Olin (NYSE:OLN) Given New $28.00 Price Target at Morgan Stanley

Olin (NYSE:OLN) had its price objective cut by Morgan Stanley from $31.00 to $28.00 in a research report released on Tuesday morning,Benzinga reports. They currently have an underweight rating on the specialty chemicals company’s stock.

Several other brokerages have also weighed in on OLN. Citigroup cut their target price on Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, December 16th. Truist Financial cut their price objective on shares of Olin from $38.00 to $32.00 and set a “hold” rating on the stock in a report on Monday. UBS Group lowered their target price on shares of Olin from $35.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, January 31st. Barclays cut their price target on shares of Olin from $43.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Monday. Finally, Bank of America upgraded shares of Olin from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $48.00 to $40.00 in a research note on Tuesday, January 14th. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $41.75.

Olin Stock Up 0.0 %

Shares of Olin stock opened at $27.76 on Tuesday. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32. Olin has a 52-week low of $27.15 and a 52-week high of $60.60. The company has a market capitalization of $3.24 billion, a P/E ratio of 30.84, a P/E/G ratio of 0.69 and a beta of 1.45. The company has a 50 day moving average of $34.92 and a 200 day moving average of $40.73.

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

Olin announced that its Board of Directors has authorized a stock buyback program on Thursday, December 12th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the specialty chemicals company to repurchase up to 45% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity 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 completion of the sale, the vice president now owns 24,056 shares in the company, valued at approximately $1,052,450. This trade represents a 30.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. increased its position in Olin by 55.5% during the 4th quarter. Harbor Capital Advisors Inc. now owns 143,062 shares of the specialty chemicals company’s stock worth $4,835,000 after purchasing an additional 51,051 shares during the period. Segall Bryant & Hamill LLC purchased a new position in Olin in the third quarter worth $916,000. Charles Schwab Investment Management Inc. boosted its position in shares of Olin by 2.9% during the 3rd 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 in the last quarter. Mariner Investment Group LLC acquired a new position in shares of Olin during the 4th quarter worth $355,000. Finally, Barclays PLC increased its holdings in shares of Olin by 37.7% in the 3rd quarter. Barclays PLC now owns 125,913 shares of the specialty chemicals company’s stock valued at $6,042,000 after purchasing an additional 34,485 shares in the last quarter. 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.