Olin (NYSE:OLN) Sets New 1-Year Low – Here’s Why

Shares of Olin Co. (NYSE:OLN) hit a new 52-week low during trading on Friday . The stock traded as low as $32.71 and last traded at $32.78, with a volume of 201789 shares changing hands. The stock had previously closed at $33.52.

Wall Street Analysts Forecast Growth

OLN has been the subject of several research reports. BMO Capital Markets dropped their price target on shares of Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a research note on Tuesday, October 29th. Piper Sandler lowered their target price on Olin from $57.00 to $51.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Royal Bank of Canada reduced their price target on Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. KeyCorp lowered their price objective on Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Finally, Barclays cut their target price on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Friday, December 13th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $50.14.

Olin Stock Down 3.1 %

The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.82 and a current ratio of 1.40. The firm’s 50-day moving average price is $39.49 and its two-hundred day moving average price is $43.35. The firm has a market cap of $3.79 billion, a PE ratio of 26.20, a P/E/G ratio of 1.51 and a beta of 1.43.

Olin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Thursday, November 14th were paid a $0.20 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.80 annualized dividend and a yield of 2.46%. Olin’s dividend payout ratio is presently 64.52%.

Olin announced that its board has approved a share buyback program on Thursday, December 12th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the specialty chemicals company to reacquire up to 45% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other 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 transaction, the vice president now directly owns 24,056 shares in the company, valued at approximately $1,052,450. This trade represents a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Olin

Large investors have recently bought and sold shares of the business. Franklin Resources Inc. raised its holdings in shares of Olin by 19.2% in the third quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company’s stock valued at $51,015,000 after buying an additional 172,768 shares during the last quarter. Synovus Financial Corp purchased a new stake in Olin during the 3rd quarter valued at approximately $253,000. Wilmington Savings Fund Society FSB acquired a new stake in Olin during the 3rd quarter worth approximately $256,000. First Sabrepoint Capital Management LP purchased a new position in shares of Olin in the 3rd quarter valued at approximately $5,278,000. Finally, Barclays PLC increased its holdings in shares of 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 purchasing an additional 34,485 shares during the period. Institutional investors and hedge funds 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.