Royal Bank of Canada Lowers Olin (OLN) Price Target to $22.00

Olin (NYSE:OLN) had its price target cut by investment analysts at Royal Bank of Canada to $22.00 in a research note issued on Wednesday, The Fly reports. The brokerage currently has a “sector perform” rating on the specialty chemicals company’s stock. Royal Bank of Canada’s target price points to a potential upside of 2.90% from the stock’s current price.

Other analysts have also recently issued reports about the company. TheStreet raised Olin from a “c+” rating to a “b” rating in a research report on Wednesday, August 1st. Standpoint Research initiated coverage on Olin in a research report on Tuesday, August 28th. They issued a “buy” rating and a $20.00 target price for the company. Morgan Stanley set a $38.00 target price on Olin and gave the company a “buy” rating in a research report on Wednesday, September 26th. Citigroup decreased their target price on Olin from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, July 11th. Finally, Barclays initiated coverage on Olin in a research report on Monday, October 8th. They issued an “equal weight” rating and a $29.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $31.91.

Shares of NYSE OLN traded down $0.26 during trading hours on Wednesday, reaching $21.38. The stock had a trading volume of 72,104 shares, compared to its average volume of 3,133,434. The stock has a market cap of $3.29 billion, a PE ratio of 26.52 and a beta of 1.53. The company has a quick ratio of 1.07, a current ratio of 1.81 and a debt-to-equity ratio of 1.14. Olin has a fifty-two week low of $18.49 and a fifty-two week high of $38.84.

Olin (NYSE:OLN) last announced its earnings results on Monday, October 29th. The specialty chemicals company reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.09). The firm had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.80 billion. Olin had a net margin of 11.02% and a return on equity of 10.70%. The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period last year, the company earned $0.31 earnings per share. Sell-side analysts anticipate that Olin will post 2.02 earnings per share for the current year.

In other Olin news, EVP John L. Mcintosh sold 42,000 shares of the stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $29.98, for a total transaction of $1,259,160.00. Following the completion of the sale, the executive vice president now directly owns 97,141 shares of the company’s stock, valued at approximately $2,912,287.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.70% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the business. Monarch Partners Asset Management LLC raised its stake in shares of Olin by 32.2% during the 3rd quarter. Monarch Partners Asset Management LLC now owns 327,870 shares of the specialty chemicals company’s stock worth $8,420,000 after buying an additional 79,810 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Olin during the 3rd quarter worth approximately $9,256,000. Acadian Asset Management LLC purchased a new position in shares of Olin during the 3rd quarter worth approximately $236,000. Russell Investments Group Ltd. raised its stake in shares of Olin by 74.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 46,977 shares of the specialty chemicals company’s stock worth $1,209,000 after buying an additional 20,026 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Olin by 10.1% during the 3rd quarter. First Trust Advisors LP now owns 389,241 shares of the specialty chemicals company’s stock worth $9,996,000 after buying an additional 35,778 shares in the last quarter. 87.77% of the stock is owned by institutional investors.

About Olin

Olin Corporation manufactures and distributes chemical products in the United States and internationally. 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, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products, and potassium hydroxide.

Further Reading: Price to Earnings Ratio (PE) Basics

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