Olin (NYSE:OLN) Shares Gap Down – Here’s What Happened

Olin Corporation (NYSE:OLN)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $22.17, but opened at $20.48. Olin shares last traded at $18.2420, with a volume of 953,821 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Wells Fargo & Company restated an “overweight” rating and issued a $37.00 price objective on shares of Olin in a report on Sunday, May 10th. Weiss Ratings reiterated a “sell (d)” rating on shares of Olin in a report on Friday, May 22nd. BMO Capital Markets dropped their target price on shares of Olin from $30.00 to $25.00 and set a “market perform” rating for the company in a research report on Monday, July 6th. Zacks Research upgraded shares of Olin from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. Finally, Bank of America cut shares of Olin from a “buy” rating to an “underperform” rating and reduced their price target for the company from $32.00 to $21.00 in a research report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $26.46.

Olin Price Performance

The company has a 50-day moving average price of $22.87 and a two-hundred day moving average price of $24.79. 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 cap of $2.06 billion, a PE ratio of -16.15 and a beta of 1.21.

Hedge Funds Weigh In On Olin

A number of institutional investors and hedge funds have recently bought and sold shares of OLN. Rockefeller Capital Management L.P. grew its position in Olin by 115.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company’s stock valued at $26,000 after acquiring an additional 659 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Olin during the first quarter worth $32,000. Sunbelt Securities Inc. purchased a new position in shares of Olin in the first quarter valued at $45,000. NewEdge Advisors LLC boosted its stake in shares of Olin by 45.0% in the third quarter. NewEdge Advisors LLC now owns 2,323 shares of the specialty chemicals company’s stock valued at $58,000 after purchasing an additional 721 shares during the period. Finally, UMB Bank n.a. grew its holdings in Olin by 34.0% during the 4th quarter. UMB Bank n.a. now owns 2,597 shares of the specialty chemicals company’s stock valued at $54,000 after purchasing an additional 659 shares in the last quarter. Hedge funds and other institutional investors own 88.67% of the company’s stock.

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.