Zacks Investment Research Downgrades Olin (OLN) to Hold

Olin (NYSE:OLN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

According to Zacks, “Olin Corporation is a leading vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. Olin are a manufacturer concentrated in three business 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. The Epoxy segment produces and sells a full range of epoxy materials, including allyl chloride, epichlorohydrin, liquid epoxy resins and downstream products such as converted epoxy resins and additives. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges. “

Several other brokerages have also recently issued reports on OLN. Morgan Stanley began coverage on shares of Olin in a research note on Tuesday, January 9th. They set an “overweight” rating and a $45.00 price objective for the company. Vertical Research raised shares of Olin from a “hold” rating to a “buy” rating in a research note on Wednesday, January 3rd. TheStreet raised shares of Olin from a “c+” rating to a “b” rating in a research note on Tuesday, October 31st. SunTrust Banks reaffirmed a “buy” rating and set a $46.00 price target on shares of Olin in a research report on Monday, November 6th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $42.00 price target on shares of Olin in a research report on Thursday, December 14th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $40.20.

Shares of Olin (OLN) opened at $30.97 on Friday. Olin has a 12 month low of $27.79 and a 12 month high of $38.84. The stock has a market cap of $5,983.77, a price-to-earnings ratio of 68.82, a PEG ratio of 1.06 and a beta of 1.36. The company has a current ratio of 1.72, a quick ratio of 1.03 and a debt-to-equity ratio of 1.59.

Olin (NYSE:OLN) last announced its quarterly earnings data on Tuesday, February 6th. The specialty chemicals company reported $2.89 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $2.45. Olin had a net margin of 1.29% and a return on equity of 6.05%. The company had revenue of $1.62 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the company earned $0.11 EPS. The business’s quarterly revenue was up 16.9% compared to the same quarter last year. sell-side analysts predict that Olin will post 0.93 earnings per share for the current fiscal year.

In related news, SVP John Maurice Sampson sold 3,000 shares of the company’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $36.58, for a total transaction of $109,740.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John L. Mcintosh sold 9,500 shares of the company’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $35.42, for a total transaction of $336,490.00. The disclosure for this sale can be found here. 2.90% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Bessemer Group Inc. lifted its holdings in Olin by 971.4% in the 4th quarter. Bessemer Group Inc. now owns 4,725 shares of the specialty chemicals company’s stock worth $168,000 after buying an additional 4,284 shares in the last quarter. Naples Global Advisors LLC acquired a new position in Olin in the 4th quarter worth $206,000. Fox Run Management L.L.C. acquired a new position in Olin in the 4th quarter worth $210,000. Neuberger Berman Group LLC acquired a new position in Olin in the 3rd quarter worth $216,000. Finally, Heartland Advisors Inc. acquired a new position in Olin in the 3rd quarter worth $217,000. Hedge funds and other institutional investors own 89.68% of the company’s stock.

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About Olin

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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