Citigroup Initiates Coverage on Olin (NYSE:OLN)

Citigroup initiated coverage on shares of Olin (NYSE:OLN) in a report issued on Monday, MarketBeat.com reports. The firm issued a buy rating and a $50.00 price objective on the specialty chemicals company’s stock.

A number of other equities analysts also recently weighed in on the stock. StockNews.com began coverage on shares of Olin in a research note on Thursday, October 5th. They set a hold rating for the company. KeyCorp reduced their price target on shares of Olin from $67.00 to $61.00 and set an overweight rating for the company in a research report on Monday, October 30th. Credit Suisse Group raised their price target on shares of Olin from $46.00 to $47.00 and gave the company an underperform rating in a research report on Friday, July 28th. Morgan Stanley reduced their price target on shares of Olin from $50.00 to $38.00 and set an underweight rating for the company in a research report on Monday, October 30th. Finally, Piper Sandler reduced their price target on shares of Olin from $70.00 to $60.00 and set an overweight rating for the company in a research report on Wednesday, October 11th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, Olin currently has a consensus rating of Hold and a consensus target price of $54.43.

Olin Stock Performance

NYSE:OLN opened at $46.04 on Monday. The stock has a market cap of $5.64 billion, a P/E ratio of 10.14, a price-to-earnings-growth ratio of 8.77 and a beta of 1.44. The firm’s fifty day simple moving average is $46.91 and its 200 day simple moving average is $51.40. Olin has a twelve month low of $41.71 and a twelve month high of $64.70. The company has a quick ratio of 0.80, a current ratio of 1.50 and a debt-to-equity ratio of 1.15.

Olin (NYSE:OLN) last released its quarterly earnings results on Friday, October 27th. The specialty chemicals company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.15. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Olin had a net margin of 8.39% and a return on equity of 24.36%. The firm’s revenue for the quarter was down 28.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.18 earnings per share. As a group, research analysts predict that Olin will post 3.33 EPS for the current year.

Olin Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Stockholders of record on Thursday, November 9th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Wednesday, November 8th. Olin’s dividend payout ratio is presently 17.62%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Prospera Financial Services Inc boosted its stake in shares of Olin by 3.7% during the 2nd quarter. Prospera Financial Services Inc now owns 8,872 shares of the specialty chemicals company’s stock worth $456,000 after acquiring an additional 318 shares during the last quarter. Lmcg Investments LLC boosted its stake in shares of Olin by 10.2% during the 2nd quarter. Lmcg Investments LLC now owns 59,637 shares of the specialty chemicals company’s stock worth $3,065,000 after acquiring an additional 5,500 shares during the last quarter. AXS Investments LLC raised its position in shares of Olin by 61.1% during the 1st quarter. AXS Investments LLC now owns 1,820 shares of the specialty chemicals company’s stock valued at $101,000 after purchasing an additional 690 shares during the period. Pacer Advisors Inc. raised its position in shares of Olin by 9.8% during the 1st quarter. Pacer Advisors Inc. now owns 1,767,191 shares of the specialty chemicals company’s stock valued at $98,079,000 after purchasing an additional 157,760 shares during the period. Finally, CIBC Private Wealth Group LLC bought a new stake in shares of Olin during the 1st quarter valued at $210,000. Hedge funds and other institutional investors own 85.69% of the company’s stock.

About Olin

Olin Corporation manufactures and distributes chemical products in the United States, Europe, Asia Pacific, Latin America, and Canada. 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, and chlorinated organics intermediates and solvents.