JPMorgan Chase & Co. Raises Olin (NYSE:OLN) Price Target to $61.00

Olin (NYSE:OLN) had its price target boosted by equities researchers at JPMorgan Chase & Co. from $51.00 to $61.00 in a research note issued to investors on Friday, The Fly reports. The firm currently has an “overweight” rating on the specialty chemicals company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 26.42% from the company’s previous close.

Several other research firms have also weighed in on OLN. Vertical Research upgraded shares of Olin from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a research note on Monday, May 24th. Wolfe Research assumed coverage on shares of Olin in a research note on Wednesday. They issued an “outperform” rating for the company. Stifel Nicolaus lifted their price objective on shares of Olin from $35.00 to $46.00 and gave the company a “buy” rating in a research note on Tuesday, March 16th. Citigroup upgraded shares of Olin from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $27.00 to $50.00 in a research note on Thursday, April 15th. Finally, Barclays boosted their price target on shares of Olin from $30.00 to $43.00 and gave the company an “equal weight” rating in a research note on Thursday, March 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $44.43.

Olin stock opened at $48.25 on Friday. The company has a current ratio of 1.65, a quick ratio of 1.09 and a debt-to-equity ratio of 2.18. Olin has a 52-week low of $9.67 and a 52-week high of $51.04. The stock’s 50 day moving average price is $44.59. The company has a market cap of $7.69 billion, a price-to-earnings ratio of -11.68 and a beta of 1.32.

Olin (NYSE:OLN) last released its quarterly earnings results on Monday, April 26th. The specialty chemicals company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.20. Olin had a negative net margin of 10.34% and a positive return on equity of 5.74%. The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.89 billion. Equities research analysts expect that Olin will post 5.04 EPS for the current fiscal year.

In other news, Director John Mb Oconnor sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, May 3rd. The shares were sold at an average price of $45.02, for a total transaction of $675,300.00. Following the completion of the sale, the director now owns 335 shares in the company, valued at approximately $15,081.70. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Teresa M. Vermillion sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 25th. The stock was sold at an average price of $48.64, for a total transaction of $389,120.00. Following the sale, the vice president now owns 15,431 shares of the company’s stock, valued at approximately $750,563.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 321,100 shares of company stock worth $14,876,654. Insiders own 11.90% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Rosenberg Matthew Hamilton grew its stake in Olin by 117.2% in the 1st quarter. Rosenberg Matthew Hamilton now owns 656 shares of the specialty chemicals company’s stock valued at $25,000 after buying an additional 354 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in Olin by 1.8% in the 1st quarter. Commonwealth Equity Services LLC now owns 27,549 shares of the specialty chemicals company’s stock valued at $1,046,000 after buying an additional 481 shares in the last quarter. Hsbc Holdings PLC grew its stake in Olin by 1.5% in the 4th quarter. Hsbc Holdings PLC now owns 35,557 shares of the specialty chemicals company’s stock valued at $886,000 after buying an additional 510 shares in the last quarter. LPL Financial LLC boosted its holdings in Olin by 2.4% in the 4th quarter. LPL Financial LLC now owns 28,229 shares of the specialty chemicals company’s stock valued at $693,000 after purchasing an additional 668 shares during the period. Finally, Total Clarity Wealth Management Inc. bought a new position in Olin in the 1st quarter valued at $27,000. Institutional investors and hedge funds own 84.33% of the company’s stock.

About Olin

Olin Corporation manufactures and distributes chemical products in the United States, Europe, 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, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, chlorinated organics intermediates and solvents, and sodium hypochlorite.

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