Olin (OLN) Price Target Cut to $29.00

Olin (NYSE:OLN) had its price target cut by stock analysts at Nomura from $33.00 to $29.00 in a research note issued on Monday. The brokerage presently has a “neutral” rating on the specialty chemicals company’s stock. Nomura’s price target indicates a potential upside of 23.93% from the company’s previous close.

Several other brokerages have also recently issued reports on OLN. Standpoint Research assumed coverage on Olin in a report on Tuesday, August 28th. They issued a “buy” rating and a $20.00 target price on the stock. Citigroup reduced their target price on Olin from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, July 11th. Cowen lifted their target price on Olin from $41.00 to $42.00 and gave the stock an “outperform” rating in a report on Monday, August 6th. Susquehanna Bancshares lifted their target price on Olin from $37.00 to $40.00 and gave the stock a “positive” rating in a report on Thursday, August 2nd. Finally, TheStreet raised Olin from a “c+” rating to a “b” rating in a report on Wednesday, August 1st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $34.89.

NYSE:OLN opened at $23.40 on Monday. The company has a current ratio of 1.80, a quick ratio of 1.07 and a debt-to-equity ratio of 1.27. The stock has a market cap of $4.29 billion, a price-to-earnings ratio of 28.89 and a beta of 1.53. Olin has a 52 week low of $23.05 and a 52 week high of $38.84.

Olin (NYSE:OLN) last posted its quarterly earnings results on Tuesday, July 31st. The specialty chemicals company reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.15. Olin had a return on equity of 8.84% and a net margin of 9.40%. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.77 billion. As a group, analysts predict that Olin will post 2.06 earnings per share for the current fiscal year.

In related news, EVP John L. Mcintosh sold 42,000 shares of Olin stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $29.98, for a total value of $1,259,160.00. Following the completion of the transaction, the executive vice president now owns 97,141 shares in the company, valued at $2,912,287.18. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.70% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OLN. Balter Liquid Alternatives LLC purchased a new position in Olin in the second quarter worth about $154,000. Baird Financial Group Inc. purchased a new position in Olin in the second quarter worth about $204,000. WINTON GROUP Ltd purchased a new position in Olin in the first quarter worth about $222,000. MAI Capital Management purchased a new position in Olin in the second quarter worth about $240,000. Finally, Fox Run Management L.L.C. purchased a new position in Olin in the third quarter worth about $258,000. Institutional investors own 87.61% of the company’s stock.

About Olin

Olin Corporation manufactures and distributes chemical products in the United States and internationally. It operates through three segments: Chlor Alkali Products and Vinyls; Epoxy; and Winchester. The Chlor Alkali Products and Vinyls segment offers chlorine and caustic soda, ethylene dichloride and vinyl chloride monomers, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products, and potassium hydroxide.

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Analyst Recommendations for Olin (NYSE:OLN)

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