Olin Co. (NYSE:OLN – Get Rating) – Research analysts at KeyCorp reduced their FY2023 earnings estimates for Olin in a report issued on Sunday, November 20th. KeyCorp analyst A. Yefremov now expects that the specialty chemicals company will post earnings of $5.50 per share for the year, down from their previous forecast of $5.60. KeyCorp has a “Overweight” rating and a $58.00 price objective on the stock. The consensus estimate for Olin’s current full-year earnings is $8.84 per share.
Several other research analysts have also commented on OLN. Credit Suisse Group lifted their price objective on shares of Olin from $40.00 to $45.00 and gave the stock an “underperform” rating in a research note on Thursday, October 27th. Citigroup lifted their price objective on shares of Olin to $55.00 in a research note on Tuesday, November 1st. Royal Bank of Canada lifted their price objective on shares of Olin from $58.00 to $60.00 and gave the stock an “outperform” rating in a research note on Friday, October 28th. Barclays boosted their target price on shares of Olin from $54.00 to $60.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 1st. Finally, StockNews.com assumed coverage on shares of Olin in a research note on Wednesday, October 12th. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.09.
Olin Stock Up 2.8 %
Olin Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Thursday, November 10th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend is Wednesday, November 9th. Olin’s dividend payout ratio (DPR) is presently 8.59%.
Insider Buying and Selling
In related news, COO James A. Varilek sold 50,000 shares of the company’s stock in a transaction dated Friday, November 18th. The shares were sold at an average price of $56.56, for a total value of $2,828,000.00. Following the completion of the sale, the chief operating officer now directly owns 17,761 shares of the company’s stock, valued at $1,004,562.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 9.00% of the stock is owned by insiders.
Hedge Funds Weigh In On Olin
A number of large investors have recently added to or reduced their stakes in the company. Sowell Financial Services LLC raised its holdings in Olin by 0.7% in the third quarter. Sowell Financial Services LLC now owns 25,360 shares of the specialty chemicals company’s stock worth $1,087,000 after purchasing an additional 173 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Olin by 0.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 42,285 shares of the specialty chemicals company’s stock valued at $1,957,000 after acquiring an additional 216 shares in the last quarter. Captrust Financial Advisors increased its holdings in shares of Olin by 3.3% during the third quarter. Captrust Financial Advisors now owns 6,834 shares of the specialty chemicals company’s stock valued at $293,000 after acquiring an additional 217 shares in the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of Olin by 3.6% during the third quarter. Oppenheimer & Co. Inc. now owns 6,792 shares of the specialty chemicals company’s stock valued at $291,000 after acquiring an additional 235 shares in the last quarter. Finally, One Wealth Advisors LLC increased its holdings in shares of Olin by 5.1% during the third quarter. One Wealth Advisors LLC now owns 4,821 shares of the specialty chemicals company’s stock valued at $207,000 after acquiring an additional 236 shares in the last quarter. 87.92% of the stock is currently owned by institutional investors.
Olin Company Profile
Olin Corporation manufactures and distributes chemical products in the United States, Europe, and internationally. It operates through three segments: Chlor Alkali Products and Vinyls; Epoxy; and Winchester. The Chlor Alkali Products and Vinyls segment offers chlorine and caustic soda, ethylene dichloride and vinyl chloride monomers, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, chlorinated organics intermediates and solvents, and sodium hypochlorite.
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