Citigroup Forecasts Strong Price Appreciation for Olin (NYSE:OLN) Stock

Key Points

• Citigroup raised its price target for Olin from $17 to $19 while maintaining a “neutral” rating, implying 5.74% upside from the prior close.
• Analyst sentiment remains cautious: Olin has an average “Reduce” rating and a consensus price target of $20.57, with 12 Hold, three Sell, and one Buy rating.
• Olin’s latest quarterly results fell short of expectations, reporting $0.13 in EPS versus $0.15 expected and revenue of $1.75 billion versus $1.83 billion forecast; institutional investors own 88.67% of the stock.

Olin (NYSE:OLN - Get Free Report) had its price target increased by stock analysts at Citigroup from $17.00 to $19.00 in a report released on Monday, Benzinga reports. The brokerage currently has a "neutral" rating on the specialty chemicals company's stock. Citigroup's target price would indicate a potential upside of 5.74% from the stock's previous close.

OLN has been the topic of a number of other research reports. KeyCorp assumed coverage on shares of Olin in a research report on Friday, September 11th. They set an "overweight" rating and a $26.00 target price on the stock. Truist Financial upped their target price on Olin from $15.00 to $17.00 and gave the company a "hold" rating in a research note on Monday. Weiss Ratings reiterated a "sell (d)" rating on shares of Olin in a research report on Wednesday, August 19th. Wall Street Zen raised Olin from a "strong sell" rating to a "sell" rating in a research note on Saturday. Finally, The Goldman Sachs Group set a $18.00 price target on Olin in a report on Wednesday, September 30th. One investment analyst has rated the stock with a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Olin presently has an average rating of "Reduce" and a consensus price target of $20.57.

Olin Price Performance

Shares of OLN stock traded up $0.37 during mid-day trading on Monday, reaching $17.97. The stock had a trading volume of 2,565,477 shares, compared to its average volume of 3,170,651. Olin has a 12-month low of $14.64 and a 12-month high of $30.46. The company has a market cap of $2.05 billion, a P/E ratio of -12.23 and a beta of 1.14. The business has a 50-day simple moving average of $16.44 and a 200 day simple moving average of $22.28. The company has a current ratio of 1.45, a quick ratio of 0.88 and a debt-to-equity ratio of 1.75.

Olin (NYSE:OLN - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The specialty chemicals company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.02). The business had revenue of $1.75 billion during the quarter, compared to analysts' expectations of $1.83 billion. Olin had a negative return on equity of 6.63% and a negative net margin of 2.49%. Olin's quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.37 earnings per share. On average, sell-side analysts anticipate that Olin will post -0.80 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings in Olin by 22.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,627,997 shares of the specialty chemicals company's stock valued at $167,311,000 after buying an additional 1,031,498 shares during the period. Pzena Investment Management LLC raised its stake in shares of Olin by 2.0% during the third quarter. Pzena Investment Management LLC now owns 3,966,952 shares of the specialty chemicals company's stock valued at $61,488,000 after purchasing an additional 76,748 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Olin by 1.0% during the first quarter. Bank of New York Mellon Corp now owns 1,232,912 shares of the specialty chemicals company's stock worth $36,654,000 after purchasing an additional 12,290 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Olin by 80.8% in the first quarter. First Trust Advisors LP now owns 713,041 shares of the specialty chemicals company's stock valued at $21,199,000 after purchasing an additional 318,588 shares during the period. Finally, Amundi grew its holdings in Olin by 337.2% during the 1st quarter. Amundi now owns 684,036 shares of the specialty chemicals company's stock valued at $20,336,000 after purchasing an additional 527,586 shares in the last quarter. Institutional investors and hedge funds own 88.67% of the company's stock.

About Olin

Olin Corporation NYSE: OLN is a global manufacturer of chemicals and ammunition. The company operates through three primary businesses: Chlor Alkali Products and Vinyls, Epoxy, and Winchester.

Its Chlor Alkali Products and Vinyls business produces chlorine, caustic soda, hydrochloric acid, bleach products, hydrogen, chlorinated organic chemicals and other related materials used in industrial, water-treatment, construction and consumer applications. Olin's Epoxy business manufactures epoxy resins, intermediates and other specialty materials used in coatings, adhesives, composites, electronics and infrastructure-related applications.

Through its Winchester business, Olin produces and distributes sporting ammunition, reloading components, and small-caliber ammunition for law enforcement and military customers.

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