Olin (NYSE:OLN) Issues Quarterly Earnings Results

Olin (NYSE:OLN) announced its earnings results on Thursday. The specialty chemicals company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.10, Zacks reports. Olin had a net margin of 2.33% and a return on equity of 6.19%.

Olin Stock Down 1.8 %

Shares of NYSE OLN traded down $0.58 during mid-day trading on Thursday, reaching $32.08. 1,839,942 shares of the company’s stock were exchanged, compared to its average volume of 1,395,249. Olin has a twelve month low of $30.69 and a twelve month 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 firm has a market capitalization of $3.74 billion, a price-to-earnings ratio of 25.87, a PEG ratio of 0.78 and a beta of 1.48. The business has a fifty day simple moving average of $35.99 and a 200 day simple moving average of $41.36.

Insider Activity at Olin

In related news, VP R Nichole Sumner sold 10,500 shares of the company’s stock in a transaction on Friday, November 8th. The shares were 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 of the company’s stock, valued at approximately $1,052,450. This represents a 30.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on OLN shares. Citigroup reduced their price objective on Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, December 16th. Barclays decreased their price target on Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a report on Friday, December 13th. Morgan Stanley dropped their price objective on Olin from $41.00 to $31.00 and set an “underweight” rating for the company in a report on Monday, January 13th. Piper Sandler reduced their target price on shares of Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Finally, KeyCorp dropped their price target on shares of Olin from $56.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Olin presently has an average rating of “Hold” and an average target price of $46.50.

Olin announced that its Board of Directors has initiated 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 purchase up to 45% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Olin Company Profile

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.