Olin (NYSE:OLN) Shares Up 5.8% – Here’s Why

Olin Corporation (NYSE:OLN)’s stock price rose 5.8% during trading on Wednesday . The stock traded as high as $21.80 and last traded at $21.9370. Approximately 1,537,788 shares were traded during trading, a decline of 48% from the average daily volume of 2,953,831 shares. The stock had previously closed at $20.74.

Wall Street Analyst Weigh In

Several analysts recently issued reports on OLN shares. Royal Bank Of Canada set a $30.00 price target on Olin and gave the stock a “sector perform” rating in a report on Friday, April 10th. BMO Capital Markets dropped their target price on Olin from $30.00 to $25.00 and set a “market perform” rating on the stock in a research report on Monday. Mizuho cut their target price on Olin from $26.00 to $23.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 1st. Bank of America downgraded shares of Olin from a “buy” rating to an “underperform” rating and reduced their price target for the company from $32.00 to $21.00 in a report on Tuesday, June 30th. Finally, Citigroup lowered shares of Olin from a “neutral” rating to an “underperform” rating in a research report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $27.15.

Olin Stock Performance

The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of -19.13 and a beta of 1.21. The company has a 50-day moving average price of $24.68 and a 200-day moving average price of $24.70. The company has a quick ratio of 0.82, a current ratio of 1.36 and a debt-to-equity ratio of 1.73.

Olin Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Thursday, May 14th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Thursday, May 14th. Olin’s payout ratio is -71.43%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Arlington Trust Co LLC acquired a new stake in Olin in the second quarter worth about $140,000. Glenmede Trust Co. NA acquired a new position in Olin during the 1st quarter valued at about $206,000. Segall Bryant & Hamill LLC acquired a new position in Olin during the 1st quarter valued at about $14,770,000. Edgestream Partners L.P. bought a new stake in shares of Olin during the 1st quarter worth about $6,894,000. Finally, Sunbelt Securities Inc. bought a new stake in shares of Olin during the 1st quarter worth about $45,000. 88.67% of the stock is owned by institutional investors and hedge funds.

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.