Olin (NYSE:OLN) Shares Gap Up - Here's What Happened

Key Points

• Olin Corporation (NYSE:OLN) saw its stock price jump from $20.83 to $21.67 after the market opened, with shares last trading at $21.77 on a volume of 372,642 shares.
• Analysts have varied opinions on Olin, with price target reductions from JPMorgan and Piper Sandler, while Wells Fargo raised its target, reflecting a consensus rating of "Hold" with a target price of $27.20.
• Olin recently reported earnings per share of $0.04, exceeding analyst estimates, with a year-over-year revenue increase of 1.2%, while also announcing a quarterly dividend of $0.20 per share with a yield of 3.72%.

Olin Corporation (NYSE:OLN - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $20.83, but opened at $21.67. Olin shares last traded at $21.77, with a volume of 372,642 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OLN. Piper Sandler decreased their price objective on Olin from $33.00 to $26.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Truist Financial cut their target price on Olin from $25.00 to $24.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. Wells Fargo & Company cut their target price on Olin from $22.00 to $21.00 and set an "equal weight" rating on the stock in a research report on Wednesday. The Goldman Sachs Group cut their target price on Olin from $33.00 to $25.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 6th. Finally, Citigroup cut their target price on Olin from $26.00 to $25.00 and set a "buy" rating on the stock in a research report on Tuesday, July 8th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Olin currently has an average rating of "Hold" and an average price target of $25.57.

Olin Trading Down 3.4%

The company has a current ratio of 1.48, a quick ratio of 0.96 and a debt-to-equity ratio of 1.50. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of -152.24 and a beta of 1.52. The firm has a 50-day moving average of $20.62 and a 200 day moving average of $23.45.

Olin (NYSE:OLN - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The specialty chemicals company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.04). The company had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.68 billion. Olin had a negative net margin of 0.21% and a negative return on equity of 0.13%. The company's revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.62 earnings per share. As a group, equities analysts predict that Olin Corporation will post 1.38 EPS for the current fiscal year.

Institutional Trading of Olin

Several hedge funds have recently added to or reduced their stakes in OLN. Fifth Third Bancorp increased its holdings in Olin by 160.5% during the 1st quarter. Fifth Third Bancorp now owns 1,206 shares of the specialty chemicals company's stock worth $29,000 after purchasing an additional 743 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Olin during the 1st quarter worth about $31,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Olin in the 1st quarter valued at about $32,000. Covestor Ltd grew its holdings in shares of Olin by 45.8% in the 4th quarter. Covestor Ltd now owns 1,334 shares of the specialty chemicals company's stock valued at $45,000 after acquiring an additional 419 shares in the last quarter. Finally, Allworth Financial LP grew its holdings in shares of Olin by 188.5% in the 1st quarter. Allworth Financial LP now owns 1,676 shares of the specialty chemicals company's stock valued at $37,000 after acquiring an additional 1,095 shares in the last quarter. Institutional investors and hedge funds own 88.67% of the company's stock.

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.