Olin (NYSE:OLN) Shares Gap Up – Here’s Why

Olin Corporation (NYSE:OLN – Get Free Report)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $25.30, but opened at $26.65. Olin shares last traded at $24.1430, with a volume of 715,728 shares.

Analysts Set New Price Targets

A number of equities analysts have commented on OLN shares. JPMorgan Chase & Co. boosted their target price on shares of Olin from $20.00 to $26.00 and gave the stock a “neutral” rating in a report on Friday, May 15th. Zacks Research upgraded shares of Olin from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. Weiss Ratings reiterated a “sell (d)” rating on shares of Olin in a report on Friday, May 22nd. Wall Street Zen upgraded shares of Olin from a “sell” rating to a “hold” rating in a report on Saturday, April 11th. Finally, Wells Fargo & Company reiterated an “overweight” rating and issued a $37.00 target price on shares of Olin in a report on Sunday, May 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $28.08.

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Check Out Our Latest Stock Analysis on OLN

Olin Trading Down 9.1%

The company has a debt-to-equity ratio of 1.73, a current ratio of 1.36 and a quick ratio of 0.82. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of -20.63 and a beta of 1.17. The company’s fifty day moving average price is $26.86 and its 200-day moving average price is $24.69.

Olin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Thursday, May 14th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, May 14th. This represents a $0.80 annualized dividend and a dividend yield of 3.5%. Olin’s dividend payout ratio is -71.43%.

Hedge Funds Weigh In On Olin

Hedge funds have recently modified their holdings of the stock. Strategic Advocates LLC acquired a new position in shares of Olin during the third quarter valued at about $25,000. Rockefeller Capital Management L.P. increased its holdings in Olin by 115.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company’s stock worth $26,000 after buying an additional 659 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Olin in the 1st quarter worth approximately $32,000. Bessemer Group Inc. increased its holdings in Olin by 712.7% in the 3rd quarter. Bessemer Group Inc. now owns 1,341 shares of the specialty chemicals company’s stock worth $34,000 after buying an additional 1,176 shares during the period. Finally, Allworth Financial LP increased its holdings in Olin by 114.0% in the 3rd quarter. Allworth Financial LP now owns 1,740 shares of the specialty chemicals company’s stock worth $43,000 after buying an additional 927 shares during the period. Institutional investors and hedge funds own 88.67% of the company’s stock.

Olin Company Profile

(Get Free Report)

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.

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