Olin Corp. (NYSE:OLN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday.
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. “
A number of other equities research analysts have also recently issued reports on OLN. Nomura restated a “buy” rating on shares of Olin Corp. in a report on Tuesday, July 12th. Cowen and Company reduced their price objective on Olin Corp. from $31.00 to $29.00 and set an “outperform” rating for the company in a report on Friday, July 29th. RBC Capital Markets reiterated a “buy” rating and issued a $24.00 price target (down from $28.00) on shares of Olin Corp. in a research note on Friday, July 22nd. Longbow Research cut Olin Corp. from a “neutral” rating to an “underperform” rating and set a $17.00 price target for the company. in a research note on Wednesday, September 7th. Finally, Royal Bank Of Canada cut their price target on Olin Corp. from $28.00 to $24.00 and set an “outperform” rating for the company in a research note on Friday, July 22nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $22.67.
Shares of Olin Corp. (NYSE:OLN) opened at 20.14 on Thursday. Olin Corp. has a 1-year low of $12.29 and a 1-year high of $26.46. The company’s market cap is $3.33 billion. The stock’s 50 day moving average price is $20.11 and its 200 day moving average price is $21.37.
Olin Corp. (NYSE:OLN) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by $0.07. Olin Corp. had a positive return on equity of 4.25% and a negative net margin of 2.05%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter in the prior year, the firm earned $0.32 EPS. The company’s revenue was up 154.8% on a year-over-year basis. Equities research analysts forecast that Olin Corp. will post $1.27 earnings per share for the current year.
In other Olin Corp. news, EVP John L. Mcintosh sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $21.59, for a total transaction of $215,900.00. Following the completion of the transaction, the executive vice president now directly owns 60,391 shares in the company, valued at $1,303,841.69. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in OLN. Creative Planning increased its position in shares of Olin Corp. by 22.1% in the third quarter. Creative Planning now owns 6,084 shares of the company’s stock valued at $125,000 after buying an additional 1,103 shares in the last quarter. Howard Hughes Medical Institute purchased a new position in shares of Olin Corp. during the second quarter valued at approximately $178,000. Scout Investments Inc. purchased a new position in shares of Olin Corp. during the second quarter valued at approximately $212,000. Quadrature Capital Ltd purchased a new position in shares of Olin Corp. during the second quarter valued at approximately $227,000. Finally, LS Investment Advisors LLC increased its position in shares of Olin Corp. by 8.9% in the second quarter. LS Investment Advisors LLC now owns 9,915 shares of the company’s stock valued at $246,000 after buying an additional 813 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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