Olin (NYSE:OLN) Price Target Cut to $31.00 by Analysts at Morgan Stanley

Olin (NYSE:OLN) had its price objective trimmed by Morgan Stanley from $41.00 to $31.00 in a report issued on Monday,Benzinga reports. The firm currently has an underweight rating on the specialty chemicals company’s stock.

Several other research analysts have also recently weighed in on the stock. Barclays cut their price target 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. Piper Sandler cut their target price on Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Wells Fargo & Company decreased their price target on Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. KeyCorp cut their price objective on Olin from $56.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. Finally, Royal Bank of Canada decreased their target price on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $47.07.

Olin Price Performance

Shares of NYSE:OLN opened at $33.49 on Monday. Olin has a 1-year low of $30.69 and a 1-year high of $60.60. The company has a current ratio of 1.40, a quick ratio of 0.82 and a debt-to-equity ratio of 1.32. The stock has a market cap of $3.90 billion, a PE ratio of 27.01, a price-to-earnings-growth ratio of 0.48 and a beta of 1.48. The stock’s fifty day simple moving average is $37.80 and its two-hundred day simple moving average is $42.27.

Olin declared that its board has authorized a stock repurchase 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 buy up to 45% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Olin Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Thursday, November 14th were given a dividend of $0.20 per share. The ex-dividend date was Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a yield of 2.39%. Olin’s dividend payout ratio is presently 64.52%.

Insider Activity

In other news, VP R Nichole Sumner sold 10,500 shares of Olin stock in a transaction on Friday, November 8th. The stock was sold at an average price of $43.75, for a total value of $459,375.00. Following the completion of the transaction, the vice president now directly owns 24,056 shares in the company, valued at approximately $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.80% of the company’s stock.

Institutional Trading of Olin

Institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC increased its position in shares of Olin by 88.2% during the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after buying an additional 276 shares during the period. Covestor Ltd grew its stake in Olin by 357.5% during the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock valued at $44,000 after acquiring an additional 715 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in Olin during the 3rd quarter worth approximately $47,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Olin by 26.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock worth $75,000 after acquiring an additional 318 shares during the period. Finally, UMB Bank n.a. lifted its stake in Olin by 4,862.5% in the 3rd quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company’s stock worth $76,000 after purchasing an additional 1,556 shares in the last quarter. Hedge funds and other 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.