Olin (NYSE:OLN) Price Target Lowered to $50.00 at KeyCorp

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

Several other brokerages have also issued reports on OLN. Royal Bank of Canada reduced their price objective 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. Barclays decreased their price objective on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a report on Friday, December 13th. Wells Fargo & Company dropped their target price on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Piper Sandler decreased their price target on Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, BMO Capital Markets dropped their price objective on Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a research note on Tuesday, October 29th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $49.00.

Olin Price Performance

NYSE:OLN opened at $31.02 on Friday. Olin has a 52 week low of $30.95 and a 52 week high of $60.60. The stock’s fifty day moving average is $38.39 and its two-hundred day moving average is $42.62. The company 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 quick ratio of 0.82, a current ratio of 1.40 and a debt-to-equity ratio of 1.32.

Olin declared that its board has approved a stock repurchase plan on Thursday, December 12th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Olin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Thursday, November 14th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.80 annualized dividend and a dividend yield of 2.58%. Olin’s dividend payout ratio (DPR) is currently 64.52%.

Insider Buying and Selling at Olin

In other Olin news, VP R Nichole Sumner sold 10,500 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $43.75, for a total transaction of $459,375.00. Following the sale, the vice president now owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. This trade represents 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 this link. 1.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Olin

A number of institutional investors and hedge funds have recently bought and sold shares of OLN. Segall Bryant & Hamill LLC purchased a new position in shares of Olin during the third quarter worth about $916,000. Charles Schwab Investment Management Inc. boosted its position in shares of Olin by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,295,699 shares of the specialty chemicals company’s stock valued at $62,168,000 after purchasing an additional 37,043 shares during the period. Magnetar Financial LLC purchased a new position in Olin during the 2nd quarter worth approximately $2,350,000. Canada Pension Plan Investment Board increased its position in Olin by 846.7% during the second quarter. Canada Pension Plan Investment Board now owns 14,200 shares of the specialty chemicals company’s stock worth $670,000 after buying an additional 12,700 shares during the period. Finally, Barclays PLC lifted its stake in Olin by 37.7% in the third quarter. Barclays PLC now owns 125,913 shares of the specialty chemicals company’s stock valued at $6,042,000 after buying an additional 34,485 shares during the last quarter. 88.67% of the stock is owned by hedge funds and other institutional investors.

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.