Truist Financial Initiates Coverage on Olin (NYSE:OLN)

Investment analysts at Truist Financial assumed coverage on shares of Olin (NYSE:OLN) in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. The brokerage set a “hold” rating and a $38.00 price target on the specialty chemicals company’s stock. Truist Financial’s price target would indicate a potential upside of 14.91% from the stock’s previous close.

A number of other brokerages have also recently weighed in on OLN. Morgan Stanley decreased their price target on shares of Olin from $41.00 to $31.00 and set an “underweight” rating for the company in a research note on Monday, January 13th. Piper Sandler decreased their price target on Olin from $51.00 to $41.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. BMO Capital Markets cut their price objective on shares of Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a research report on Tuesday, October 29th. Royal Bank of Canada lowered their target price 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. Finally, Bank of America upgraded shares of Olin from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $48.00 to $40.00 in a research report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Olin presently has a consensus rating of “Hold” and an average target price of $46.50.

Olin Price Performance

Shares of OLN opened at $33.07 on Tuesday. The firm has a fifty day moving average price of $36.49 and a 200 day moving average price of $41.63. The stock has a market cap of $3.86 billion, a PE ratio of 26.67, a price-to-earnings-growth ratio of 0.78 and a beta of 1.48. Olin has a 1-year low of $30.69 and a 1-year high of $60.60. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82.

Olin announced that its board has initiated a stock buyback program on Thursday, December 12th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the specialty chemicals company to purchase up to 45% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Olin

In other Olin news, VP R Nichole Sumner sold 10,500 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $43.75, for a total value of $459,375.00. Following the sale, the vice president now directly owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. This trade represents a 30.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Olin

A number of hedge funds have recently made changes to their positions in OLN. Farther Finance Advisors LLC grew its holdings in 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 in the last quarter. Covestor Ltd grew its position in shares of Olin by 357.5% during the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock worth $44,000 after buying an additional 715 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Olin in the 3rd quarter worth about $47,000. Spire Wealth Management increased its holdings in Olin by 246.8% in the fourth quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock valued at $55,000 after buying an additional 1,150 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Olin by 26.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock valued at $75,000 after acquiring an additional 318 shares during the last quarter. Hedge funds and other 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.