Olin (NYSE:OLN) Given New $26.00 Price Target at Piper Sandler

Olin (NYSE:OLN) had its price objective lowered by analysts at Piper Sandler from $33.00 to $26.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the specialty chemicals company’s stock. Piper Sandler’s price target would indicate a potential upside of 45.50% from the company’s previous close.

Several other brokerages have also commented on OLN. BMO Capital Markets dropped their price objective on Olin from $44.00 to $34.00 and set a “market perform” rating on the stock in a report on Wednesday, February 5th. JPMorgan Chase & Co. cut shares of Olin from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $50.00 to $28.00 in a research note on Thursday, February 27th. Citigroup cut their price target on shares of Olin from $34.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, March 27th. Bank of America raised shares of Olin from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $48.00 to $40.00 in a report on Tuesday, January 14th. Finally, Wells Fargo & Company reduced their price target on shares of Olin from $31.00 to $25.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $35.81.

Olin Price Performance

NYSE:OLN opened at $17.87 on Monday. The company has a 50 day moving average price of $25.40 and a 200-day moving average price of $34.91. Olin has a 1-year low of $17.66 and a 1-year high of $59.31. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of 19.85 and a beta of 1.50. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.27 and a quick ratio of 0.77.

Olin (NYSE:OLN) last issued its quarterly earnings data on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, topping 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%. Equities research analysts forecast that Olin will post 1.38 EPS for the current year.

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

Insider Buying and Selling at Olin

In other news, CEO Kenneth Todd Lane acquired 7,250 shares of the company’s stock in a transaction that occurred on Tuesday, February 4th. The stock was purchased at an average price of $28.06 per share, with a total value of $203,435.00. Following the completion of the acquisition, the chief executive officer now owns 7,250 shares of the company’s stock, valued at $203,435. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.60% of the stock is owned by company insiders.

Institutional Trading of Olin

Several institutional investors have recently made changes to their positions in OLN. Covestor Ltd increased its stake in Olin by 45.8% during the fourth quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company’s stock worth $45,000 after acquiring an additional 419 shares during the last quarter. Wilmington Savings Fund Society FSB increased its position in shares of Olin by 9.4% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 5,833 shares of the specialty chemicals company’s stock worth $197,000 after purchasing an additional 500 shares during the last quarter. Connable Office Inc. increased its position in shares of Olin by 9.3% during the 4th quarter. Connable Office Inc. now owns 6,207 shares of the specialty chemicals company’s stock worth $210,000 after purchasing an additional 527 shares during the last quarter. First Citizens Bank & Trust Co. raised its holdings in Olin by 8.5% in the 4th quarter. First Citizens Bank & Trust Co. now owns 6,930 shares of the specialty chemicals company’s stock valued at $234,000 after buying an additional 542 shares during the period. Finally, Captrust Financial Advisors lifted its position in Olin by 14.4% in the third quarter. Captrust Financial Advisors now owns 4,998 shares of the specialty chemicals company’s stock valued at $240,000 after buying an additional 630 shares during 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.