Olin (NYSE:OLN) Trading 5.8% Higher – Here’s Why

Olin Corporation (NYSE:OLN) shares rose 5.8% during trading on Wednesday . The company traded as high as $21.80 and last traded at $21.9370. Approximately 1,537,788 shares changed hands during mid-day trading, a decline of 48% from the average session volume of 2,953,831 shares. The stock had previously closed at $20.74.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Wells Fargo & Company restated an “overweight” rating and set a $37.00 price objective on shares of Olin in a research note on Sunday, May 10th. BMO Capital Markets reduced their target price on Olin from $30.00 to $25.00 and set a “market perform” rating for the company in a research note on Monday. Bank of America downgraded shares of Olin from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $32.00 to $21.00 in a research report on Tuesday, June 30th. Wall Street Zen lowered shares of Olin from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Finally, Truist Financial upped their price target on shares of Olin from $20.00 to $26.00 and gave the company a “hold” rating in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $27.15.

Olin Price Performance

The company has a 50 day simple moving average of $24.68 and a 200-day simple moving average of $24.70. The stock has a market cap of $2.44 billion, a price-to-earnings ratio of -19.13 and a beta of 1.21. 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 Announces Dividend

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

Hedge Funds Weigh In On Olin

A number of hedge funds have recently added to or reduced their stakes in the business. Strategic Advocates LLC acquired a new stake in shares of Olin during the third quarter worth $25,000. Rockefeller Capital Management L.P. boosted its holdings in shares of Olin by 115.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company’s stock valued at $26,000 after buying an additional 659 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Olin during the 1st quarter valued at about $32,000. Allworth Financial LP grew its position in shares of Olin by 114.0% during the 3rd quarter. Allworth Financial LP now owns 1,740 shares of the specialty chemicals company’s stock valued at $43,000 after buying an additional 927 shares during the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in Olin during the first quarter worth about $45,000. Institutional investors and hedge funds own 88.67% of the company’s stock.

About Olin

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.