Citigroup Forecasts Strong Price Appreciation for Olin (NYSE:OLN) Stock

Olin (NYSE:OLN) had its price target lifted by analysts at Citigroup from $21.00 to $26.00 in a report released on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the specialty chemicals company’s stock. Citigroup’s target price would indicate a potential upside of 5.16% from the stock’s current price.

OLN has been the subject of several other research reports. UBS Group set a $21.00 target price on shares of Olin in a report on Monday, February 2nd. Weiss Ratings reissued a “sell (d+)” rating on shares of Olin in a report on Thursday, January 22nd. Morgan Stanley lowered their price objective on Olin from $20.00 to $18.00 and set an “underweight” rating on the stock in a research report on Monday, February 2nd. Mizuho upped their price objective on Olin from $22.00 to $24.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 17th. Finally, Wall Street Zen cut Olin from a “hold” rating to a “sell” rating in a research report on Saturday, January 10th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $23.73.

Olin Price Performance

Shares of NYSE:OLN opened at $24.73 on Thursday. The company has a market capitalization of $2.81 billion, a P/E ratio of -65.07 and a beta of 1.56. Olin has a 1-year low of $17.66 and a 1-year high of $27.35. The firm’s 50 day simple moving average is $23.91 and its two-hundred day simple moving average is $22.87. The company has a debt-to-equity ratio of 1.45, a current ratio of 1.21 and a quick ratio of 0.73.

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 during the quarter, compared to analysts’ expectations of $1.61 billion. Olin had a negative net margin of 0.63% and a negative return on equity of 0.48%. The company’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.09 earnings per share. Research analysts expect that Olin will post 1.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other Olin news, VP Angela M. Castle sold 2,379 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $24.25, for a total transaction of $57,690.75. Following the completion of the transaction, the vice president owned 1,528 shares of the company’s stock, valued at $37,054. This represents a 60.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Todd A. Slater sold 92,250 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $22.48, for a total value of $2,073,780.00. Following the transaction, the chief financial officer owned 44,291 shares of the company’s stock, valued at approximately $995,661.68. The trade was a 67.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 99,379 shares of company stock worth $2,238,298 in the last 90 days. 1.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Olin

Several institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in Olin by 20.2% in the 1st quarter. Royal Bank of Canada now owns 85,198 shares of the specialty chemicals company’s stock worth $2,066,000 after acquiring an additional 14,344 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Olin during the 1st quarter valued at approximately $32,000. Jones Financial Companies Lllp boosted its position in shares of Olin by 467.9% during the 1st quarter. Jones Financial Companies Lllp now owns 13,805 shares of the specialty chemicals company’s stock valued at $335,000 after acquiring an additional 11,374 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Olin by 57.6% in the first quarter. Goldman Sachs Group Inc. now owns 588,602 shares of the specialty chemicals company’s stock valued at $14,268,000 after purchasing an additional 215,235 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Olin by 6.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 317,472 shares of the specialty chemicals company’s stock valued at $7,696,000 after purchasing an additional 20,047 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.