Olin Co. (NYSE:OLN) – Stock analysts at SunTrust Banks lowered their Q3 2018 EPS estimates for Olin in a research report issued on Wednesday, August 1st. SunTrust Banks analyst J. Sheehan now expects that the specialty chemicals company will earn $0.79 per share for the quarter, down from their previous estimate of $0.82. SunTrust Banks also issued estimates for Olin’s Q4 2018 earnings at $0.66 EPS, FY2018 earnings at $2.11 EPS and FY2019 earnings at $2.67 EPS.
Several other analysts have also issued reports on OLN. TheStreet upgraded shares of Olin from a “c+” rating to a “b” rating in a research report on Wednesday, August 1st. Cowen upped their price objective on shares of Olin from $41.00 to $42.00 and gave the company an “outperform” rating in a research note on Monday. Susquehanna Bancshares upped their price objective on shares of Olin from $37.00 to $40.00 and gave the company a “positive” rating in a research note on Thursday, August 2nd. ValuEngine downgraded shares of Olin from a “hold” rating to a “sell” rating in a research note on Thursday, June 21st. Finally, Citigroup lowered their price objective on shares of Olin from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, July 11th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. Olin has a consensus rating of “Hold” and an average price target of $38.20.
Olin (NYSE:OLN) last posted its quarterly earnings results on Tuesday, July 31st. The specialty chemicals company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.15. Olin had a net margin of 9.40% and a return on equity of 8.84%. The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.77 billion.
Several large investors have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Olin by 10.5% during the first quarter. BlackRock Inc. now owns 18,442,401 shares of the specialty chemicals company’s stock valued at $560,465,000 after acquiring an additional 1,753,276 shares during the last quarter. Iridian Asset Management LLC CT raised its stake in Olin by 1.9% in the second quarter. Iridian Asset Management LLC CT now owns 7,577,714 shares of the specialty chemicals company’s stock worth $217,632,000 after buying an additional 139,899 shares in the last quarter. Prudential Financial Inc. raised its stake in Olin by 4.4% in the first quarter. Prudential Financial Inc. now owns 1,313,463 shares of the specialty chemicals company’s stock worth $39,916,000 after buying an additional 54,770 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in Olin by 6.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,090,143 shares of the specialty chemicals company’s stock worth $33,130,000 after buying an additional 63,179 shares in the last quarter. Finally, Rubric Capital Management LP bought a new position in Olin in the first quarter worth about $33,093,000. 85.84% of the stock is owned by hedge funds and other institutional investors.
Olin declared that its board has initiated a share buyback program on Tuesday, May 1st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 9.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 10th. Stockholders of record on Friday, August 10th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.64%. The ex-dividend date is Thursday, August 9th. Olin’s dividend payout ratio (DPR) is 98.77%.
Olin Company Profile
Olin Corporation manufactures and distributes chemical products in the United States and internationally. 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, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products, and potassium hydroxide.
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