Olin (NYSE:OLN) Price Target Cut to $50.00 by Analysts at KeyCorp

Olin (NYSE:OLN) had its price objective trimmed by KeyCorp from $56.00 to $50.00 in a research note released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the specialty chemicals company’s stock.

OLN has been the subject of several other reports. Citigroup cut their price target on shares of Olin from $48.00 to $45.00 and set a “buy” rating for the company in a report on Monday, December 16th. Barclays cut their target price on Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a research note on Friday, December 13th. Wells Fargo & Company decreased their price target on Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Piper Sandler cut their price objective on Olin from $51.00 to $41.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, BMO Capital Markets decreased their target price on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 29th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Olin presently has an average rating of “Hold” and an average target price of $49.00.

Olin Stock Performance

Shares of OLN opened at $31.02 on Friday. The stock has a market capitalization of $3.62 billion, a P/E ratio of 25.02, a P/E/G ratio of 1.51 and a beta of 1.48. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.82 and a current ratio of 1.40. Olin has a 1 year low of $30.95 and a 1 year high of $60.60. The company’s fifty day moving average is $38.39 and its two-hundred day moving average is $42.62.

Olin Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Thursday, November 14th were issued a $0.20 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.58%. Olin’s dividend payout ratio (DPR) is 64.52%.

Olin announced that its board has approved a share repurchase plan on Thursday, December 12th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, VP R Nichole Sumner sold 10,500 shares of Olin stock in a transaction 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 completion of the sale, the vice president now owns 24,056 shares of the company’s stock, valued at $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of Olin

A number of hedge funds have recently added to or reduced their stakes in OLN. Farther Finance Advisors LLC lifted 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 worth $28,000 after acquiring an additional 276 shares during the period. Covestor Ltd raised its stake in 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 purchasing an additional 715 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Olin in the 3rd quarter valued at $47,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Olin by 26.2% during 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 buying an additional 318 shares during the period. Finally, UMB Bank n.a. increased its holdings in shares of Olin by 4,862.5% during the 3rd quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company’s stock worth $76,000 after buying an additional 1,556 shares during the last quarter. 88.67% of the stock is owned by institutional investors and hedge funds.

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.