Olin (NYSE:OLN) Shares Cross Below Fifty Day Moving Average – Here’s What Happened

Shares of Olin Corporation (NYSE:OLN) passed below its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $16.52 and traded as low as $16.14. Olin shares last traded at $16.4250, with a volume of 3,336,537 shares trading hands.

Wall Street Analyst Weigh In

OLN has been the subject of a number of analyst reports. Barclays initiated coverage on Olin in a research note on Monday, October 12th. They set an “equal weight” rating and a $18.00 price objective for the company. UBS Group cut their target price on Olin from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Monday, October 5th. Wells Fargo & Company cut their target price on Olin from $20.00 to $16.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 1st. The Goldman Sachs Group set a $18.00 target price on Olin in a report on Wednesday, September 30th. Finally, Truist Financial decreased their target price on Olin from $20.00 to $15.00 and set a “hold” rating for the company in a research report on Tuesday, October 20th. One research analyst has rated the stock with a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Olin has an average rating of “Reduce” and an average target price of $20.07.

Olin Stock Performance

The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.87 and a current ratio of 1.42. The stock’s 50-day moving average is $16.52 and its 200 day moving average is $22.34. The firm has a market cap of $1.87 billion, a P/E ratio of -13.35 and a beta of 1.23.

Olin (NYSE:OLN) last issued its quarterly earnings data on Thursday, July 30th. The specialty chemicals company reported ($0.12) EPS 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 analyst estimates of $1.81 billion. Olin had a negative return on equity of 4.76% and a negative net margin of 2.08%. The business’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.01) EPS. On average, research analysts predict that Olin Corporation will post -0.80 earnings per share for the current year.

Olin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Thursday, August 27th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.9%. The ex-dividend date was Thursday, August 27th. Olin’s dividend payout ratio is -65.04%.

Institutional Investors Weigh In On Olin

A number of hedge funds have recently modified their holdings of OLN. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Olin during the second quarter worth $1,267,000. Amundi lifted its position in Olin by 337.2% in the 1st quarter. Amundi now owns 684,036 shares of the specialty chemicals company’s stock valued at $20,336,000 after acquiring an additional 527,586 shares in the last quarter. Engineers Gate Manager LP lifted its position in Olin by 1,601.5% in the 2nd quarter. Engineers Gate Manager LP now owns 210,478 shares of the specialty chemicals company’s stock valued at $4,172,000 after acquiring an additional 198,108 shares in the last quarter. WINTON GROUP Ltd acquired a new position in Olin in the 2nd quarter worth $1,747,000. Finally, Empowered Funds LLC boosted its stake in Olin by 1,946.0% in the 1st quarter. Empowered Funds LLC now owns 435,599 shares of the specialty chemicals company’s stock worth $12,950,000 after purchasing an additional 414,309 shares during the period. Institutional investors and hedge funds own 88.67% of the company’s stock.

Olin Company Profile

Olin Corporation (NYSE: OLN) is a global manufacturer of chemicals and ammunition. The company operates through three primary businesses: Chlor Alkali Products and Vinyls, Epoxy, and Winchester.

Its Chlor Alkali Products and Vinyls business produces chlorine, caustic soda, hydrochloric acid, bleach products, hydrogen, chlorinated organic chemicals and other related materials used in industrial, water-treatment, construction and consumer applications. Olin’s Epoxy business manufactures epoxy resins, intermediates and other specialty materials used in coatings, adhesives, composites, electronics and infrastructure-related applications.

Through its Winchester business, Olin produces and distributes sporting ammunition, reloading components, and small-caliber ammunition for law enforcement and military customers.