Olin (NYSE:OLN) Now Covered by Truist Financial

Equities researchers at Truist Financial started coverage on shares of Olin (NYSE:OLN) in a report issued on Tuesday,Briefing.com Automated Import reports. The firm set a “hold” rating and a $38.00 price target on the specialty chemicals company’s stock. Truist Financial’s price objective indicates a potential upside of 14.91% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Citigroup lowered their price target on Olin from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, December 16th. Royal Bank of Canada reduced their price target on shares of Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, October 29th. Piper Sandler lowered their price target on Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. KeyCorp reduced their price objective on Olin from $56.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, January 10th. Finally, Barclays lowered their price objective on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Friday, December 13th. One research 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. Based on data from MarketBeat, Olin currently has a consensus rating of “Hold” and an average price target of $46.50.

Olin Stock Performance

Shares of OLN opened at $33.07 on Tuesday. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82. The company has a 50-day simple moving average of $36.49 and a two-hundred day simple moving average of $41.63. The firm has a market capitalization 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 one year low of $30.69 and a one year high of $60.60.

Olin announced that its board has authorized a share buyback program on Thursday, December 12th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the specialty chemicals company to repurchase up to 45% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Olin news, VP R Nichole Sumner sold 10,500 shares of the stock in a transaction on Friday, November 8th. The stock was 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Olin

A number of institutional investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. boosted its holdings in shares of Olin by 4.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 97,906 shares of the specialty chemicals company’s stock valued at $4,616,000 after buying an additional 4,345 shares in the last quarter. Sei Investments Co. increased its holdings in Olin by 5.6% in the 2nd quarter. Sei Investments Co. now owns 12,161 shares of the specialty chemicals company’s stock worth $573,000 after buying an additional 640 shares during the period. Bank of Montreal Can lifted its stake in shares of Olin by 219.9% in the 2nd quarter. Bank of Montreal Can now owns 81,080 shares of the specialty chemicals company’s stock valued at $3,867,000 after purchasing an additional 55,735 shares during the period. Marshall Wace LLP acquired a new stake in shares of Olin during the 2nd quarter valued at about $2,929,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Olin in the second quarter valued at approximately $2,918,000. 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.