Olin (NYSE:OLN) Reaches New 12-Month High Following Analyst Upgrade

Olin Corporation (NYSE:OLN) hit a new 52-week high on Tuesday after Mizuho raised their price target on the stock from $24.00 to $26.00. Mizuho currently has a neutral rating on the stock. Olin traded as high as $29.95 and last traded at $28.8770, with a volume of 3169899 shares traded. The stock had previously closed at $29.01.

A number of other equities analysts have also recently issued reports on the company. BMO Capital Markets dropped their price objective on Olin from $25.00 to $24.00 and set a “market perform” rating for the company in a report on Tuesday, February 3rd. KeyCorp reduced their target price on Olin from $29.00 to $26.00 and set an “overweight” rating on the stock in a research note on Monday, February 2nd. Truist Financial decreased their target price on Olin from $23.00 to $20.00 and set a “hold” rating for the company in a research report on Monday, February 2nd. Weiss Ratings reissued a “sell (d+)” rating on shares of Olin in a research note on Thursday, January 22nd. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $26.00 price target on shares of Olin in a report on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $23.87.

Insider Buying and Selling

In other Olin news, CFO Todd A. Slater sold 92,250 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $22.48, for a total transaction of $2,073,780.00. Following the transaction, the chief financial officer directly owned 44,291 shares in the company, valued at $995,661.68. This trade represents a 67.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Angela M. Castle sold 2,379 shares of Olin stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $24.25, for a total value of $57,690.75. Following the sale, the vice president directly owned 1,528 shares of the company’s stock, valued at approximately $37,054. This trade represents a 60.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 99,379 shares of company stock valued at $2,238,298 over the last quarter. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of Olin

A number of hedge funds have recently added to or reduced their stakes in the business. Strategic Advocates LLC bought a new position in Olin during the 3rd quarter worth about $25,000. Rockefeller Capital Management L.P. raised its holdings in shares of Olin by 115.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company’s stock valued at $26,000 after purchasing an additional 659 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Olin in the 1st quarter worth approximately $32,000. Bessemer Group Inc. lifted its position in shares of Olin by 712.7% in the 3rd quarter. Bessemer Group Inc. now owns 1,341 shares of the specialty chemicals company’s stock worth $34,000 after purchasing an additional 1,176 shares during the period. Finally, Allworth Financial LP boosted its stake in shares of Olin by 114.0% during the third quarter. Allworth Financial LP now owns 1,740 shares of the specialty chemicals company’s stock valued at $43,000 after purchasing an additional 927 shares in the last quarter. 88.67% of the stock is owned by hedge funds and other institutional investors.

Olin Trading Down 1.6%

The company has a market capitalization of $3.33 billion, a PE ratio of -76.99 and a beta of 1.37. The company’s fifty day moving average is $24.97 and its 200-day moving average is $23.10. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.21 and a quick ratio of 0.73.

Olin (NYSE:OLN) last posted its earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.58). The company had revenue of $1.67 billion during the quarter, compared to analyst estimates 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 was down .4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.09 earnings per share. On average, analysts anticipate that Olin Corporation will post 1.38 EPS for the current fiscal year.

Olin Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Tuesday, March 3rd were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Tuesday, March 3rd. Olin’s payout ratio is presently -210.53%.

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.