Olin (NYSE:OLN) Trading Down 5.6% Following Analyst Downgrade

Olin Corporation (NYSE:OLN) was down 5.6% during trading on Tuesday after Bank of America downgraded the stock from a buy rating to an underperform rating. Bank of America now has a $21.00 price target on the stock, down from their previous price target of $32.00. Olin traded as low as $19.64 and last traded at $19.6460. 1,560,065 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 2,925,810 shares. The stock had previously closed at $20.82.

A number of other equities analysts also recently commented on the stock. Royal Bank Of Canada set a $30.00 target price on shares of Olin and gave the stock a “sector perform” rating in a research note on Friday, April 10th. Zacks Research raised Olin from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. Truist Financial boosted their price target on shares of Olin from $20.00 to $26.00 and gave the stock a “hold” rating in a research note on Monday, May 11th. Citigroup lowered shares of Olin from a “neutral” rating to an “underperform” rating in a research note on Tuesday. Finally, UBS Group raised their price target on Olin from $29.00 to $31.00 and gave the company a “neutral” rating in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $27.31.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in OLN. Values First Advisors Inc. increased its holdings in shares of Olin by 3.4% in the 1st quarter. Values First Advisors Inc. now owns 12,909 shares of the specialty chemicals company’s stock valued at $384,000 after acquiring an additional 425 shares during the period. Covestor Ltd boosted its stake in Olin by 10.6% during the 4th quarter. Covestor Ltd now owns 5,189 shares of the specialty chemicals company’s stock worth $108,000 after purchasing an additional 497 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in Olin by 2.2% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 23,302 shares of the specialty chemicals company’s stock worth $693,000 after purchasing an additional 500 shares during the period. Madison Asset Management LLC grew its position in Olin by 0.6% during the 4th quarter. Madison Asset Management LLC now owns 97,616 shares of the specialty chemicals company’s stock worth $2,033,000 after purchasing an additional 555 shares during the last quarter. Finally, First Citizens Bank & Trust Co. grew its position in Olin by 2.0% during the 1st quarter. First Citizens Bank & Trust Co. now owns 31,230 shares of the specialty chemicals company’s stock worth $928,000 after purchasing an additional 609 shares during the last quarter. Hedge funds and other institutional investors own 88.67% of the company’s stock.

Olin Trading Down 5.6%

The company has a debt-to-equity ratio of 1.73, a current ratio of 1.36 and a quick ratio of 0.82. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of -17.56 and a beta of 1.17. The business’s 50 day simple moving average is $25.48 and its 200 day simple moving average is $24.75.

Olin Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Thursday, May 14th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.1%. The ex-dividend date was Thursday, May 14th. Olin’s payout ratio is -71.43%.

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.