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

Key Points

• Truist Financial cut its price target on Olin from $26 to $24 and kept a hold rating, implying about 8.8% upside from the current price.
• Several other analysts also turned more cautious on Olin recently, including Goldman Sachs, BMO Capital Markets, Mizuho, and JPMorgan, leaving the stock with an overall Hold consensus and an average price target of $26.46.
• Olin shares traded around $22.06 on Monday, below both the 50-day and 200-day moving averages, while institutional investors continue to hold a large majority of the stock.

Olin (NYSE:OLN - Get Free Report) had its target price lowered by research analysts at Truist Financial from $26.00 to $24.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a "hold" rating on the specialty chemicals company's stock. Truist Financial's target price suggests a potential upside of 8.80% from the company's current price.

A number of other research analysts have also recently weighed in on OLN. The Goldman Sachs Group dropped their price target on Olin from $31.00 to $24.00 and set a "neutral" rating for the company in a research report on Thursday. Wall Street Zen downgraded Olin from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. BMO Capital Markets lowered their target price on shares of Olin from $30.00 to $25.00 and set a "market perform" rating for the company in a report on Monday, July 6th. Mizuho dropped their price target on Olin from $26.00 to $23.00 and set a "neutral" rating for the company in a research note on Wednesday, July 1st. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Olin from $26.00 to $25.00 and set a "neutral" rating for the company in a research report on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $26.46.

Olin Stock Performance

Shares of NYSE:OLN traded up $0.07 on Monday, reaching $22.06. The company's stock had a trading volume of 248,791 shares, compared to its average volume of 2,946,871. Olin has a 52-week low of $18.08 and a 52-week high of $30.46. The stock's 50-day moving average is $23.68 and its two-hundred day moving average is $24.73. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.36 and a quick ratio of 0.82. The stock has a market capitalization of $2.51 billion, a P/E ratio of -19.61 and a beta of 1.21.

Hedge Funds Weigh In On Olin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OLN. Orbis Allan Gray Ltd lifted its holdings in Olin by 448.9% in the 4th quarter. Orbis Allan Gray Ltd now owns 3,804,561 shares of the specialty chemicals company's stock valued at $79,249,000 after acquiring an additional 3,111,393 shares during the last quarter. Millennium Management LLC grew its stake in shares of Olin by 1,063.0% in the 3rd quarter. Millennium Management LLC now owns 2,486,702 shares of the specialty chemicals company's stock worth $62,143,000 after purchasing an additional 2,272,877 shares during the last quarter. Semper Augustus Investments Group LLC grew its stake in shares of Olin by 141.3% in the 3rd quarter. Semper Augustus Investments Group LLC now owns 1,924,245 shares of the specialty chemicals company's stock worth $48,087,000 after purchasing an additional 1,126,809 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Olin by 22.4% in 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 purchasing an additional 1,031,498 shares in the last quarter. Finally, Amundi bought a new stake in shares of Olin in the 3rd quarter worth approximately $24,418,000. 88.67% of the stock is owned by institutional investors.

About Olin

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company's core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin's chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.

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