Olin (NYSE:OLN) Downgraded to Neutral Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Olin (NYSE:OLN) from an overweight rating to a neutral rating in a report issued on Thursday morning, MarketBeat Ratings reports. They currently have $28.00 price objective on the specialty chemicals company’s stock, down from their previous price objective of $50.00.

Several other research analysts have also commented on OLN. BMO Capital Markets reduced their price target on Olin from $44.00 to $34.00 and set a “market perform” rating on the stock in a report on Wednesday, February 5th. Piper Sandler lowered shares of Olin from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $41.00 to $33.00 in a report on Thursday, February 13th. Morgan Stanley reduced their price objective on shares of Olin from $31.00 to $28.00 and set an “underweight” rating on the stock in a report on Tuesday, February 4th. Bank of America upgraded shares of Olin from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $48.00 to $40.00 in a report on Tuesday, January 14th. Finally, KeyCorp reduced their price objective on shares of Olin from $50.00 to $40.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Olin has a consensus rating of “Hold” and a consensus price target of $38.38.

Olin Stock Up 0.9 %

NYSE OLN opened at $25.30 on Thursday. Olin has a 52 week low of $24.49 and a 52 week high of $60.60. The company has a quick ratio of 0.77, a current ratio of 1.27 and a debt-to-equity ratio of 1.32. The business’s fifty day simple moving average is $30.66 and its 200-day simple moving average is $38.67. The firm has a market cap of $2.92 billion, a PE ratio of 28.11 and a beta of 1.45.

Olin (NYSE:OLN) last posted its quarterly earnings results on Thursday, January 30th. The specialty chemicals company reported $0.09 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.10. Olin had a return on equity of 5.10% and a net margin of 1.66%. As a group, equities analysts anticipate that Olin will post 1.38 earnings per share for the current year.

Olin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Thursday, March 6th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.16%. The ex-dividend date is Thursday, March 6th. Olin’s dividend payout ratio is currently 88.89%.

Olin declared that its board has authorized a stock repurchase plan on Thursday, December 12th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the specialty chemicals company to repurchase up to 45% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Olin

In related news, CEO Kenneth Todd Lane acquired 7,250 shares of the stock in a transaction dated Tuesday, February 4th. The stock was acquired at an average cost of $28.06 per share, with a total value of $203,435.00. Following the completion of the transaction, the chief executive officer now owns 7,250 shares in the company, valued at $203,435. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Olin

Institutional investors and hedge funds have recently made changes to their positions in the stock. Farther Finance Advisors LLC grew its position in shares of Olin by 88.2% during the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock worth $28,000 after buying an additional 276 shares in the last quarter. Covestor Ltd grew its position in shares of Olin by 357.5% during the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock worth $44,000 after buying an additional 715 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Olin during the third quarter worth about $47,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Olin by 26.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,534 shares of the specialty chemicals company’s stock worth $75,000 after buying an additional 318 shares in the last quarter. Finally, Spire Wealth Management grew its position in shares of Olin by 246.8% during the fourth quarter. Spire Wealth Management now owns 1,616 shares of the specialty chemicals company’s stock worth $55,000 after buying an additional 1,150 shares in the last quarter. 88.67% of the stock is owned by institutional investors and hedge funds.

About Olin

Olin Corporation manufactures and distributes chemical products in the United States, Europe, Asia Pacific, Latin America, and Canada. 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, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, and chlorinated organics intermediates and solvents.