Olin (NYSE:OLN) Initiates Share Buyback Plan

Olin (NYSE:OLN) announced that its Board of Directors has authorized a share buyback plan on Thursday, December 12th, RTT News reports. The company plans to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the specialty chemicals company to buy up to 45% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Olin Stock Down 2.0 %

Shares of NYSE OLN opened at $37.31 on Friday. The firm has a market cap of $4.35 billion, a PE ratio of 30.09, a P/E/G ratio of 1.54 and a beta of 1.43. The company’s fifty day simple moving average is $43.08 and its 200 day simple moving average is $45.00. The company has a quick ratio of 0.82, a current ratio of 1.40 and a debt-to-equity ratio of 1.32. Olin has a 12-month low of $36.56 and a 12-month high of $60.60.

Olin Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date was Thursday, November 14th. Olin’s dividend payout ratio (DPR) is currently 64.52%.

Analysts Set New Price Targets

OLN has been the subject of a number of research reports. Royal Bank of Canada dropped their target price on shares of Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Tuesday, October 29th. KeyCorp dropped their price objective on shares of Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a research note on Monday, October 28th. Piper Sandler decreased their target price on shares of Olin from $57.00 to $51.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. BMO Capital Markets dropped their price target on Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a research note on Tuesday, October 29th. Finally, Barclays lowered their target price on Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a report on Friday. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $51.71.

Insiders Place Their Bets

In other news, VP R Nichole Sumner sold 10,500 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $43.75, for a total transaction of $459,375.00. Following the completion of the sale, the vice president now directly owns 24,056 shares of the company’s stock, valued at $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.60% of the company’s stock.

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.