Insider Buying: Olin Co. (NYSE:OLN) CEO Purchases 7,250 Shares of Stock

Olin Co. (NYSE:OLN) CEO Kenneth Todd Lane bought 7,250 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was purchased at an average cost of $28.06 per share, with a total value of $203,435.00. Following the completion of the purchase, the chief executive officer now directly owns 7,250 shares of the company’s stock, valued at $203,435. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Olin Trading Down 0.8 %

Shares of Olin stock opened at $28.23 on Friday. The firm has a 50-day moving average of $34.32 and a 200-day moving average of $40.55. The stock has a market cap of $3.29 billion, a PE ratio of 31.37, a PEG ratio of 0.69 and a beta of 1.45. Olin Co. has a 52-week low of $26.48 and a 52-week high of $60.60. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.77 and a current ratio of 1.27.

Olin (NYSE:OLN) last announced its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.10. Olin had a net margin of 1.66% and a return on equity of 5.10%. As a group, sell-side analysts forecast that Olin Co. will post 2.47 EPS for the current year.

Olin announced that its Board of Directors has initiated a share buyback plan on Thursday, December 12th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the specialty chemicals company to reacquire up to 45% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on OLN. Piper Sandler decreased their target price on shares of Olin from $51.00 to $41.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Royal Bank of Canada cut shares of Olin from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $45.00 to $30.00 in a research note on Tuesday. BMO Capital Markets decreased their target price on shares of Olin from $44.00 to $34.00 and set a “market perform” rating for the company in a research note on Wednesday. Wells Fargo & Company decreased their target price on shares of Olin from $40.00 to $31.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Finally, Morgan Stanley decreased their target price on shares of Olin from $31.00 to $28.00 and set an “underweight” rating for the company in a research note on Tuesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Olin has an average rating of “Hold” and a consensus price target of $40.94.

Institutional Investors Weigh In On Olin

A number of institutional investors have recently modified their holdings of OLN. Sei Investments Co. boosted its position in shares of Olin by 5.6% in the second quarter. Sei Investments Co. now owns 12,161 shares of the specialty chemicals company’s stock valued at $573,000 after acquiring an additional 640 shares during the period. CWM LLC raised its stake in Olin by 18.0% in the third quarter. CWM LLC now owns 8,668 shares of the specialty chemicals company’s stock valued at $416,000 after purchasing an additional 1,324 shares in the last quarter. UMB Bank n.a. raised its stake in Olin by 4,862.5% in the third quarter. UMB Bank n.a. now owns 1,588 shares of the specialty chemicals company’s stock valued at $76,000 after purchasing an additional 1,556 shares in the last quarter. Merrion Investment Management Co LLC acquired a new position in Olin in the third quarter valued at about $579,000. Finally, Wedge Capital Management L L P NC raised its stake in Olin by 36.6% in the third quarter. Wedge Capital Management L L P NC now owns 50,613 shares of the specialty chemicals company’s stock valued at $2,428,000 after purchasing an additional 13,557 shares in the last quarter. 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.