Zacks: Analysts Anticipate Olin Corporation (OLN) Will Announce Quarterly Sales of $1.63 Billion
Brokerages expect Olin Corporation (NYSE:OLN) to announce $1.63 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Olin Corporation’s earnings. The lowest sales estimate is $1.63 billion and the highest is $1.64 billion. Olin Corporation reported sales of $1.45 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 12.4%. The firm is scheduled to announce its next earnings results on Monday, October 30th.
According to Zacks, analysts expect that Olin Corporation will report full-year sales of $1.63 billion for the current financial year, with estimates ranging from $6.26 billion to $6.33 billion. For the next fiscal year, analysts forecast that the business will post sales of $6.60 billion per share, with estimates ranging from $6.44 billion to $6.75 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Olin Corporation.
Olin Corporation (NYSE:OLN) last released its quarterly earnings data on Monday, July 31st. The specialty chemicals company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.16 by $0.15. Olin Corporation had a net margin of 0.72% and a return on equity of 5.80%. The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same period last year, the business earned $0.24 earnings per share. The company’s quarterly revenue was up 11.9% on a year-over-year basis.
Several research analysts recently issued reports on OLN shares. Cowen and Company reaffirmed an “outperform” rating and set a $39.00 target price (up from $37.00) on shares of Olin Corporation in a research report on Thursday, June 22nd. Bank of America Corporation started coverage on Olin Corporation in a research report on Monday, May 8th. They set a “buy” rating and a $40.00 target price on the stock. BidaskClub raised Olin Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, June 21st. Royal Bank Of Canada reaffirmed a “buy” rating and set a $35.00 target price on shares of Olin Corporation in a research report on Tuesday, May 16th. Finally, Zacks Investment Research raised Olin Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, April 20th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Olin Corporation currently has a consensus rating of “Hold” and a consensus price target of $32.75.
Shares of Olin Corporation (NYSE OLN) opened at 29.62 on Friday. The company’s 50 day moving average price is $30.42 and its 200 day moving average price is $30.79. Olin Corporation has a 52-week low of $18.24 and a 52-week high of $33.88. The stock has a market capitalization of $4.92 billion, a PE ratio of 115.25 and a beta of 1.43.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Thursday, August 10th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date is Tuesday, August 8th. Olin Corporation’s dividend payout ratio is presently 320.00%.
In other news, EVP John L. Mcintosh sold 24,000 shares of the stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $31.54, for a total value of $756,960.00. Following the transaction, the executive vice president now directly owns 84,391 shares of the company’s stock, valued at $2,661,692.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John L. Mcintosh sold 16,070 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $31.02, for a total value of $498,491.40. Following the completion of the transaction, the executive vice president now directly owns 60,391 shares in the company, valued at $1,873,328.82. The disclosure for this sale can be found here. Insiders sold 45,070 shares of company stock worth $1,407,151 over the last three months. Corporate insiders own 2.90% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of Olin Corporation by 7,604.7% in the first quarter. BlackRock Inc. now owns 19,895,613 shares of the specialty chemicals company’s stock worth $653,967,000 after buying an additional 19,637,387 shares in the last quarter. King Street Capital Management L.P. purchased a new position in shares of Olin Corporation during the first quarter worth $65,740,000. Iridian Asset Management LLC CT raised its position in shares of Olin Corporation by 28.0% in the second quarter. Iridian Asset Management LLC CT now owns 7,098,169 shares of the specialty chemicals company’s stock worth $214,933,000 after buying an additional 1,553,430 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Olin Corporation by 51.8% in the first quarter. Bank of New York Mellon Corp now owns 3,176,770 shares of the specialty chemicals company’s stock worth $104,421,000 after buying an additional 1,083,395 shares in the last quarter. Finally, Columbus Circle Investors purchased a new position in shares of Olin Corporation during the first quarter worth $32,179,000. 93.02% of the stock is currently owned by institutional investors and hedge funds.
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Olin Corporation Company Profile
Olin Corporation is a manufacturer and distributor of chemical products, and ammunition. The Company operates through three segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products and potassium hydroxide.
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