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Olin (NYSE:OLN) Given New $23.00 Price Target at Royal Bank Of Canada

Olin logo with Basic Materials background

Olin (NYSE:OLN - Free Report) had its price objective trimmed by Royal Bank Of Canada from $25.00 to $23.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a sector perform rating on the specialty chemicals company's stock.

OLN has been the subject of several other reports. KeyCorp reduced their target price on Olin from $40.00 to $34.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Barclays reduced their target price on Olin from $28.00 to $24.00 and set an "equal weight" rating for the company in a report on Wednesday, May 28th. Truist Financial reduced their target price on Olin from $25.00 to $24.00 and set a "hold" rating for the company in a report on Monday, May 5th. The Goldman Sachs Group reduced their target price on Olin from $33.00 to $25.00 and set a "neutral" rating for the company in a report on Tuesday, May 6th. Finally, Wall Street Zen downgraded 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 issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $27.67.

Check Out Our Latest Report on Olin

Olin Stock Down 0.2%

Shares of NYSE:OLN traded down $0.05 on Thursday, hitting $21.92. 979,270 shares of the company's stock were exchanged, compared to its average volume of 1,694,706. The firm's 50-day moving average is $20.67 and its 200 day moving average is $24.93. The company has a market capitalization of $2.52 billion, a PE ratio of 42.98 and a beta of 1.52. Olin has a 1-year low of $17.66 and a 1-year high of $50.75. The company has a debt-to-equity ratio of 1.48, a quick ratio of 0.96 and a current ratio of 1.56.

Olin (NYSE:OLN - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $1.64 billion during the quarter, compared to analysts' expectations of $1.58 billion. Olin had a return on equity of 3.13% and a net margin of 0.94%. The business's quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.40 EPS. Sell-side analysts predict that Olin will post 1.38 EPS for the current year.

Olin Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Thursday, May 15th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.65%. The ex-dividend date was Thursday, May 15th. Olin's payout ratio is 156.86%.

Hedge Funds Weigh In On Olin

Several institutional investors and hedge funds have recently added to or reduced their stakes in OLN. Fuller & Thaler Asset Management Inc. increased its position in Olin by 40.5% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 6,384,744 shares of the specialty chemicals company's stock worth $154,766,000 after purchasing an additional 1,840,900 shares during the period. Thrivent Financial for Lutherans grew its holdings in shares of Olin by 5,746.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 1,613,796 shares of the specialty chemicals company's stock worth $54,546,000 after acquiring an additional 1,586,192 shares during the period. Norges Bank acquired a new stake in shares of Olin in the 4th quarter worth approximately $47,887,000. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Olin by 11.5% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 12,191,163 shares of the specialty chemicals company's stock worth $295,514,000 after acquiring an additional 1,259,795 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Olin by 14.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,546,352 shares of the specialty chemicals company's stock worth $110,204,000 after acquiring an additional 569,483 shares during the period. Institutional investors and hedge funds own 88.67% of the company's stock.

Olin Company Profile

(Get Free Report)

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.

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