Piper Sandler Trims Olin (NYSE:OLN) Target Price to $57.00

Olin (NYSE:OLN) had its price objective cut by Piper Sandler from $75.00 to $57.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have an overweight rating on the specialty chemicals company’s stock.

OLN has been the topic of a number of other reports. KeyCorp decreased their price objective on Olin from $69.00 to $62.00 and set an overweight rating on the stock in a report on Monday, July 29th. Stifel Nicolaus increased their price objective on Olin from $68.00 to $69.00 and gave the stock a buy rating in a research report on Monday, April 29th. Citigroup increased their price objective on Olin from $63.00 to $67.00 and gave the stock a buy rating in a research report on Wednesday, April 10th. Bank of America lowered Olin from a buy rating to a neutral rating and lowered their price objective for the stock from $62.00 to $51.00 in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on Olin from $57.00 to $48.00 and set a hold rating for the company in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Olin has a consensus rating of Hold and an average target price of $53.86.

Olin Trading Down 3.3 %

Shares of Olin stock opened at $42.96 on Tuesday. The stock has a market cap of $5.05 billion, a P/E ratio of 15.45, a P/E/G ratio of 0.85 and a beta of 1.44. The stock’s 50 day simple moving average is $48.63 and its 200-day simple moving average is $52.46. Olin has a 1-year low of $41.71 and a 1-year high of $60.60. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.43 and a quick ratio of 0.82.

Olin (NYSE:OLN) last issued its earnings results on Thursday, July 25th. The specialty chemicals company reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.08). The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.71 billion. Olin had a return on equity of 11.73% and a net margin of 4.26%. The company’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.13 earnings per share. Analysts predict that Olin will post 1.87 EPS for the current fiscal year.

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Thursday, August 8th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.86%. The ex-dividend date is Thursday, August 8th. Olin’s payout ratio is currently 28.78%.

Institutional Trading of Olin

Several hedge funds have recently modified their holdings of OLN. Boston Partners raised its stake in shares of Olin by 122.8% in the fourth quarter. Boston Partners now owns 5,029,377 shares of the specialty chemicals company’s stock valued at $271,152,000 after acquiring an additional 2,772,274 shares in the last quarter. Norges Bank acquired a new stake in Olin in the fourth quarter valued at $76,125,000. Balyasny Asset Management L.P. raised its stake in Olin by 218.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,649,273 shares of the specialty chemicals company’s stock valued at $88,978,000 after buying an additional 1,131,674 shares in the last quarter. Franklin Resources Inc. raised its stake in Olin by 67.6% in the fourth quarter. Franklin Resources Inc. now owns 663,202 shares of the specialty chemicals company’s stock valued at $35,780,000 after buying an additional 267,460 shares in the last quarter. Finally, Bank of Nova Scotia acquired a new stake in Olin in the fourth quarter valued at $12,628,000. 88.67% of the stock is currently owned by institutional investors and hedge funds.

About Olin

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.