Olin (NYSE:OLN) Posts Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Olin (NYSE:OLN) issued its earnings results on Thursday. The specialty chemicals company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.10, Zacks reports. Olin had a net margin of 2.33% and a return on equity of 6.19%.

Olin Price Performance

Shares of NYSE OLN traded down $0.58 during mid-day trading on Thursday, reaching $32.08. The company had a trading volume of 1,839,942 shares, compared to its average volume of 1,395,249. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of 25.87, a PEG ratio of 0.78 and a beta of 1.48. The business’s 50-day simple moving average is $35.99 and its 200 day simple moving average is $41.36. Olin has a one year low of $30.69 and a one year high of $60.60. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.82 and a current ratio of 1.40.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Bank of America raised 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 report on Tuesday, January 14th. Morgan Stanley reduced their price target on Olin from $41.00 to $31.00 and set an “underweight” rating for the company in a report on Monday, January 13th. BMO Capital Markets dropped their price objective on Olin from $50.00 to $47.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 29th. Citigroup reduced their target price on Olin from $48.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, December 16th. Finally, Barclays decreased their target price on Olin from $45.00 to $43.00 and set an “equal weight” rating on the stock in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $46.50.

Insider Buying and Selling

In other news, VP R Nichole Sumner sold 10,500 shares of the business’s stock in a transaction on Friday, November 8th. The stock was 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 owns 24,056 shares of the company’s stock, valued at approximately $1,052,450. The trade was a 30.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.60% of the stock is currently owned by company insiders.

Olin announced that its board has initiated a stock repurchase program on Thursday, December 12th that authorizes the company to buyback $2.00 billion in outstanding 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 generally an indication that the company’s board believes its stock is undervalued.

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.