Olin (NYSE:OLN) Lowered to Strong Sell Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Olin to “strong sell” from “sell,” while the broader analyst consensus is “Reduce” with an average price target of $23.08.
• Several firms recently cut their price targets, including UBS to $21, Wells Fargo to $20, and Bank of America to $21; Olin opened at $18.61, near its 52-week low of $17.73.
• Institutional investors hold 88.67% of Olin’s shares, with several major funds substantially increasing their positions in recent quarters.

Olin (NYSE:OLN - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued on Saturday.

OLN has been the subject of several other reports. UBS Group reduced their price target on Olin from $23.00 to $21.00 and set a "neutral" rating for the company in a research report on Monday, August 3rd. Wells Fargo & Company restated an "equal weight" rating and issued a $20.00 price objective (down from $25.00) on shares of Olin in a research report on Monday. Morgan Stanley raised their price objective on shares of Olin from $18.00 to $22.00 and gave the stock an "underweight" rating in a research note on Monday, May 11th. Bank of America lowered shares of Olin from a "buy" rating to an "underperform" rating and cut their target price for the company from $32.00 to $21.00 in a report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Olin from $26.00 to $25.00 and set a "neutral" rating for the company in a research note on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat, Olin has an average rating of "Reduce" and an average price target of $23.08.

Olin Price Performance

Shares of OLN opened at $18.61 on Friday. The business's 50-day moving average is $21.98 and its two-hundred day moving average is $24.58. The company has a market capitalization of $2.12 billion, a P/E ratio of -15.13 and a beta of 1.22. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.87 and a current ratio of 1.42. Olin has a fifty-two week low of $17.73 and a fifty-two week high of $30.46.

Institutional Trading of Olin

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Orbis Allan Gray Ltd raised its holdings in shares of Olin by 448.9% during the fourth 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 boosted its stake in shares of Olin by 1,063.0% in the third quarter. Millennium Management LLC now owns 2,486,702 shares of the specialty chemicals company's stock worth $62,143,000 after acquiring an additional 2,272,877 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Olin in the second quarter worth approximately $23,785,000. Semper Augustus Investments Group LLC increased its position in shares of Olin by 141.3% during the third 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 in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in 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 valued at $167,311,000 after purchasing an additional 1,031,498 shares during the last quarter. Hedge funds and other institutional investors own 88.67% of the company's stock.

Olin Company Profile

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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