Olin (NYSE:OLN) Price Target Raised to $26.00

Key Points

• Citigroup raised its price target on Olin to $26.00 (from $21) and kept a "neutral" rating, implying roughly a 5.1% upside from the prior close.
• Analyst sentiment is mixed but cautious: MarketBeat's consensus is a "Hold" with an average target of $23.53, after several firms (Morgan Stanley, Truist, RBC, KeyCorp) recently trimmed targets or ratings.
• Olin recently traded near $24.73; its latest quarter showed EPS of -$0.58 (meeting estimates) and $1.67B in revenue, and insiders have been net sellers (about 99,379 shares sold in the past 90 days).

Olin (NYSE:OLN - Get Free Report) had its price target raised by Citigroup from $21.00 to $26.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the specialty chemicals company's stock. Citigroup's price objective indicates a potential upside of 5.12% from the stock's previous close.

A number of other research analysts have also recently weighed in on the stock. Morgan Stanley cut their price objective on shares of Olin from $20.00 to $18.00 and set an "underweight" rating for the company in a report on Monday, February 2nd. Truist Financial dropped their target price on Olin from $23.00 to $20.00 and set a "hold" rating on the stock in a research report on Monday, February 2nd. KeyCorp cut their price target on Olin from $29.00 to $26.00 and set an "overweight" rating for the company in a research note on Monday, February 2nd. Royal Bank Of Canada reduced their price target on Olin from $24.00 to $21.00 and set a "sector perform" rating for the company in a report on Monday, February 2nd. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Olin in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, Olin presently has a consensus rating of "Hold" and an average target price of $23.53.

Olin Stock Performance

Olin stock traded up $0.96 during midday trading on Thursday, hitting $24.73. 1,726,185 shares of the company were exchanged, compared to its average volume of 3,340,773. The business has a fifty day simple moving average of $23.74 and a two-hundred day simple moving average of $22.83. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.73 and a current ratio of 1.21. The firm has a market capitalization of $2.81 billion, a PE ratio of -64.98 and a beta of 1.56. Olin has a fifty-two week low of $17.66 and a fifty-two week high of $27.35.

Olin (NYSE:OLN - Get Free Report) last announced its quarterly earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.58). The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.61 billion. Olin had a negative return on equity of 0.48% and a negative net margin of 0.63%.Olin's revenue for the quarter was down .4% on a year-over-year basis. During the same period in the previous year, the company posted $0.09 earnings per share. On average, sell-side analysts forecast that Olin will post 1.38 earnings per share for the current year.

Insider Transactions at Olin

In other news, VP Angela M. Castle sold 2,379 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $24.25, for a total value of $57,690.75. Following the completion of the sale, the vice president directly owned 1,528 shares in the company, valued at $37,054. This represents a 60.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP R Nichole Sumner sold 4,750 shares of the business's stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $22.49, for a total transaction of $106,827.50. Following the transaction, the vice president owned 24,771 shares in the company, valued at $557,099.79. The trade was a 16.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 99,379 shares of company stock valued at $2,238,298 over the last 90 days. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Olin

Several large investors have recently added to or reduced their stakes in the stock. Strategic Advocates LLC purchased a new stake in shares of Olin in the third quarter valued at about $25,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Olin during the 1st quarter valued at approximately $32,000. Bessemer Group Inc. lifted its holdings in Olin by 712.7% in the third quarter. Bessemer Group Inc. now owns 1,341 shares of the specialty chemicals company's stock valued at $34,000 after acquiring an additional 1,176 shares during the last quarter. Evelyn Partners Investment Management LLP lifted its holdings in Olin by 6,360.0% in the second quarter. Evelyn Partners Investment Management LLP now owns 1,615 shares of the specialty chemicals company's stock valued at $32,000 after acquiring an additional 1,590 shares during the last quarter. Finally, Allworth Financial LP increased its stake in Olin by 114.0% during the third quarter. Allworth Financial LP now owns 1,740 shares of the specialty chemicals company's stock worth $43,000 after acquiring an additional 927 shares during the last quarter. 88.67% of the stock is currently owned by hedge funds and other 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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