Olin (NYSE:OLN) Shares Gap Down – Time to Sell?
by Renee Jackson · The Cerbat GemShares of Olin Corporation (NYSE:OLN – Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $22.56, but opened at $20.65. Olin shares last traded at $21.9770, with a volume of 1,030,708 shares traded.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on OLN. UBS Group cut their price objective on Olin from $24.00 to $22.00 and set a “neutral” rating for the company in a research report on Wednesday, October 29th. Weiss Ratings restated a “sell (d+)” rating on shares of Olin in a report on Wednesday, October 8th. Truist Financial decreased their price objective on Olin from $22.00 to $21.00 and set a “hold” rating on the stock in a report on Tuesday, October 28th. Bank of America increased their target price on Olin from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, October 14th. Finally, Mizuho set a $26.00 target price on shares of Olin in a report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Olin presently has an average rating of “Hold” and a consensus target price of $24.07.
Check Out Our Latest Analysis on OLN
Olin Trading Up 2.5%
The company has a 50-day moving average price of $20.55 and a two-hundred day moving average price of $21.81. The stock has a market cap of $2.64 billion, a P/E ratio of 50.16, a P/E/G ratio of 1.87 and a beta of 1.64. The company has a current ratio of 1.56, a quick ratio of 0.89 and a debt-to-equity ratio of 1.49.
Olin (NYSE:OLN – Get Free Report) last posted its quarterly earnings data on Monday, October 27th. The specialty chemicals company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.09 by $0.31. Olin had a net margin of 0.79% and a return on equity of 3.36%. The company had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.74 billion. During the same period in the previous year, the firm earned ($0.21) earnings per share. Olin’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, research analysts expect that Olin Corporation will post 1.38 EPS for the current fiscal year.
Olin Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, December 12th. Stockholders of record on Friday, November 28th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Friday, November 28th. Olin’s dividend payout ratio is presently 173.91%.
Insider Buying and Selling
In other Olin news, VP Teresa M. Vermillion sold 4,500 shares of the stock in a transaction 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 owned 17,199 shares in the company, valued at $358,771.14. This trade represents a 20.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.60% of the stock is owned by company insiders.
Institutional Trading of Olin
Institutional investors and hedge funds have recently made changes to their positions in the company. Hotchkis & Wiley Capital Management LLC increased its position in Olin by 5.5% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 12,690,488 shares of the specialty chemicals company’s stock valued at $317,135,000 after purchasing an additional 661,730 shares during the period. State Street Corp boosted its stake in shares of Olin by 1.1% during the second quarter. State Street Corp now owns 4,830,406 shares of the specialty chemicals company’s stock valued at $97,043,000 after purchasing an additional 50,309 shares in the last quarter. Yacktman Asset Management LP boosted its position in 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 acquiring an additional 40,133 shares in the last quarter. Pzena Investment Management LLC increased its holdings in shares of Olin by 4.5% in the 2nd quarter. Pzena Investment Management LLC now owns 3,829,021 shares of the specialty chemicals company’s stock valued at $76,925,000 after acquiring an additional 166,482 shares during the period. Finally, Ilex Capital Partners UK LLP purchased a new stake in shares of Olin during the second quarter valued at about $50,476,000. 88.67% of the stock is currently owned by 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.