Olin (NYSE:OLN) Reaches New 52-Week Low – Here’s What Happened

Olin Corporation (NYSE:OLN) shares hit a new 52-week low during trading on Monday . The company traded as low as $17.00 and last traded at $17.1340, with a volume of 522530 shares trading hands. The stock had previously closed at $17.15.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on OLN. Citigroup cut shares of Olin from a “neutral” rating to an “underperform” rating in a research note on Tuesday, June 30th. UBS Group decreased their target price on shares of Olin from $23.00 to $21.00 and set a “neutral” rating for the company in a research report on Monday, August 3rd. Bank of America cut shares of Olin from a “buy” rating to an “underperform” rating and lowered their target price for the company from $32.00 to $21.00 in a research note on Tuesday, June 30th. Wall Street Zen downgraded shares of Olin from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Olin from $30.00 to $20.00 and set a “hold” rating for the company in a research note on Tuesday, August 25th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, ten have issued a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $22.62.

Olin Trading Down 1.8%

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 stock has a market capitalization of $1.95 billion, a P/E ratio of -13.89 and a beta of 1.20. The firm’s 50-day simple moving average is $20.02 and its 200 day simple moving average is $23.93.

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

Olin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Thursday, August 27th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 27th. This represents a $0.80 annualized dividend and a yield of 4.7%. Olin’s dividend payout ratio is currently -65.04%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Orbis Allan Gray Ltd lifted its position in shares of Olin by 448.9% during the 4th quarter. Orbis Allan Gray Ltd now owns 3,804,561 shares of the specialty chemicals company’s stock valued at $79,249,000 after acquiring an additional 3,111,393 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of Olin by 1,831.5% during the 2nd quarter. California State Teachers Retirement System now owns 2,599,373 shares of the specialty chemicals company’s stock worth $51,520,000 after acquiring an additional 2,464,794 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Olin by 1,063.0% in the 3rd quarter. Millennium Management LLC now owns 2,486,702 shares of the specialty chemicals company’s stock worth $62,143,000 after acquiring an additional 2,272,877 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Olin in the 2nd quarter worth $23,785,000. Finally, Semper Augustus Investments Group LLC grew its holdings in shares of Olin by 141.3% in the 3rd quarter. Semper Augustus Investments Group LLC now owns 1,924,245 shares of the specialty chemicals company’s stock worth $48,087,000 after acquiring an additional 1,126,809 shares during the last quarter. Institutional investors and hedge funds own 88.67% of the company’s stock.

Olin Company Profile

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.