Shares of Olin Corporation (NYSE:OLN – Get Free Report) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $16.68 and last traded at $16.84, with a volume of 168682 shares trading hands. The stock had previously closed at $16.88.
Analysts Set New Price Targets
Several analysts have recently commented on the company. KeyCorp assumed coverage on Olin in a research note on Friday. They issued an “overweight” rating and a $26.00 price objective for the company. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $20.00 target price (down from $25.00) on shares of Olin in a research report on Monday, August 3rd. JPMorgan Chase & Co. decreased their price target on Olin from $26.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday, June 18th. Bank of America lowered Olin from a “buy” rating to an “underperform” rating and lowered their price target for the company from $32.00 to $21.00 in a research report on Tuesday, June 30th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on Olin from $30.00 to $20.00 and set a “hold” rating on the stock in a research note on Tuesday, August 25th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $22.62.
Olin Stock Up 0.4%
Olin (NYSE:OLN – Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The specialty chemicals company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.25). The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.81 billion. Olin had a negative return on equity of 4.76% and a negative net margin of 2.08%.The firm’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.01) EPS. Sell-side analysts anticipate that Olin Corporation will post -0.68 EPS for the current year.
Olin Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Thursday, August 27th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend was Thursday, August 27th. Olin’s payout ratio is -65.04%.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its stake in shares of Olin by 22.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,627,997 shares of the specialty chemicals company’s stock worth $167,311,000 after purchasing an additional 1,031,498 shares during the last quarter. Pzena Investment Management LLC lifted its stake in Olin by 17.5% in the fourth quarter. Pzena Investment Management LLC now owns 4,507,913 shares of the specialty chemicals company’s stock valued at $93,900,000 after purchasing an additional 671,250 shares during the last quarter. California State Teachers Retirement System lifted its stake in Olin by 1,831.5% in the second quarter. California State Teachers Retirement System now owns 2,599,373 shares of the specialty chemicals company’s stock valued at $51,520,000 after purchasing an additional 2,464,794 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Olin by 1.0% during the first quarter. Bank of New York Mellon Corp now owns 1,232,912 shares of the specialty chemicals company’s stock valued at $36,654,000 after purchasing an additional 12,290 shares during the period. Finally, First Trust Advisors LP grew its holdings in Olin by 80.8% during the first quarter. First Trust Advisors LP now owns 713,041 shares of the specialty chemicals company’s stock valued at $21,199,000 after purchasing an additional 318,588 shares during the period. 88.67% of the stock is owned by institutional investors.
Olin Company Profile
Olin Corporation is a global manufacturer of chemicals and ammunition headquartered in Clayton, Missouri. The company operates through two primary businesses: Chlor Alkali Products and Vinyls and Winchester.
Olin’s Chlor Alkali Products and Vinyls business produces essential chemicals including chlorine, caustic soda, hydrogen, hydrochloric acid, bleach products and related chlorinated compounds. These materials are used in water treatment, pulp and paper, construction, plastics, cleaning products and other industrial applications.
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