Olin Corp. (NYSE:OLN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday.
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. “
OLN has been the subject of several other research reports. Cowen and Company raised shares of Olin Corp. from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $18.00 to $31.00 in a report on Tuesday, June 28th. Longbow Research downgraded shares of Olin Corp. from a “neutral” rating to an “underperform” rating and set a $17.00 price objective for the company. in a report on Wednesday, September 7th. RBC Capital Markets reaffirmed a “buy” rating and issued a $24.00 price objective (down previously from $28.00) on shares of Olin Corp. in a report on Friday, July 22nd. Nomura reaffirmed a “buy” rating on shares of Olin Corp. in a report on Tuesday, July 12th. Finally, Royal Bank Of Canada reduced their price objective on shares of Olin Corp. from $28.00 to $24.00 and set an “outperform” rating for the company in a report on Friday, July 22nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company’s stock. Olin Corp. presently has a consensus rating of “Buy” and a consensus target price of $22.67.
Shares of Olin Corp. (NYSE:OLN) opened at 20.34 on Thursday. Olin Corp. has a 1-year low of $12.29 and a 1-year high of $26.46. The firm’s 50 day moving average is $20.18 and its 200 day moving average is $21.36. The firm’s market capitalization is $3.36 billion.
Olin Corp. (NYSE:OLN) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by $0.07. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.47 billion. Olin Corp. had a negative net margin of 2.05% and a positive return on equity of 4.25%. The business’s revenue was up 154.8% compared to the same quarter last year. During the same period last year, the firm posted $0.32 EPS. Analysts anticipate that Olin Corp. will post $1.27 EPS for the current fiscal year.
In other Olin Corp. news, EVP John L. Mcintosh sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $21.59, for a total transaction of $215,900.00. Following the sale, the executive vice president now owns 60,391 shares in the company, valued at approximately $1,303,841.69. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 2.80% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Creative Planning increased its stake in Olin Corp. by 22.1% in the third quarter. Creative Planning now owns 6,084 shares of the company’s stock valued at $125,000 after buying an additional 1,103 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in Olin Corp. by 3.7% in the third quarter. Oregon Public Employees Retirement Fund now owns 57,085 shares of the company’s stock valued at $1,171,000 after buying an additional 2,044 shares during the last quarter. Foundry Partners LLC increased its stake in Olin Corp. by 10.5% in the third quarter. Foundry Partners LLC now owns 281,358 shares of the company’s stock valued at $5,773,000 after buying an additional 26,797 shares during the last quarter. Eqis Capital Management Inc. bought a new stake in Olin Corp. during the third quarter valued at about $285,000. Finally, Macquarie Group Ltd. increased its stake in Olin Corp. by 2.0% in the second quarter. Macquarie Group Ltd. now owns 2,955,767 shares of the company’s stock valued at $73,421,000 after buying an additional 58,157 shares during the last quarter. Hedge funds and other institutional investors own 92.85% of the company’s stock.
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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