Olin (NYSE:OLN) Given New $41.00 Price Target at Piper Sandler

Olin (NYSE:OLN) had its target price lowered by Piper Sandler from $51.00 to $41.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the specialty chemicals company’s stock.

A number of other equities analysts have also recently commented on OLN. Royal Bank of Canada decreased their target price on Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Tuesday, October 29th. Citigroup decreased their price objective on Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Monday, December 16th. Barclays reduced their target price on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a report on Friday, December 13th. BMO Capital Markets lowered their price target on shares of Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Tuesday, October 29th. Finally, Wells Fargo & Company reduced their price objective on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a research note on Monday, October 28th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Olin has an average rating of “Hold” and an average target price of $49.43.

Olin Stock Down 1.6 %

Shares of OLN stock opened at $32.15 on Tuesday. The company has a current ratio of 1.40, a quick ratio of 0.82 and a debt-to-equity ratio of 1.32. Olin has a 12 month low of $31.93 and a 12 month high of $60.60. The stock has a market cap of $3.75 billion, a P/E ratio of 25.93, a P/E/G ratio of 1.51 and a beta of 1.48. The company has a 50 day simple moving average of $39.13 and a two-hundred day simple moving average of $43.02.

Olin announced that its board has initiated a share buyback program on Thursday, December 12th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Olin Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were given a $0.20 dividend. The ex-dividend date was Thursday, November 14th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.49%. Olin’s dividend payout ratio is currently 64.52%.

Insiders Place Their Bets

In other 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 value of $459,375.00. Following the sale, the vice president now directly owns 24,056 shares in the company, valued at $1,052,450. The trade was a 30.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC lifted its stake in shares of Olin by 88.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after purchasing an additional 276 shares during the last quarter. Covestor Ltd raised its holdings in Olin by 357.5% during the 3rd quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock valued at $44,000 after buying an additional 715 shares during the period. Capital Performance Advisors LLP bought a new stake in Olin in the third quarter worth $47,000. Mirae Asset Global Investments Co. Ltd. boosted its stake 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 buying an additional 318 shares during the period. Finally, UMB Bank n.a. increased 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 valued at $76,000 after acquiring an additional 1,556 shares during the last quarter. Hedge funds and other institutional investors own 88.67% of the company’s stock.

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.