Citigroup Cuts Olin (NYSE:OLN) Price Target to $17.00

Olin (NYSE:OLN) had its target price reduced by Citigroup from $19.00 to $17.00 in a research note released on Wednesday,Benzinga reports. They currently have a neutral rating on the specialty chemicals company’s stock.

OLN has been the topic of a number of other research reports. Mizuho boosted their price objective on Olin from $23.00 to $24.00 and gave the stock a “neutral” rating in a research note on Friday, July 31st. BMO Capital Markets lowered their target price on Olin from $30.00 to $25.00 and set a “market perform” rating for the company in a research note on Monday, July 6th. Truist Financial dropped their target price on Olin from $24.00 to $20.00 and set a “hold” rating on the stock in a report on Monday, August 3rd. KeyCorp assumed coverage on Olin in a research report on Friday, September 11th. They set an “overweight” rating and a $26.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their price target on Olin from $26.00 to $25.00 and set a “neutral” rating on the stock in a research report on Thursday, June 18th. One research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $21.15.

Olin Price Performance

Olin stock opened at $15.88 on Wednesday. The company has a quick ratio of 0.87, a current ratio of 1.42 and a debt-to-equity ratio of 1.77. The firm has a market capitalization of $1.81 billion, a P/E ratio of -12.91 and a beta of 1.23. The firm has a fifty day moving average of $17.90 and a 200-day moving average of $22.69. Olin has a 52-week low of $14.95 and a 52-week high of $30.46.

Olin (NYSE:OLN) last announced its quarterly earnings results on Thursday, July 30th. The specialty chemicals company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.25). Olin had a negative return on equity of 4.76% and a negative net margin of 2.08%.The business had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.81 billion. During the same period last year, the company posted ($0.01) earnings per share. The firm’s revenue for the quarter was down .9% on a year-over-year basis. As a group, analysts predict that Olin will post -0.68 EPS for the current year.

Olin Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Thursday, August 27th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, August 27th. This represents a $0.80 dividend on an annualized basis and a yield of 5.0%. Olin’s dividend payout ratio (DPR) is currently -65.04%.

Hedge Funds Weigh In On Olin

Several institutional investors have recently made changes to their positions in OLN. Rockefeller Capital Management L.P. raised its position in shares of Olin by 115.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company’s stock worth $26,000 after purchasing an additional 659 shares during the period. Sunbelt Securities Inc. acquired a new position in Olin during the 1st quarter valued at approximately $45,000. Nykredit A S acquired a new position in Olin during the 2nd quarter valued at approximately $59,000. IFP Advisors Inc grew its stake in Olin by 118.9% during the 2nd quarter. IFP Advisors Inc now owns 3,163 shares of the specialty chemicals company’s stock worth $63,000 after buying an additional 1,718 shares during the last quarter. Finally, Nalls Sherbakoff Group LLC bought a new position in Olin during the 4th quarter worth $66,000. 88.67% of the stock is owned by institutional investors.

About Olin

Olin Corporation is a global manufacturer of chemical products and ammunition. The company operates through its Chlor Alkali Products and Vinyls, Epoxy, and Winchester businesses, serving customers in a range of industrial, commercial, and consumer markets.

Olin’s Chlor Alkali Products and Vinyls business produces chlorine, caustic soda, hydrochloric acid, hydrogen, bleach products, chlorinated organic chemicals, and related materials used in water treatment, construction, pulp and paper, energy, and other manufacturing applications.