Royal Bank of Canada Cuts Olin (NYSE:OLN) Price Target to $63.00

Olin (NYSE:OLN) had its price objective cut by Royal Bank of Canada from $69.00 to $63.00 in a report issued on Monday morning, Benzinga reports. They currently have an outperform rating on the specialty chemicals company’s stock.

OLN has been the subject of several other research reports. Citigroup boosted their price target on Olin from $63.00 to $67.00 and gave the company a buy rating in a report on Wednesday, April 10th. Barclays increased their target price on shares of Olin from $57.00 to $59.00 and gave the stock an equal weight rating in a report on Thursday, April 4th. Wells Fargo & Company lifted their price target on shares of Olin from $56.00 to $60.00 and gave the company an equal weight rating in a report on Wednesday, April 3rd. Bank of America reduced their price objective on shares of Olin from $74.00 to $72.00 and set a buy rating for the company in a research note on Monday. Finally, Piper Sandler lifted their target price on shares of Olin from $72.00 to $75.00 and gave the company an overweight rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $60.00.

Olin Price Performance

Shares of NYSE:OLN opened at $52.06 on Monday. The firm’s 50 day moving average price is $55.67 and its 200-day moving average price is $51.73. The company has a quick ratio of 0.80, a current ratio of 1.38 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $6.22 billion, a PE ratio of 18.73, a price-to-earnings-growth ratio of 0.30 and a beta of 1.44. Olin has a twelve month low of $41.71 and a twelve month high of $60.60.

Olin (NYSE:OLN) last issued its quarterly earnings results on Friday, April 26th. The specialty chemicals company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.02. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.65 billion. Olin had a net margin of 5.32% and a return on equity of 14.47%. The company’s revenue was down 11.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.16 EPS. Equities research analysts expect that Olin will post 3.68 EPS for the current year.

Olin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Thursday, May 9th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend is Wednesday, May 8th. Olin’s payout ratio is presently 28.78%.

Insiders Place Their Bets

In related news, CEO Scott Mcdougald Sutton sold 48,896 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $52.39, for a total value of $2,561,661.44. Following the completion of the transaction, the chief executive officer now directly owns 90,327 shares of the company’s stock, valued at $4,732,231.53. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Scott Mcdougald Sutton sold 48,896 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $52.39, for a total value of $2,561,661.44. Following the completion of the sale, the chief executive officer now directly owns 90,327 shares of the company’s stock, valued at approximately $4,732,231.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Brett A. Flaugher sold 15,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $52.46, for a total value of $786,900.00. Following the transaction, the vice president now owns 8,782 shares of the company’s stock, valued at approximately $460,703.72. The disclosure for this sale can be found here. Insiders have sold a total of 78,896 shares of company stock valued at $4,136,061 in the last quarter. 1.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in OLN. Fifth Third Bancorp grew its stake in Olin by 30.0% in the 1st quarter. Fifth Third Bancorp now owns 858 shares of the specialty chemicals company’s stock worth $50,000 after acquiring an additional 198 shares in the last quarter. Louisiana State Employees Retirement System boosted its holdings in shares of Olin by 0.6% in the first quarter. Louisiana State Employees Retirement System now owns 34,600 shares of the specialty chemicals company’s stock valued at $2,034,000 after purchasing an additional 200 shares during the period. Ritholtz Wealth Management grew its stake in Olin by 1.5% in the fourth quarter. Ritholtz Wealth Management now owns 16,389 shares of the specialty chemicals company’s stock worth $884,000 after purchasing an additional 238 shares in the last quarter. Financial Advocates Investment Management increased its holdings in Olin by 5.5% during the 4th quarter. Financial Advocates Investment Management now owns 5,086 shares of the specialty chemicals company’s stock worth $274,000 after purchasing an additional 266 shares during the period. Finally, Covestor Ltd raised its position in Olin by 76.7% during the 3rd quarter. Covestor Ltd now owns 659 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 286 shares in the last quarter. Hedge funds and other institutional investors own 88.67% 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.