Citigroup Cuts Olin (NYSE:OLN) Price Target to $21.00

Olin (NYSE:OLN) had its target price dropped by stock analysts at Citigroup from $24.00 to $21.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the specialty chemicals company’s stock. Citigroup’s target price indicates a potential downside of 8.30% from the stock’s previous close.

OLN has been the topic of a number of other research reports. Mizuho set a $22.00 target price on Olin in a research report on Friday. Wells Fargo & Company cut their price target on Olin from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 29th. Truist Financial cut their target price on shares of Olin from $23.00 to $20.00 and set a “hold” rating on the stock in a research report on Monday. Royal Bank Of Canada lowered their target price on Olin from $24.00 to $21.00 and set a “sector perform” rating for the company in a research report on Monday. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Olin in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $22.86.

Olin Stock Performance

Shares of OLN traded up $0.73 during mid-day trading on Tuesday, hitting $22.90. 986,250 shares of the company’s stock were exchanged, compared to its average volume of 3,365,965. The stock’s 50-day simple moving average is $21.77 and its 200-day simple moving average is $22.06. Olin has a 52 week low of $17.66 and a 52 week high of $28.77. The company has a quick ratio of 0.81, a current ratio of 1.35 and a debt-to-equity ratio of 1.46. The firm has a market cap of $2.61 billion, a price-to-earnings ratio of -60.32, a price-to-earnings-growth ratio of 3.08 and a beta of 1.64.

Olin (NYSE:OLN) last announced its quarterly earnings data on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.58). The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.61 billion. Olin had a negative net margin of 0.63% and a negative return on equity of 0.47%. The business’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the prior year, the company posted $0.09 earnings per share. On average, equities research analysts expect that Olin will post 1.38 EPS for the current year.

Insider Transactions at Olin

In other Olin news, VP Teresa M. Vermillion sold 4,500 shares of the company’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $20.86, for a total transaction of $93,870.00. Following the transaction, the vice president owned 17,199 shares in the company, valued at approximately $358,771.14. This represents a 20.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Olin

Several large investors have recently added to or reduced their stakes in OLN. Strategic Advocates LLC bought a new stake in Olin during the third quarter worth $25,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Olin in the first quarter worth about $32,000. Bessemer Group Inc. lifted its stake in Olin by 712.7% in the third quarter. Bessemer Group Inc. now owns 1,341 shares of the specialty chemicals company’s stock valued at $34,000 after purchasing an additional 1,176 shares during the last quarter. Evelyn Partners Investment Management LLP increased its holdings in Olin by 6,360.0% in the 2nd quarter. Evelyn Partners Investment Management LLP now owns 1,615 shares of the specialty chemicals company’s stock worth $32,000 after acquiring an additional 1,590 shares during the last quarter. Finally, Allworth Financial LP raised its position in shares of Olin by 114.0% in the third quarter. Allworth Financial LP now owns 1,740 shares of the specialty chemicals company’s stock valued at $43,000 after purchasing an additional 927 shares during the period. Institutional investors own 88.67% of the company’s stock.

About Olin

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.