Olin (NYSE:OLN) Given New $24.00 Price Target at Mizuho

Olin (NYSE:OLN - Free Report) had its target price decreased by Mizuho from $25.00 to $24.00 in a research note published on Tuesday morning,Benzinga reports. Mizuho currently has a neutral rating on the specialty chemicals company's stock.

OLN has been the topic of a number of other research reports. The Goldman Sachs Group cut their price target on shares of Olin from $33.00 to $25.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 6th. Citigroup reduced their target price on shares of Olin from $26.00 to $25.00 and set a "buy" rating for the company in a research report on Tuesday, July 8th. JPMorgan Chase & Co. reduced their price objective on shares of Olin from $28.00 to $20.00 and set a "neutral" rating for the company in a research note on Tuesday, May 6th. Piper Sandler cut their price target on shares of Olin from $33.00 to $26.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Finally, Wall Street Zen downgraded shares of Olin from a "hold" rating to a "sell" rating in a report on Friday, June 27th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Olin has an average rating of "Hold" and a consensus target price of $27.33.

Olin Price Performance

Shares of NYSE:OLN traded down $0.28 during trading on Tuesday, hitting $20.46. 1,332,695 shares of the company were exchanged, compared to its average volume of 1,736,545. The business's 50 day moving average is $20.71 and its 200-day moving average is $24.37. The company has a market capitalization of $2.36 billion, a P/E ratio of 40.25 and a beta of 1.52. The company has a quick ratio of 0.96, a current ratio of 1.56 and a debt-to-equity ratio of 1.48. Olin has a 1-year low of $17.66 and a 1-year high of $50.75.

Olin (NYSE:OLN - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The specialty chemicals company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.14. Olin had a net margin of 0.94% and a return on equity of 3.13%. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the business earned $0.40 earnings per share. The company's revenue for the quarter was up 1.2% compared to the same quarter last year. Equities analysts forecast that Olin will post 1.38 earnings per share for the current year.

Olin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Thursday, May 15th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.91%. The ex-dividend date was Thursday, May 15th. Olin's dividend payout ratio is presently 156.86%.

Hedge Funds Weigh In On Olin

Hedge funds and other institutional investors have recently modified their holdings of the company. Covestor Ltd increased its position in shares of Olin by 45.8% during the fourth quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company's stock valued at $45,000 after buying an additional 419 shares during the period. Vestcor Inc increased its position in shares of Olin by 4.6% during the first quarter. Vestcor Inc now owns 12,630 shares of the specialty chemicals company's stock valued at $306,000 after buying an additional 558 shares during the period. Fifth Third Bancorp increased its position in shares of Olin by 160.5% during the first quarter. Fifth Third Bancorp now owns 1,206 shares of the specialty chemicals company's stock valued at $29,000 after buying an additional 743 shares during the period. Xponance Inc. increased its position in shares of Olin by 5.9% during the fourth quarter. Xponance Inc. now owns 13,435 shares of the specialty chemicals company's stock valued at $454,000 after buying an additional 754 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Olin by 13.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 6,778 shares of the specialty chemicals company's stock worth $164,000 after purchasing an additional 778 shares during the period. 88.67% of the stock is owned by institutional investors.

Olin Company Profile

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.