Olin (NYSE:OLN) Stock Price Target Raised at Wells Fargo & Company

Key Points

• Wells Fargo raised Olin’s price target from $16 to $17 while maintaining an “equal weight” rating, implying approximately 4.45% downside from the stock’s $17.79 price.
• Analyst sentiment remains cautious: Olin has an average “Reduce” rating, with 12 Holds, three Sells and one Buy, and an average price target of $20.64.
• Olin’s latest quarterly results fell short of expectations, with earnings of $0.13 per share versus $0.15 expected and revenue of $1.75 billion versus $1.83 billion forecast; analysts anticipate a full-year loss of $0.80 per share.

Olin (NYSE:OLN - Get Free Report) had its target price lifted by stock analysts at Wells Fargo & Company from $16.00 to $17.00 in a report released on Tuesday, Benzinga reports. The firm currently has an "equal weight" rating on the specialty chemicals company's stock. Wells Fargo & Company's price target would indicate a potential downside of 4.45% from the stock's current price.

A number of other research analysts also recently commented on OLN. BMO Capital Markets dropped their price target on Olin from $30.00 to $25.00 and set a "market perform" rating for the company in a research note on Monday, July 6th. Mizuho increased their price objective on shares of Olin from $23.00 to $24.00 and gave the stock a "neutral" rating in a research note on Friday, July 31st. Truist Financial raised their target price on shares of Olin from $15.00 to $17.00 and gave the company a "hold" rating in a report on Monday. Barclays began coverage on shares of Olin in a report on Monday, October 12th. They issued an "equal weight" rating and a $18.00 target price on the stock. Finally, The Goldman Sachs Group set a $18.00 target price on shares of Olin in a research report on Wednesday, September 30th. One equities research analyst has rated the stock with a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Reduce" and an average price target of $20.64.

Olin Price Performance

NYSE OLN traded down $0.36 during midday trading on Tuesday, hitting $17.79. The company had a trading volume of 432,439 shares, compared to its average volume of 3,170,401. The company has a market capitalization of $2.03 billion, a PE ratio of -12.01 and a beta of 1.23. The company has a current ratio of 1.42, a quick ratio of 0.87 and a debt-to-equity ratio of 1.77. The firm has a 50-day moving average price of $16.44 and a 200-day moving average price of $22.25. Olin has a twelve month low of $14.64 and a twelve month high of $30.46.

Olin (NYSE:OLN - Get Free Report) last released its earnings results on Thursday, October 29th. The specialty chemicals company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.15 by ($0.02). Olin had a negative net margin of 2.08% and a negative return on equity of 4.76%. The company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter in the previous year, the company posted $0.37 earnings per share. The business's revenue was up 2.0% compared to the same quarter last year. As a group, analysts anticipate that Olin will post -0.80 earnings per share for the current fiscal year.

Institutional Trading of Olin

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp acquired a new stake in Olin in the second quarter valued at approximately $23,785,000. Dimensional Fund Advisors LP grew its stake in shares of Olin by 22.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,627,997 shares of the specialty chemicals company's stock worth $167,311,000 after buying an additional 1,031,498 shares during the last quarter. Amundi increased its holdings in shares of Olin by 337.2% during the first quarter. Amundi now owns 684,036 shares of the specialty chemicals company's stock worth $20,336,000 after buying an additional 527,586 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new position in shares of Olin during the first quarter worth $14,770,000. Finally, Empowered Funds LLC lifted its stake in shares of Olin by 1,946.0% in the 1st quarter. Empowered Funds LLC now owns 435,599 shares of the specialty chemicals company's stock valued at $12,950,000 after acquiring an additional 414,309 shares during the last quarter. 88.67% of the stock is currently owned by institutional investors.

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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