Olin (NYSE:OLN) Stock Price Target Cut by Wells Fargo & Company

Olin (NYSE:OLN) had its price target dropped by Wells Fargo & Company from $20.00 to $16.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 3.19% from the stock’s current price.

Several other analysts have also recently weighed in on OLN. BMO Capital Markets dropped their price objective on shares of Olin from $30.00 to $25.00 and set a “market perform” rating for the company in a research note on Monday, July 6th. Weiss Ratings restated a “sell (d)” rating on shares of Olin in a research report on Wednesday, August 19th. KeyCorp assumed coverage on shares of Olin in a research report on Friday, September 11th. They issued an “overweight” rating and a $26.00 target price for the company. Deutsche Bank Aktiengesellschaft cut their target price on Olin from $30.00 to $20.00 and set a “hold” rating for the company in a research note on Tuesday, August 25th. Finally, Royal Bank Of Canada lowered their price objective on shares of Olin from $24.00 to $20.00 and set a “sector perform” rating for the company in a research report on Monday, August 3rd. One research analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $21.15.

Olin Stock Up 0.5%

Shares of OLN stock opened at $15.51 on Thursday. Olin has a 52-week low of $15.38 and a 52-week high of $30.46. 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 has a market cap of $1.77 billion, a price-to-earnings ratio of -12.61 and a beta of 1.20. The firm’s 50-day moving average is $18.20 and its 200-day moving average is $22.80.

Olin (NYSE:OLN) last announced its quarterly earnings results on Thursday, July 30th. The specialty chemicals company reported ($0.12) earnings per share (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 net margin of 2.08% and a negative return on equity of 4.76%. The company’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.01) EPS. Sell-side analysts predict that Olin will post -0.68 EPS for the current year.

Institutional Investors Weigh In On Olin

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Tidal Investments LLC lifted its holdings in Olin by 16.7% during the second quarter. Tidal Investments LLC now owns 50,158 shares of the specialty chemicals company’s stock worth $994,000 after acquiring an additional 7,175 shares during the period. WINTON GROUP Ltd bought a new position in Olin in the 2nd quarter valued at $1,747,000. Engineers Gate Manager LP grew its stake 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 purchasing an additional 198,108 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in shares of Olin during the 2nd quarter valued at $205,000. Finally, IFP Advisors Inc increased its position in shares of Olin by 118.9% during the 2nd quarter. IFP Advisors Inc now owns 3,163 shares of the specialty chemicals company’s stock valued at $63,000 after purchasing an additional 1,718 shares during the last quarter. 88.67% of the stock is owned by institutional investors.

Olin Company Profile

Olin Corporation is a global manufacturer of chemicals and ammunition headquartered in Clayton, Missouri. The company operates through two primary businesses: Chlor Alkali Products and Vinyls and Winchester.

Olin’s Chlor Alkali Products and Vinyls business produces essential chemicals including chlorine, caustic soda, hydrogen, hydrochloric acid, bleach products and related chlorinated compounds. These materials are used in water treatment, pulp and paper, construction, plastics, cleaning products and other industrial applications.