Olin (NYSE:OLN – Get Free Report) was downgraded by equities research analysts at Bank of America from a “buy” rating to an “underperform” rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. They presently have a $21.00 price target on the specialty chemicals company’s stock. Bank of America‘s price objective would suggest a potential upside of 1.01% from the company’s previous close.
A number of other analysts have also recently issued reports on the company. Zacks Research raised Olin from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. Wall Street Zen lowered shares of Olin from a “hold” rating to a “sell” rating in a report on Saturday. UBS Group upped their target price on shares of Olin from $29.00 to $31.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 13th. Morgan Stanley lifted their price target on Olin from $18.00 to $22.00 and gave the company an “underweight” rating in a research note on Monday, May 11th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and set a $37.00 price objective on shares of Olin in a research report on Sunday, May 10th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat, Olin has an average rating of “Hold” and a consensus target price of $27.31.
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Olin Trading Down 4.3%
Hedge Funds Weigh In On Olin
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OLN. Glenmede Trust Co. NA acquired a new stake in shares of Olin during the 1st quarter worth about $206,000. Segall Bryant & Hamill LLC bought a new stake in shares of Olin during the first quarter worth approximately $14,770,000. Edgestream Partners L.P. acquired a new position in shares of Olin in the first quarter valued at approximately $6,894,000. Sunbelt Securities Inc. acquired a new stake in Olin during the 1st quarter worth approximately $45,000. Finally, Amundi grew its holdings in Olin by 337.2% in the 1st quarter. Amundi now owns 684,036 shares of the specialty chemicals company’s stock valued at $20,336,000 after buying an additional 527,586 shares in the last quarter. 88.67% of the stock is owned by institutional investors.
About Olin
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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