Truist Financial Cuts Olin (NYSE:OLN) Price Target to $20.00

Olin (NYSE:OLN) had its price target trimmed by Truist Financial from $24.00 to $20.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has a hold rating on the specialty chemicals company’s stock.

OLN has been the subject of a number of other reports. BMO Capital Markets reduced their price target 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. Morgan Stanley raised their target price on shares of Olin from $18.00 to $22.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. Bank of America downgraded shares of Olin from a “buy” rating to an “underperform” rating and decreased their target price for the company from $32.00 to $21.00 in a research report on Tuesday, June 30th. Wall Street Zen lowered shares of Olin from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Finally, The Goldman Sachs Group cut their price target on Olin from $31.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $23.08.

Olin Price Performance

NYSE OLN opened at $18.71 on Monday. The stock’s fifty day moving average price is $22.28 and its 200 day moving average price is $24.66. Olin has a 1 year low of $17.73 and a 1 year high of $30.46. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.42 and a quick ratio of 0.87. The company has a market cap of $2.13 billion, a price-to-earnings ratio of -15.21 and a beta of 1.22.

Hedge Funds Weigh In On Olin

Several institutional investors and hedge funds have recently modified their holdings of OLN. Royal Bank of Canada grew its holdings in Olin by 20.2% in the first quarter. Royal Bank of Canada now owns 85,198 shares of the specialty chemicals company’s stock valued at $2,066,000 after purchasing an additional 14,344 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Olin in the first quarter valued at approximately $32,000. Jones Financial Companies Lllp raised its stake 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 worth $335,000 after buying an additional 11,374 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Olin by 57.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 588,602 shares of the specialty chemicals company’s stock worth $14,268,000 after buying an additional 215,235 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Olin by 6.7% in the 1st 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 acquiring an additional 20,047 shares during the period. 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.