Olin (NYSE:OLN) Stock Price Down 8.6% Following Analyst Downgrade

Olin Corporation (NYSE:OLNGet Free Report)’s stock price was down 8.6% on Friday after Zacks Research downgraded the stock from a hold rating to a strong sell rating. The company traded as low as $20.59 and last traded at $20.4120. Approximately 421,579 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 2,999,916 shares. The stock had previously closed at $22.34.

Other equities research analysts have also issued reports about the stock. Mizuho set a $22.00 target price on shares of Olin in a research report on Friday. Citigroup upped their target price on shares of Olin from $21.00 to $24.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 13th. Wells Fargo & Company reduced their price target on shares of Olin from $25.00 to $22.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 29th. Bank of America boosted their price target on Olin from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Finally, Royal Bank Of Canada raised their price objective on Olin from $22.00 to $24.00 and gave the company a “sector perform” rating in a research note on Friday, January 16th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Olin currently has a consensus rating of “Hold” and an average price target of $24.00.

Read Our Latest Analysis on OLN

Insider Buying and Selling

In related news, VP Teresa M. Vermillion sold 4,500 shares of the business’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $20.86, for a total value of $93,870.00. Following the completion of the transaction, the vice president owned 17,199 shares of the company’s stock, valued at approximately $358,771.14. The trade was a 20.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Key Olin News

Here are the key news stories impacting Olin this week:

Hedge Funds Weigh In On Olin

Several institutional investors and hedge funds have recently modified their holdings of the company. AMG National Trust Bank grew its stake in Olin by 15.3% in the 4th quarter. AMG National Trust Bank now owns 83,894 shares of the specialty chemicals company’s stock worth $1,748,000 after acquiring an additional 11,110 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Olin by 5.0% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 53,471 shares of the specialty chemicals company’s stock worth $1,114,000 after purchasing an additional 2,563 shares during the last quarter. Comerica Bank boosted its holdings in shares of Olin by 27.6% during the fourth quarter. Comerica Bank now owns 103,200 shares of the specialty chemicals company’s stock worth $2,150,000 after purchasing an additional 22,292 shares during the last quarter. UBS Group AG grew its position in shares of Olin by 52.2% in the fourth quarter. UBS Group AG now owns 1,098,312 shares of the specialty chemicals company’s stock valued at $22,878,000 after purchasing an additional 376,543 shares during the period. Finally, Evergreen Capital Management LLC acquired a new position in Olin in the fourth quarter valued at $342,000. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Olin Price Performance

The company has a 50 day moving average of $21.72 and a 200 day moving average of $22.04. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of -54.79, a price-to-earnings-growth ratio of 3.31 and a beta of 1.64. The company has a quick ratio of 0.89, a current ratio of 1.56 and a debt-to-equity ratio of 1.49.

Olin (NYSE:OLNGet Free Report) last posted its quarterly earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) EPS for the quarter, meeting the consensus estimate of ($0.58). Olin had a negative return on equity of 0.47% and a negative net margin of 0.63%.The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter in the previous year, the business earned $0.09 EPS. The firm’s revenue was down .4% on a year-over-year basis. As a group, equities research analysts forecast that Olin Corporation will post 1.38 EPS for the current fiscal year.

Olin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 12th. Shareholders of record on Friday, November 28th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Friday, November 28th. Olin’s dividend payout ratio (DPR) is -210.53%.

Olin Company Profile

(Get Free Report)

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company’s core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin’s chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.

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