00 and set an “outperform” rating for the company in a research report on Monday, July 29th. Barclays lowered their price target on Olin from $59.00 to $49.00 and set an “equal weight” rating on the stock in a report on Monday, July 29th. The Goldman Sachs Group cut their price objective on Olin from $55.00 to $49.00 and set a “neutral” rating for the company in a report on Monday, July 29th. Finally, Wells Fargo & Company lowered their target price on shares of Olin from $50.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Olin has an average rating of “Hold” and an average target price of $52.40.

Olin Stock Down 8.0 %

The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.82 and a current ratio of 1.43. The stock’s 50 day moving average price is $44.78 and its 200-day moving average price is $48.13. The company has a market cap of $4.95 billion, a PE ratio of 14.90, a PEG ratio of 1.12 and a beta of 1.41.

Olin (NYSE:OLN) last posted its quarterly earnings results on Thursday, July 25th. The specialty chemicals company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.08). The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.71 billion. Olin had a net margin of 4.26% and a return on equity of 11.73%. The business’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.13 earnings per share. On average, analysts predict that Olin Co. will post 1.58 earnings per share for the current year.

Olin Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Thursday, November 14th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend is Thursday, November 14th. Olin’s dividend payout ratio is presently 28.78%.

Hedge Funds Weigh In On Olin

A number of large investors have recently bought and sold shares of the stock. LRI Investments LLC purchased a new position in shares of Olin in the first quarter worth $28,000. EverSource Wealth Advisors LLC increased its position in shares of Olin by 4,375.0% in the first quarter. EverSource Wealth Advisors LLC now owns 537 shares of the specialty chemicals company’s stock valued at $32,000 after acquiring an additional 525 shares during the period. nVerses Capital LLC bought a new position in shares of Olin during the second quarter valued at about $33,000. Headlands Technologies LLC purchased a new stake in shares of Olin during the first quarter worth about $69,000. Finally, Denver PWM LLC purchased a new stake in shares of Olin during the second quarter worth about $59,000. 88.67% of the stock is owned by hedge funds and other institutional investors.

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.