Olin (NYSE:OLN) Price Target Cut to $31.00 by Analysts at Wells Fargo & Company

Olin (NYSE:OLN) had its price objective decreased by Wells Fargo & Company from $40.00 to $31.00 in a report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 10.09% from the company’s previous close.

A number of other brokerages have also recently commented on OLN. Citigroup decreased their target price on shares of Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, December 16th. Barclays dropped 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, December 13th. Bank of America raised Olin from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $48.00 to $40.00 in a research note on Tuesday, January 14th. BMO Capital Markets dropped their price objective 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, Morgan Stanley decreased their target price on shares of Olin from $41.00 to $31.00 and set an “underweight” rating on the stock in a research note on Monday, January 13th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Olin presently has a consensus rating of “Hold” and a consensus target price of $44.00.

Olin Price Performance

OLN stock traded down $1.13 during mid-day trading on Monday, hitting $28.16. 688,411 shares of the stock were exchanged, compared to its average volume of 1,518,619. The business has a fifty day moving average price of $35.52 and a 200 day moving average price of $41.03. Olin has a 12 month low of $27.15 and a 12 month high of $60.60. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.27 and a quick ratio of 0.77. The stock has a market capitalization of $3.28 billion, a price-to-earnings ratio of 31.27, a PEG ratio of 0.69 and a beta of 1.45.

Olin (NYSE:OLN) last released its earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 earnings per share for the quarter, topping 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%. On average, sell-side analysts anticipate that Olin will post 2.47 EPS for the current year.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Pzena Investment Management LLC grew its position in Olin by 24.8% during the third quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company’s stock valued at $165,661,000 after buying an additional 685,710 shares during the period. Hotchkis & Wiley Capital Management LLC grew its holdings in Olin by 6.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,838,988 shares of the specialty chemicals company’s stock valued at $424,095,000 after purchasing an additional 531,330 shares during the period. Verition Fund Management LLC raised its stake in shares of Olin by 70.9% in the third quarter. Verition Fund Management LLC now owns 544,814 shares of the specialty chemicals company’s stock worth $26,140,000 after buying an additional 225,930 shares during the period. Franklin Resources Inc. lifted its position in shares of Olin by 19.2% during the 3rd quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company’s stock valued at $51,015,000 after buying an additional 172,768 shares in the last quarter. Finally, Holocene Advisors LP grew its stake in shares of Olin by 504.9% during the 3rd quarter. Holocene Advisors LP now owns 167,186 shares of the specialty chemicals company’s stock valued at $8,022,000 after acquiring an additional 139,549 shares during the period. Institutional investors own 88.67% 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.