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

Olin (NYSE:OLN) had its target price cut by Piper Sandler from $51.00 to $41.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the specialty chemicals company’s stock. Piper Sandler’s price objective would indicate a potential upside of 25.65% from the company’s previous close.

A number of other research analysts have also recently issued reports on OLN. Royal Bank of Canada lowered their price target on shares of Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, October 29th. KeyCorp lowered their price target on shares of Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Wells Fargo & Company decreased their target price on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Barclays decreased their target price on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a report on Friday, December 13th. Finally, BMO Capital Markets decreased their target price on shares of Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a report on Tuesday, October 29th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Olin currently has an average rating of “Hold” and an average price target of $49.43.

Olin Trading Up 0.8 %

Shares of NYSE OLN opened at $32.63 on Tuesday. Olin has a 1 year low of $32.12 and a 1 year high of $60.60. The stock has a market cap of $3.80 billion, a P/E ratio of 26.31, a price-to-earnings-growth ratio of 1.51 and a beta of 1.48. The firm has a 50-day moving average of $39.13 and a 200 day moving average of $43.02. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82.

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

Insider Activity at Olin

In related news, VP R Nichole Sumner sold 10,500 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Olin

Several large investors have recently added to or reduced their stakes in OLN. Hotchkis & Wiley Capital Management LLC boosted its position in shares of Olin by 6.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,838,988 shares of the specialty chemicals company’s stock worth $424,095,000 after purchasing an additional 531,330 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Olin by 5.5% in the second quarter. Dimensional Fund Advisors LP now owns 3,741,007 shares of the specialty chemicals company’s stock worth $176,396,000 after purchasing an additional 194,755 shares during the period. Pzena Investment Management LLC boosted its position in shares of Olin by 24.8% in the third quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company’s stock worth $165,661,000 after purchasing an additional 685,710 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Olin by 2.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,295,699 shares of the specialty chemicals company’s stock worth $62,168,000 after purchasing an additional 37,043 shares during the period. Finally, Franklin Resources Inc. boosted its position in shares of Olin by 19.2% in the third quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company’s stock worth $51,015,000 after purchasing an additional 172,768 shares during the period. 88.67% of the stock is currently owned by institutional investors.

Olin Company Profile

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.