Zacks Investment Research upgraded shares of Olin Corp. (NYSE:OLN) from a hold rating to a strong-buy rating in a research note released on Wednesday. They currently have $23.00 price target on the stock.
According to Zacks, “Olin Corporation is a manufacturer concentrated in chemicals, metals and ammunition. The chemicals segment is divided into divisions: Chlor-Alkali, Chemicals and Microelectronic Materials. Chlor-alkali includes chlor-alkali products, sodium hydrosulfite and high strength bleach products. Chemicals includes pool chemicals, biocides, hydrazine, polyols, propylene glycols and surfactants and fluids. Microelectronic Materials includes image-forming and electronic interconnect materials and services. The metals and ammunition segment produces copper alloy sheet, strip, rod, wire, and ammunition. “
Several other research analysts have also weighed in on the stock. Royal Bank Of Canada cut their price objective on shares of Olin Corp. from $28.00 to $24.00 and set an outperform rating on the stock in a report on Friday, July 22nd. Longbow Research lowered shares of Olin Corp. from a neutral rating to an underperform rating and set a $17.00 price objective on the stock. in a report on Wednesday, September 7th. Cowen and Company upgraded shares of Olin Corp. from a market perform rating to an outperform rating and increased their price objective for the stock from $18.00 to $31.00 in a report on Tuesday, June 28th. RBC Capital Markets reiterated a buy rating and set a $24.00 price objective (down from $28.00) on shares of Olin Corp. in a report on Friday, July 22nd. Finally, Nomura reiterated a buy rating on shares of Olin Corp. in a report on Tuesday, July 12th. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Olin Corp. currently has a consensus rating of Buy and an average target price of $22.67.
Shares of Olin Corp. (NYSE:OLN) traded up 2.350% on Wednesday, reaching $21.125. 649,198 shares of the company were exchanged. Olin Corp. has a 1-year low of $12.29 and a 1-year high of $26.46. The stock’s market capitalization is $3.49 billion. The company has a 50-day moving average price of $20.26 and a 200 day moving average price of $21.25.
Olin Corp. (NYSE:OLN) last released its earnings results on Tuesday, August 2nd. The company reported $0.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.31 by $0.07. The firm earned $1.36 billion during the quarter, compared to analysts’ expectations of $1.47 billion. Olin Corp. had a negative net margin of 2.05% and a positive return on equity of 4.25%. Olin Corp.’s revenue for the quarter was up 154.8% on a year-over-year basis. During the same quarter last year, the company posted $0.32 earnings per share. On average, analysts forecast that Olin Corp. will post $1.27 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Shareholders of record on Wednesday, August 10th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.88%. The ex-dividend date of this dividend was Monday, August 8th. Olin Corp.’s dividend payout ratio (DPR) is -150.94%.
In other Olin Corp. news, EVP John L. Mcintosh sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $21.59, for a total value of $215,900.00. Following the completion of the sale, the executive vice president now owns 60,391 shares of the company’s stock, valued at $1,303,841.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.80% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Howard Hughes Medical Institute purchased a new stake in shares of Olin Corp. during the second quarter valued at about $178,000. Scout Investments Inc. purchased a new stake in shares of Olin Corp. during the second quarter valued at about $212,000. Quadrature Capital Ltd purchased a new stake in shares of Olin Corp. during the second quarter valued at about $227,000. LS Investment Advisors LLC increased its stake in shares of Olin Corp. by 8.9% in the second quarter. LS Investment Advisors LLC now owns 9,915 shares of the company’s stock valued at $246,000 after buying an additional 813 shares during the period. Finally, Nomura Holdings Inc. purchased a new stake in shares of Olin Corp. during the second quarter valued at about $250,000. 92.85% of the stock is owned by institutional investors.
Olin Corp. Company Profile
Olin Corporation is a manufacturer and distributor of chemical products, and ammunition. The Company operates through three segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrogen, bleach products and potassium hydroxide.
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