Olin (NYSE:OLN) Hits New 1-Year Low – What’s Next?

Olin Co. (NYSE:OLN) shares hit a new 52-week low during mid-day trading on Monday . The company 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.

Wall Street Analysts Forecast Growth

OLN has been the topic of a number of analyst reports. Piper Sandler cut their price objective on shares of Olin from $57.00 to $51.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 30th. Wells Fargo & Company reduced their price objective on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Barclays dropped their target price on Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a research report on Friday, December 13th. KeyCorp decreased their price target on Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Finally, Royal Bank of Canada dropped their price objective on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $50.14.

Olin Price Performance

The stock has a market cap of $3.88 billion, a PE ratio of 26.81, a PEG ratio of 1.51 and a beta of 1.43. The firm’s 50-day moving average price is $41.81 and its two-hundred day moving average price is $44.33. The company has a current ratio of 1.40, a quick ratio of 0.82 and a debt-to-equity ratio of 1.32.

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 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 presently 64.52%.

Olin announced that its Board of Directors has authorized 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 usually an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Olin

In other Olin news, VP R Nichole Sumner sold 10,500 shares of Olin stock in a transaction on Friday, November 8th. The shares were sold at an average price of $43.75, for a total value of $459,375.00. Following the transaction, the vice president now directly owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.60% of the stock is owned by insiders.

Institutional Trading of Olin

A number of institutional investors have recently made changes to their positions in the business. Pzena Investment Management LLC increased its stake in Olin by 24.8% during the 3rd quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company’s stock valued at $165,661,000 after purchasing an additional 685,710 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Olin by 6.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,838,988 shares of the specialty chemicals company’s stock valued at $424,095,000 after buying an additional 531,330 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Olin by 429.8% in the 2nd quarter. AQR Capital Management LLC now owns 610,153 shares of the specialty chemicals company’s stock valued at $28,769,000 after acquiring an additional 494,976 shares during the period. Verition Fund Management LLC raised its stake in Olin by 70.9% in the 3rd quarter. Verition Fund Management LLC now owns 544,814 shares of the specialty chemicals company’s stock worth $26,140,000 after acquiring an additional 225,930 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Olin by 5.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,741,007 shares of the specialty chemicals company’s stock worth $176,396,000 after acquiring an additional 194,755 shares during the period. 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.