Olin (NYSE:OLN) Given New $41.00 Price Target at Piper Sandler

Olin (NYSE:OLN) had its price target reduced by Piper Sandler from $51.00 to $41.00 in a report released on Tuesday,Benzinga reports. Piper Sandler currently has an overweight rating on the specialty chemicals company’s stock.

Other equities research analysts have also issued reports about the company. Barclays decreased their target price on Olin from $45.00 to $43.00 and set an “equal weight” rating for the company in a research report on Friday, December 13th. BMO Capital Markets decreased their price objective on Olin from $50.00 to $47.00 and set a “market perform” rating for the company in a report on Tuesday, October 29th. Citigroup dropped their target price on shares of Olin from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, December 16th. KeyCorp reduced their price target on shares of Olin from $57.00 to $56.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Finally, Wells Fargo & Company dropped their price objective on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Olin has a consensus rating of “Hold” and a consensus price target of $49.43.

Olin Price Performance

Shares of OLN stock opened at $32.15 on Tuesday. The company has a market capitalization of $3.75 billion, a P/E ratio of 25.93, a P/E/G ratio of 1.51 and a beta of 1.48. The company’s 50-day simple moving average is $39.13 and its two-hundred day simple moving average is $43.02. Olin has a one year low of $31.93 and a one year high of $60.60. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Thursday, November 14th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.49%. The ex-dividend date was Thursday, November 14th. Olin’s payout ratio is currently 64.52%.

Olin announced that its board has approved a share repurchase program on Thursday, December 12th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the specialty chemicals company to repurchase up to 45% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, VP R Nichole Sumner sold 10,500 shares of Olin stock in a transaction 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Olin

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OLN. Hotchkis & Wiley Capital Management LLC increased its holdings 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 valued at $424,095,000 after purchasing an additional 531,330 shares during the period. Dimensional Fund Advisors LP boosted its position in 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 valued at $176,396,000 after buying an additional 194,755 shares during the last quarter. Pzena Investment Management LLC increased its holdings in Olin by 24.8% in the 3rd quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company’s stock worth $165,661,000 after buying an additional 685,710 shares during the period. Charles Schwab Investment Management Inc. raised its position in 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 buying an additional 37,043 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in 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 acquiring an additional 172,768 shares during the period. Hedge funds and other institutional investors own 88.67% of the company’s stock.

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.