Wells Fargo & Company Forecasts Strong Price Appreciation for Olin (NYSE:OLN) Stock

Olin (NYSE:OLN) had its price target raised by stock analysts at Wells Fargo & Company from $21.00 to $25.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the specialty chemicals company’s stock. Wells Fargo & Company‘s price target points to a potential downside of 2.28% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the company. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $26.00 price objective on shares of Olin in a research note on Tuesday, February 10th. Morgan Stanley cut their target price on shares of Olin from $20.00 to $18.00 and set an “underweight” rating on the stock in a research note on Monday, February 2nd. KeyCorp decreased their price target on shares of Olin from $29.00 to $26.00 and set an “overweight” rating for the company in a research note on Monday, February 2nd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Olin in a report on Thursday, January 22nd. Finally, UBS Group set a $21.00 price objective on shares of Olin 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. Based on data from MarketBeat, Olin presently has an average rating of “Hold” and a consensus price target of $23.73.

Olin Stock Down 1.6%

Shares of NYSE:OLN traded down $0.43 during trading on Friday, hitting $25.58. The company’s stock had a trading volume of 918,669 shares, compared to its average volume of 3,356,939. Olin has a fifty-two week low of $17.66 and a fifty-two week high of $27.35. The business has a 50 day moving average price of $23.84 and a two-hundred day moving average price of $22.86. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.73 and a current ratio of 1.21. The company has a market capitalization of $2.91 billion, a PE ratio of -67.14 and a beta of 1.56.

Olin (NYSE:OLN) last announced its quarterly earnings data on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.58). The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Olin had a negative return on equity of 0.48% and a negative net margin of 0.63%.The company’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period last year, the firm earned $0.09 earnings per share. As a group, research analysts expect that Olin will post 1.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP R Nichole Sumner sold 4,750 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $22.49, for a total value of $106,827.50. Following the completion of the transaction, the vice president directly owned 24,771 shares of the company’s stock, valued at $557,099.79. This represents a 16.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Angela M. Castle sold 2,379 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $24.25, for a total transaction of $57,690.75. Following the completion of the transaction, the vice president owned 1,528 shares in the company, valued at $37,054. This represents a 60.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 99,379 shares of company stock worth $2,238,298 over the last 90 days. 1.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Choreo LLC purchased a new stake in Olin in the third quarter valued at $726,000. Thrivent Financial for Lutherans grew its holdings in shares of Olin by 6.9% during the third quarter. Thrivent Financial for Lutherans now owns 1,639,624 shares of the specialty chemicals company’s stock worth $40,974,000 after purchasing an additional 105,484 shares during the last quarter. V. M. Manning & CO. Inc. acquired a new stake in shares of Olin during the second quarter worth about $989,000. Prudential Financial Inc. increased its position in shares of Olin by 5,469.7% during the second quarter. Prudential Financial Inc. now owns 588,323 shares of the specialty chemicals company’s stock worth $11,819,000 after purchasing an additional 577,760 shares in the last quarter. Finally, Bayforest Capital Ltd purchased a new stake in shares of Olin in the 3rd quarter valued at about $770,000. 88.67% of the stock is owned by hedge funds and other institutional investors.

Olin Company Profile

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.