Olin (OLN) Given New $35.00 Price Target at SunTrust Banks

Olin (NYSE:OLN) had its target price cut by SunTrust Banks to $35.00 in a report published on Wednesday, The Fly reports. They currently have an in-line rating on the specialty chemicals company’s stock. SunTrust Banks also issued estimates for Olin’s FY2019 earnings at $2.45 EPS. The analysts noted that the move was a valuation call.

Several other equities research analysts also recently weighed in on the company. Nomura decreased their target price on Olin from $33.00 to $29.00 and set a neutral rating for the company in a research report on Monday, October 15th. Zacks Investment Research downgraded Olin from a hold rating to a sell rating in a research report on Tuesday, October 9th. Barclays began 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. Morgan Stanley set a $38.00 target price on Olin and gave the stock a buy rating in a research report on Wednesday, September 26th. Finally, ValuEngine downgraded Olin from a sell rating to a strong sell rating in a research report on Tuesday, September 18th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $31.91.

OLN stock traded up $1.33 during trading on Wednesday, reaching $21.53. 2,697,049 shares of the stock traded hands, compared to its average volume of 3,133,434. Olin has a 52-week low of $18.49 and a 52-week high of $38.84. The company has a current ratio of 1.81, a quick ratio of 1.07 and a debt-to-equity ratio of 1.14. The company has a market cap of $3.29 billion, a PE ratio of 26.58 and a beta of 1.53.

Olin (NYSE:OLN) last posted its quarterly earnings results on Monday, October 29th. The specialty chemicals company reported $0.66 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.09). Olin had a net margin of 11.02% and a return on equity of 10.70%. The firm had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same period last year, the firm posted $0.31 EPS. Olin’s revenue was up 20.4% on a year-over-year basis. Equities analysts forecast that Olin will post 2.05 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Investors of record on Friday, November 9th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.72%. The ex-dividend date of this dividend is Thursday, November 8th. Olin’s dividend payout ratio (DPR) is 98.77%.

In related news, EVP John L. Mcintosh sold 42,000 shares of the business’s stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $29.98, for a total value of $1,259,160.00. Following the transaction, the executive vice president now owns 97,141 shares in the company, valued at $2,912,287.18. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.70% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. FMR LLC raised its stake in Olin by 68.3% during the second quarter. FMR LLC now owns 12,699,713 shares of the specialty chemicals company’s stock valued at $364,736,000 after buying an additional 5,155,375 shares in the last quarter. Iridian Asset Management LLC CT raised its stake in Olin by 1.9% during the second quarter. Iridian Asset Management LLC CT now owns 7,577,714 shares of the specialty chemicals company’s stock valued at $217,632,000 after buying an additional 139,899 shares in the last quarter. Macquarie Group Ltd. raised its stake in Olin by 10.5% during the second quarter. Macquarie Group Ltd. now owns 3,890,639 shares of the specialty chemicals company’s stock valued at $111,739,000 after buying an additional 369,392 shares in the last quarter. Northern Trust Corp raised its stake in Olin by 0.7% during the second quarter. Northern Trust Corp now owns 1,329,809 shares of the specialty chemicals company’s stock valued at $38,192,000 after buying an additional 9,308 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in Olin by 8.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,181,523 shares of the specialty chemicals company’s stock valued at $33,934,000 after buying an additional 91,380 shares in the last quarter. Institutional investors and hedge funds own 87.77% of the company’s stock.

Olin Company Profile

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.

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