Olin (NYSE:OLN) Hits New 12-Month Low – Here’s Why

Olin Co. (NYSE:OLN)’s stock price hit a new 52-week low on Monday . The stock traded as low as $33.22 and last traded at $33.27, with a volume of 163481 shares traded. The stock had previously closed at $33.45.

Analyst Ratings Changes

Several brokerages have commented on OLN. Citigroup decreased their price objective on shares of Olin from $48.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, December 16th. Royal Bank of Canada lowered their price target on shares of Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, October 29th. Wells Fargo & Company reduced their price objective on Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. KeyCorp lowered their target price on Olin from $57.00 to $56.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Finally, Piper Sandler decreased their price target on Olin from $57.00 to $51.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Olin presently has a consensus rating of “Hold” and a consensus target price of $50.14.

Olin Stock Performance

The company has a current ratio of 1.40, a quick ratio of 0.82 and a debt-to-equity ratio of 1.32. The firm’s fifty day moving average is $41.81 and its 200 day moving average is $44.33. The company has a market cap of $3.88 billion, a PE ratio of 26.81, a price-to-earnings-growth ratio of 1.51 and a beta of 1.43.

Olin Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Thursday, November 14th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.41%. Olin’s dividend payout ratio is currently 64.52%.

Olin declared that its Board of Directors has authorized a share buyback plan on Thursday, December 12th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 45% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other news, VP R Nichole Sumner sold 10,500 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $43.75, for a total value of $459,375.00. Following the transaction, the vice president now owns 24,056 shares in the company, valued at $1,052,450. This trade represents a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its position in shares of Olin by 88.2% in the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after buying an additional 276 shares during the last quarter. nVerses Capital LLC acquired a new stake in Olin in the 2nd quarter valued at about $33,000. Covestor Ltd lifted its stake in Olin by 357.5% in the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock worth $44,000 after purchasing an additional 715 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Olin during the 3rd quarter worth approximately $47,000. Finally, Denver PWM LLC acquired a new stake in shares of Olin in the second quarter valued at approximately $59,000. Hedge funds and other institutional investors 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.