Wells Fargo & Company Cuts Olin (NYSE:OLN) Price Target to $16.00

Key Points

• Wells Fargo lowered Olin’s price target to $16 from $20 while maintaining an “equal weight” rating, implying roughly 3.2% upside from the prior close.
• Analyst sentiment remains cautious: Olin has a consensus “Reduce” rating, with one Buy, 11 Hold, and three Sell ratings, and an average price target of $21.15.
• Olin’s latest quarterly results missed expectations, reporting a $0.12 per-share loss versus an expected $0.13 profit, while revenue fell short of estimates and analysts forecast a full-year loss of $0.68 per share.

Olin (NYSE:OLN - Get Free Report) had its price target cut by analysts at Wells Fargo & Company from $20.00 to $16.00 in a report released on Thursday, Benzinga reports. The firm currently has an "equal weight" rating on the specialty chemicals company's stock. Wells Fargo & Company's target price would suggest a potential upside of 3.19% from the stock's previous close.

A number of other brokerages have also recently weighed in on OLN. The Goldman Sachs Group set a $18.00 price objective on shares of Olin in a research note on Wednesday. Mizuho increased their price target on Olin from $23.00 to $24.00 and gave the company a "neutral" rating in a research note on Friday, July 31st. KeyCorp started coverage on Olin in a research note on Friday, September 11th. They set an "overweight" rating and a $26.00 target price for the company. Bank of America cut shares of Olin from a "buy" rating to an "underperform" rating and lowered their price objective for the stock from $32.00 to $21.00 in a research note on Tuesday, June 30th. Finally, JPMorgan Chase & Co. dropped their price target on Olin from $26.00 to $25.00 and set a "neutral" rating on the stock in a report on Thursday, June 18th. One investment analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and an average price target of $21.15.

Olin Stock Up 0.5%

Shares of Olin stock opened at $15.51 on Thursday. The company has a quick ratio of 0.87, a current ratio of 1.42 and a debt-to-equity ratio of 1.77. The business has a 50-day moving average price of $18.20 and a 200 day moving average price of $22.80. Olin has a fifty-two week low of $15.38 and a fifty-two week high of $30.46. The firm has a market cap of $1.77 billion, a P/E ratio of -12.61 and a beta of 1.20.

Olin (NYSE:OLN - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The specialty chemicals company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.13 by ($0.25). The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.81 billion. Olin had a negative return on equity of 4.76% and a negative net margin of 2.08%.The company's quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.01) earnings per share. On average, sell-side analysts forecast that Olin will post -0.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Olin

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp bought a new stake in Olin in the 2nd quarter valued at approximately $23,785,000. Dimensional Fund Advisors LP grew its stake in shares of Olin by 22.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,627,997 shares of the specialty chemicals company's stock worth $167,311,000 after acquiring an additional 1,031,498 shares in the last quarter. Amundi grew its stake in shares of Olin by 337.2% during the 1st quarter. Amundi now owns 684,036 shares of the specialty chemicals company's stock worth $20,336,000 after acquiring an additional 527,586 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new stake in shares of Olin in the first quarter valued at approximately $14,770,000. Finally, Empowered Funds LLC lifted its position in shares of Olin by 1,946.0% in the first quarter. Empowered Funds LLC now owns 435,599 shares of the specialty chemicals company's stock worth $12,950,000 after purchasing an additional 414,309 shares in the last quarter. Institutional investors own 88.67% of the company's stock.

Olin Company Profile

Olin Corporation is a global manufacturer of chemicals and ammunition headquartered in Clayton, Missouri. The company operates through two primary businesses: Chlor Alkali Products and Vinyls and Winchester.

Olin's Chlor Alkali Products and Vinyls business produces essential chemicals including chlorine, caustic soda, hydrogen, hydrochloric acid, bleach products and related chlorinated compounds. These materials are used in water treatment, pulp and paper, construction, plastics, cleaning products and other industrial applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.