Olin (NYSE:OLN) Given New $24.00 Price Target at Mizuho

Olin (NYSE:OLN) had its target price upped by investment analysts at Mizuho from $22.00 to $24.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the specialty chemicals company’s stock. Mizuho’s price objective indicates a potential downside of 7.31% from the stock’s previous close.

Several other equities research analysts have also recently commented on the company. Truist Financial lowered their target price on Olin from $23.00 to $20.00 and set a “hold” rating for the company in a research note on Monday, February 2nd. Citigroup decreased their target price on Olin from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, February 3rd. Wall Street Zen cut shares of Olin from a “hold” rating to a “sell” rating in a research report on Saturday, January 10th. Royal Bank Of Canada dropped their price objective on Olin from $24.00 to $21.00 and set a “sector perform” rating on the stock in a research note on Monday, February 2nd. Finally, Morgan Stanley decreased their price objective on Olin from $20.00 to $18.00 and set an “underweight” rating for the company in a research report on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Olin currently has an average rating of “Hold” and a consensus target price of $23.20.

Olin Stock Performance

NYSE:OLN opened at $25.89 on Tuesday. The firm has a 50-day moving average price of $22.62 and a 200 day moving average price of $22.37. The company has a quick ratio of 0.81, a current ratio of 1.35 and a debt-to-equity ratio of 1.46. The firm has a market capitalization of $2.95 billion, a PE ratio of -68.14 and a beta of 1.64. Olin has a 12-month low of $17.66 and a 12-month high of $28.67.

Olin (NYSE:OLN) last announced its earnings results on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.58). The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Olin had a negative net margin of 0.63% and a negative return on equity of 0.47%. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter last year, the company posted $0.09 EPS. Research analysts anticipate that Olin will post 1.38 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Teresa M. Vermillion sold 4,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $20.86, for a total value of $93,870.00. Following the sale, the vice president directly owned 17,199 shares in the company, valued at $358,771.14. This represents a 20.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Todd A. Slater sold 92,250 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $22.48, for a total transaction of $2,073,780.00. Following the sale, the chief financial officer directly owned 44,291 shares of the company’s stock, valued at approximately $995,661.68. This trade represents a 67.56% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 101,500 shares of company stock worth $2,274,478. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Olin

A number of large investors have recently modified their holdings of OLN. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of Olin by 5.5% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 12,690,488 shares of the specialty chemicals company’s stock worth $317,135,000 after acquiring an additional 661,730 shares during the last quarter. State Street Corp lifted its stake in shares of Olin by 1.1% during the 2nd quarter. State Street Corp now owns 4,830,406 shares of the specialty chemicals company’s stock valued at $97,043,000 after buying an additional 50,309 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Olin by 3.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,596,499 shares of the specialty chemicals company’s stock valued at $95,746,000 after acquiring an additional 145,424 shares during the period. Pzena Investment Management LLC lifted its position in shares of Olin by 17.5% during the fourth quarter. Pzena Investment Management LLC now owns 4,507,913 shares of the specialty chemicals company’s stock worth $93,900,000 after acquiring an additional 671,250 shares in the last quarter. Finally, Yacktman Asset Management LP raised its stake in shares of Olin by 1.0% during the 2nd quarter. Yacktman Asset Management LP now owns 4,060,376 shares of the specialty chemicals company’s stock valued at $81,573,000 after purchasing an additional 40,133 shares during the period. 88.67% of the stock is currently owned by institutional investors.

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.