Morgan Stanley Cuts Olin (NYSE:OLN) Price Target to $28.00

Olin (NYSE:OLN) had its price target cut by Morgan Stanley from $31.00 to $28.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have an underweight rating on the specialty chemicals company’s stock.

OLN has been the topic of several other research reports. Bank of America upgraded shares of Olin from a “neutral” rating to a “buy” rating and cut their price target for the stock from $48.00 to $40.00 in a report on Tuesday, January 14th. Wells Fargo & Company cut their price objective on shares of Olin from $40.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Monday. KeyCorp decreased their target price on shares of Olin from $50.00 to $40.00 and set an “overweight” rating for the company in a research report on Monday. Piper Sandler cut their price target on Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Finally, Royal Bank of Canada cut 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. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Olin has a consensus rating of “Hold” and a consensus target price of $40.94.

Olin Trading Up 6.4 %

NYSE:OLN opened at $28.42 on Tuesday. The company has a market capitalization of $3.31 billion, a P/E ratio of 31.57, a PEG ratio of 0.69 and a beta of 1.45. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 1.32. Olin has a 12 month low of $26.48 and a 12 month high of $60.60. The firm has a fifty day simple moving average of $34.60 and a 200-day simple moving average of $40.64.

Olin (NYSE:OLN) last issued its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. On average, equities research analysts anticipate that Olin will post 2.47 earnings per share for the current year.

Olin announced that its board has initiated a share repurchase 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 buy up to 45% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Kenneth Todd Lane bought 7,250 shares of the company’s stock in a transaction dated Tuesday, February 4th. The shares were acquired at an average price of $28.06 per share, for a total transaction of $203,435.00. Following the completion of the transaction, the chief executive officer now directly owns 7,250 shares in the company, valued at $203,435. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of OLN. Farther Finance Advisors LLC increased its stake in 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 buying an additional 276 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position 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 purchasing an additional 318 shares in the last quarter. Entropy Technologies LP raised its stake in Olin by 2.5% in the 3rd quarter. Entropy Technologies LP now owns 13,499 shares of the specialty chemicals company’s stock valued at $648,000 after purchasing an additional 332 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in Olin by 3.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 11,830 shares of the specialty chemicals company’s stock valued at $568,000 after purchasing an additional 350 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB boosted its stake in Olin by 9.4% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 5,833 shares of the specialty chemicals company’s stock worth $197,000 after purchasing an additional 500 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.