Barclays Cuts Olin (NYSE:OLN) Price Target to $49.00

Olin (NYSE:OLN) had its price objective reduced by investment analysts at Barclays from $59.00 to $49.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the specialty chemicals company’s stock. Barclays‘s target price indicates a potential upside of 9.18% from the stock’s current price.

OLN has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Olin from $57.00 to $48.00 and set a “hold” rating for the company in a report on Monday. KeyCorp cut their target price on shares of Olin from $69.00 to $62.00 and set an “overweight” rating for the company in a research note on Monday. Royal Bank of Canada dropped their price objective on shares of Olin from $61.00 to $52.00 and set an “outperform” rating for the company in a research note on Monday. Piper Sandler boosted their price objective on shares of Olin from $72.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, April 29th. Finally, Bank of America lowered their price objective on shares of Olin from $74.00 to $72.00 and set a “buy” rating for the company in a research report on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Olin presently has an average rating of “Hold” and a consensus price target of $56.64.

Olin Trading Up 0.7 %

OLN traded up $0.29 during mid-day trading on Monday, reaching $44.88. The stock had a trading volume of 1,894,517 shares, compared to its average volume of 1,081,069. The firm’s fifty day simple moving average is $49.67 and its two-hundred day simple moving average is $52.72. The stock has a market capitalization of $5.36 billion, a P/E ratio of 16.19, a P/E/G ratio of 0.32 and a beta of 1.44. Olin has a 52 week low of $41.71 and a 52 week high of $60.60. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.82 and a current ratio of 1.43.

Olin (NYSE:OLN) last announced its quarterly earnings results on Thursday, July 25th. The specialty chemicals company reported $0.62 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.08). The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.71 billion. Olin had a net margin of 4.26% and a return on equity of 11.73%. The business’s revenue was down 3.5% compared to the same quarter last year. During the same period last year, the company earned $1.13 earnings per share. On average, equities analysts predict that Olin will post 3.1 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Deroy & Devereaux Private Investment Counsel Inc. boosted its holdings in shares of Olin by 67.0% in the second quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 54,870 shares of the specialty chemicals company’s stock worth $2,587,000 after buying an additional 22,005 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Olin by 7.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,030 shares of the specialty chemicals company’s stock valued at $1,039,000 after purchasing an additional 1,535 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Olin by 2.5% in the second quarter. Bank of New York Mellon Corp now owns 1,373,519 shares of the specialty chemicals company’s stock valued at $64,761,000 after acquiring an additional 33,143 shares during the period. Fifth Third Bancorp lifted its stake in Olin by 532.8% in the second quarter. Fifth Third Bancorp now owns 5,429 shares of the specialty chemicals company’s stock worth $256,000 after purchasing an additional 4,571 shares during the last quarter. Finally, Summit Global Investments bought a new position in Olin in the 2nd quarter valued at $518,000. 88.67% of the stock is currently owned by 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.