Olin (NYSE:OLN) Upgraded by Bank of America to “Buy” Rating

Bank of America upgraded shares of Olin (NYSE:OLN) from a neutral rating to a buy rating in a report published on Tuesday, MarketBeat Ratings reports. Bank of America currently has $40.00 target price on the specialty chemicals company’s stock, down from their prior target price of $48.00.

Several other brokerages also recently issued reports on OLN. KeyCorp lowered their price objective on shares of Olin from $56.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. BMO Capital Markets lowered their price objective on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 29th. Royal Bank of Canada lowered their price objective on shares of Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. Piper Sandler lowered their price objective on shares of Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. 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 equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $47.07.

Olin Price Performance

Shares of NYSE:OLN opened at $33.58 on Tuesday. The company’s fifty day moving average price is $37.61 and its 200 day moving average price is $42.21. Olin has a 12 month low of $30.69 and a 12 month high of $60.60. 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 firm has a market capitalization of $3.92 billion, a P/E ratio of 27.08, a P/E/G ratio of 0.48 and a beta of 1.48.

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date was Thursday, November 14th. Olin’s dividend payout ratio is currently 64.52%.

Olin announced that its board has approved a share repurchase program 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 reacquire up to 45% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, VP R Nichole Sumner sold 10,500 shares of the business’s stock in a transaction dated 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. The trade was a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Olin

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OLN. Farther Finance Advisors LLC raised its position in Olin by 88.2% during the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock worth $28,000 after acquiring an additional 276 shares during the last quarter. Covestor Ltd raised its position in Olin by 357.5% during the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock worth $44,000 after acquiring an additional 715 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in Olin during the third quarter worth about $47,000. Mirae Asset Global Investments Co. Ltd. raised its position in Olin by 26.2% during the third 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 last quarter. Finally, UMB Bank n.a. raised its position in Olin by 4,862.5% during the third quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company’s stock worth $76,000 after acquiring an additional 1,556 shares during the last quarter. 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.