Olin (NYSE:OLN) Price Target Lowered to $31.00 at Morgan Stanley

Olin (NYSE:OLN) had its price objective decreased by research analysts at Morgan Stanley from $41.00 to $31.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “underweight” rating on the specialty chemicals company’s stock. Morgan Stanley’s price objective points to a potential downside of 1.99% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Wells Fargo & Company cut their price target on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Monday, October 28th. Royal Bank of Canada cut their price target on shares of Olin from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 29th. Barclays dropped their price objective on shares of Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a report on Friday, December 13th. KeyCorp dropped their price objective on shares of Olin from $56.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday. Finally, Piper Sandler dropped their price objective on shares of Olin from $51.00 to $41.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $47.80.

Olin Trading Up 2.0 %

Shares of Olin stock traded up $0.63 during trading on Monday, hitting $31.63. The company’s stock had a trading volume of 423,337 shares, compared to its average volume of 1,424,810. 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 has a 52 week low of $30.69 and a 52 week high of $60.60. The stock has a market cap of $3.69 billion, a price-to-earnings ratio of 25.51, a price-to-earnings-growth ratio of 1.51 and a beta of 1.48. The stock has a 50-day moving average price of $38.39 and a two-hundred day moving average price of $42.55.

Olin announced that its Board of Directors has initiated a share buyback program on Thursday, December 12th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the specialty chemicals company to purchase up to 45% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, VP R Nichole Sumner sold 10,500 shares of the 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 transaction, the vice president now directly owns 24,056 shares of the company’s stock, valued at $1,052,450. This represents a 30.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Hotchkis & Wiley Capital Management LLC grew its position in shares of Olin by 6.4% during the 3rd 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 acquiring an additional 531,330 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Olin by 5.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,741,007 shares of the specialty chemicals company’s stock valued at $176,396,000 after acquiring an additional 194,755 shares during the period. Pzena Investment Management LLC grew its position in shares of Olin by 24.8% during the 3rd quarter. Pzena Investment Management LLC now owns 3,452,708 shares of the specialty chemicals company’s stock valued at $165,661,000 after acquiring an additional 685,710 shares during the period. Charles Schwab Investment Management Inc. grew 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 valued at $62,168,000 after acquiring an additional 37,043 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in Olin by 19.2% in the 3rd quarter. Franklin Resources Inc. now owns 1,073,087 shares of the specialty chemicals company’s stock worth $51,015,000 after buying an additional 172,768 shares during the period. 88.67% of the stock is 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.