Olin (NYSE:OLN) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued on Friday, MarketBeat reports. They currently have a $23.00 price objective on the specialty chemicals company’s stock, down from their previous price objective of $33.00. Morgan Stanley’s target price suggests a potential upside of 8.75% from the company’s current price.
Other analysts have also recently issued research reports about the company. Alembic Global Advisors set a $95.00 price objective on Celanese and gave the stock a “sell” rating in a research report on Monday, April 22nd. Royal Bank of Canada dropped their price objective on Olin to $19.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 10th. Nomura cut Infosys from a “neutral” rating to a “reduce” rating in a research report on Monday, April 15th. Cowen reiterated a “buy” rating and set a $6.50 price objective on shares of Daseke in a research report on Monday, May 6th. Finally, ValuEngine cut Yext from a “strong-buy” rating to a “buy” rating in a report on Friday, May 10th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $27.83.
Olin stock opened at $21.15 on Friday. The stock has a market cap of $3.49 billion, a PE ratio of 11.19, a PEG ratio of 0.72 and a beta of 1.54. The stock’s 50-day moving average is $21.51. Olin has a 52 week low of $17.87 and a 52 week high of $32.00. The company has a current ratio of 1.48, a quick ratio of 0.85 and a debt-to-equity ratio of 1.08.
In other news, EVP John L. Mcintosh sold 10,500 shares of Olin stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $21.74, for a total value of $228,270.00. Following the transaction, the executive vice president now directly owns 100,812 shares of the company’s stock, valued at approximately $2,191,652.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Scott Mcdougald Sutton acquired 8,000 shares of Olin stock in a transaction dated Wednesday, May 8th. The stock was purchased at an average cost of $20.71 per share, for a total transaction of $165,680.00. Following the completion of the purchase, the director now directly owns 30,000 shares in the company, valued at $621,300. The disclosure for this purchase can be found here. 1.90% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC lifted its stake in shares of Olin by 1.8% in the 1st quarter. SG Americas Securities LLC now owns 26,162 shares of the specialty chemicals company’s stock valued at $605,000 after purchasing an additional 472 shares in the last quarter. Boston Partners lifted its position in Olin by 2.4% during the 1st quarter. Boston Partners now owns 23,008 shares of the specialty chemicals company’s stock worth $532,000 after acquiring an additional 543 shares in the last quarter. Crossmark Global Holdings Inc. lifted its position in Olin by 2.4% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 23,220 shares of the specialty chemicals company’s stock worth $509,000 after acquiring an additional 545 shares in the last quarter. Oakbrook Investments LLC lifted its position in Olin by 3.5% during the 1st quarter. Oakbrook Investments LLC now owns 17,600 shares of the specialty chemicals company’s stock worth $407,000 after acquiring an additional 600 shares in the last quarter. Finally, CWM LLC lifted its position in Olin by 1,219.7% during the 1st quarter. CWM LLC now owns 1,676 shares of the specialty chemicals company’s stock worth $39,000 after acquiring an additional 1,549 shares in the last quarter. 91.79% of the stock is currently owned by institutional investors and hedge funds.
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, potassium hydroxide, chlorinated organics intermediates and solvents, and sodium hypochlorite.The Epoxy segment provides allyl chloride and epichlorohydrin, as well as acetone, bisphenol, cumene, and phenol for use in resins and other plastic materials, water purification, and pesticides, as well as for the manufacturers of polymers; liquid and solid epoxy resins that are used in adhesives, paints and coatings, composites, and flooring; and differentiated epoxy resins for use in electrical laminates, paints and coatings, wind blades, electronics, and construction, as well as offers additives.
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