KeyCorp Has Lowered Expectations for Olin (NYSE:OLN) Stock Price

Olin (NYSE:OLN) had its price target dropped by equities researchers at KeyCorp from $50.00 to $40.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the specialty chemicals company’s stock. KeyCorp’s target price points to a potential upside of 36.79% from the stock’s previous close.

Several other analysts have also recently commented on OLN. UBS Group reduced their price objective on shares of Olin from $35.00 to $34.00 and set a “neutral” rating for the company in a research note on Friday. BMO Capital Markets lowered their target price on Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Tuesday, October 29th. Piper Sandler cut their price target on Olin from $51.00 to $41.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Royal Bank of Canada dropped their price objective on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, October 29th. Finally, Bank of America upgraded shares of Olin from a “neutral” rating to a “buy” rating and reduced their target price for the company from $48.00 to $40.00 in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $44.81.

Olin Price Performance

OLN stock opened at $29.24 on Monday. Olin has a twelve month low of $28.80 and a twelve month high of $60.60. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $3.41 billion, a P/E ratio of 32.49, a PEG ratio of 0.69 and a beta of 1.45. The business has a 50 day simple moving average of $35.52 and a 200-day simple moving average of $41.03.

Olin (NYSE:OLN) last released its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. As a group, equities analysts anticipate that Olin will post 2.47 EPS for the current year.

Olin announced that its Board of Directors has initiated a stock buyback plan on Thursday, December 12th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the specialty chemicals company to purchase up to 45% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Olin

In other news, VP R Nichole Sumner sold 10,500 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $43.75, for a total value of $459,375.00. Following the transaction, the vice president now owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. This trade represents a 30.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.80% of the company’s stock.

Institutional Trading of Olin

A number of institutional investors have recently added to or reduced their stakes in the business. Ieq Capital LLC acquired a new position in shares of Olin during the fourth quarter worth about $824,000. Alberta Investment Management Corp acquired a new position in Olin during the 4th quarter worth approximately $660,000. State of New Jersey Common Pension Fund D boosted its holdings in Olin by 14.8% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 51,312 shares of the specialty chemicals company’s stock worth $1,734,000 after acquiring an additional 6,617 shares during the period. Rhumbline Advisers boosted its holdings in Olin by 1.6% in the 4th quarter. Rhumbline Advisers now owns 324,696 shares of the specialty chemicals company’s stock worth $10,975,000 after acquiring an additional 5,093 shares during the period. Finally, Vontobel Holding Ltd. acquired a new stake in Olin in the fourth quarter valued at approximately $328,000. 88.67% of the stock is owned by hedge funds and other institutional investors.

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.