Bank of America Reiterates “Buy” Rating for Olin (NYSE:OLN)
Bank of America reaffirmed their buy rating on shares of Olin (NYSE:OLN) in a research note published on Friday, Briefing.com Automated Import reports. The firm currently has a $22.00 price target on the specialty chemicals company’s stock, down from their prior price target of $29.00.
A number of other research firms have also recently commented on OLN. Morgan Stanley cut Olin from an overweight rating to an equal weight rating and decreased their price target for the stock from $33.00 to $23.00 in a research note on Friday, July 19th. ValuEngine upgraded Olin from a strong sell rating to a sell rating in a research note on Friday, May 10th. Barclays restated a hold rating and set a $22.00 price target on shares of Olin in a research note on Sunday, August 4th. Alembic Global Advisors started coverage on Olin in a research note on Monday, April 22nd. They set a buy rating and a $32.00 price target on the stock. Finally, Cowen restated an outperform rating and set a $27.00 price target (down from $31.00) on shares of Olin in a research note on Monday, May 6th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. The stock has an average rating of Hold and an average target price of $26.17.
Shares of Olin stock opened at $16.73 on Friday. The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of 9.56, a PEG ratio of 0.75 and a beta of 1.54. Olin has a fifty-two week low of $16.14 and a fifty-two week high of $32.00. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.98 and a current ratio of 1.64. The stock has a 50 day moving average of $19.86 and a 200 day moving average of $22.36.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Friday, August 9th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.78%. The ex-dividend date is Thursday, August 8th. Olin’s payout ratio is currently 45.71%.
In related news, Director Vince J. Smith acquired 5,000 shares of Olin stock in a transaction dated Monday, August 12th. The shares were acquired at an average cost of $17.00 per share, for a total transaction of $85,000.00. Following the completion of the purchase, the director now owns 37,304 shares in the company, valued at $634,168. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP John L. Mcintosh sold 19,335 shares of the stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $22.54, for a total value of $435,810.90. Following the completion of the sale, the executive vice president now owns 81,477 shares in the company, valued at $1,836,491.58. The disclosure for this sale can be found here. Over the last quarter, insiders bought 6,080 shares of company stock worth $104,430. Insiders own 1.90% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC raised its stake in Olin by 1.8% in the first quarter. SG Americas Securities LLC now owns 26,162 shares of the specialty chemicals company’s stock valued at $605,000 after buying an additional 472 shares in the last quarter. Boston Partners raised its stake in Olin by 2.4% in the first quarter. Boston Partners now owns 23,008 shares of the specialty chemicals company’s stock valued at $532,000 after buying an additional 543 shares in the last quarter. Crossmark Global Holdings Inc. raised its stake in Olin by 2.4% in the second quarter. Crossmark Global Holdings Inc. now owns 23,220 shares of the specialty chemicals company’s stock valued at $509,000 after buying an additional 545 shares in the last quarter. Magnus Financial Group LLC raised its stake in Olin by 5.4% in the second quarter. Magnus Financial Group LLC now owns 10,923 shares of the specialty chemicals company’s stock valued at $239,000 after buying an additional 555 shares in the last quarter. Finally, Oakbrook Investments LLC raised its stake in Olin by 3.5% in the first quarter. Oakbrook Investments LLC now owns 17,600 shares of the specialty chemicals company’s stock valued at $407,000 after buying an additional 600 shares in the last quarter. Institutional investors and hedge funds own 90.39% of the company’s stock.
Olin Company Profile
Olin Corporation manufactures and distributes chemical products in the United States and internationally. 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, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, chlorinated organics intermediates and solvents, and sodium hypochlorite.The Epoxy segment provides allyl chloride and epichlorohydrin, as well as acetone, bisphenol, cumene, and phenol for use in resins and other plastic materials, water purification, and pesticides, as well as for the manufacturers of polymers; liquid and solid epoxy resins that are used in adhesives, paints and coatings, composites, and flooring; and differentiated epoxy resins for use in electrical laminates, paints and coatings, wind blades, electronics, and construction, as well as offers additives.
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