Olin Corp. (NYSE:OLN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday. The firm currently has a $23.00 price target on the stock. Zacks Investment Research’s target price would indicate a potential upside of 14.14% from the company’s current price.
According to Zacks, “Olin Corporation is a manufacturer concentrated in chemicals, metals and ammunition. The chemicals segment is divided into divisions: Chlor-Alkali, Chemicals and Microelectronic Materials. Chlor-alkali includes chlor-alkali products, sodium hydrosulfite and high strength bleach products. Chemicals includes pool chemicals, biocides, hydrazine, polyols, propylene glycols and surfactants and fluids. Microelectronic Materials includes image-forming and electronic interconnect materials and services. The metals and ammunition segment produces copper alloy sheet, strip, rod, wire, and ammunition. “
OLN has been the topic of several other reports. Royal Bank Of Canada dropped their price objective on Olin Corp. from $28.00 to $24.00 and set an “outperform” rating on the stock in a research note on Friday, July 22nd. Nomura restated a “buy” rating on shares of Olin Corp. in a research note on Tuesday, July 12th. Cowen and Company dropped their price objective on Olin Corp. from $31.00 to $29.00 and set an “outperform” rating on the stock in a research note on Friday, July 29th. RBC Capital Markets restated a “buy” rating and set a $24.00 price objective (down from $28.00) on shares of Olin Corp. in a research note on Friday, July 22nd. Finally, Longbow Research cut Olin Corp. from a “neutral” rating to an “underperform” rating and set a $17.00 price objective on the stock. in a research note on Wednesday, September 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $22.67.
Olin Corp. (NYSE:OLN) opened at 20.15 on Wednesday. The company’s 50-day moving average is $20.25 and its 200-day moving average is $21.26. Olin Corp. has a one year low of $12.29 and a one year high of $26.46. The firm’s market cap is $3.33 billion.
Olin Corp. (NYSE:OLN) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by $0.07. Olin Corp. had a negative net margin of 2.05% and a positive return on equity of 4.25%. The business earned $1.36 billion during the quarter, compared to analyst estimates of $1.47 billion. During the same period in the previous year, the business posted $0.32 EPS. The business’s revenue for the quarter was up 154.8% compared to the same quarter last year. On average, analysts forecast that Olin Corp. will post $1.27 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Wednesday, August 10th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date of this dividend was Monday, August 8th. Olin Corp.’s dividend payout ratio is currently -150.94%.
In related news, EVP John L. Mcintosh sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $21.59, for a total value of $215,900.00. Following the sale, the executive vice president now directly owns 60,391 shares in the company, valued at approximately $1,303,841.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.80% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in OLN. Pinnacle Holdings LLC boosted its stake in shares of Olin Corp. by 0.4% in the second quarter. Pinnacle Holdings LLC now owns 52,425 shares of the company’s stock worth $1,302,000 after buying an additional 190 shares in the last quarter. M&T Bank Corp boosted its stake in shares of Olin Corp. by 0.7% in the first quarter. M&T Bank Corp now owns 35,360 shares of the company’s stock worth $614,000 after buying an additional 261 shares in the last quarter. State Treasurer State of Michigan boosted its stake in shares of Olin Corp. by 0.6% in the second quarter. State Treasurer State of Michigan now owns 66,311 shares of the company’s stock worth $1,647,000 after buying an additional 400 shares in the last quarter. Capstone Asset Management Co. boosted its stake in shares of Olin Corp. by 4.8% in the second quarter. Capstone Asset Management Co. now owns 13,395 shares of the company’s stock worth $333,000 after buying an additional 610 shares in the last quarter. Finally, Amalgamated Bank boosted its stake in shares of Olin Corp. by 3.4% in the second quarter. Amalgamated Bank now owns 18,930 shares of the company’s stock worth $391,000 after buying an additional 614 shares in the last quarter. Institutional investors and hedge funds own 92.85% of the company’s stock.
Olin Corp. Company Profile
Olin Corporation is a manufacturer and distributor of chemical products, and ammunition. The Company operates through three segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrogen, bleach products and potassium hydroxide.
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