Olin (NYSE:OLN) Sets New 12-Month Low – Here’s What Happened

Olin Co. (NYSE:OLN)’s stock price hit a new 52-week low during trading on Tuesday . The company traded as low as $39.44 and last traded at $39.50, with a volume of 1929679 shares changing hands. The stock had previously closed at $42.19.

Analyst Ratings Changes

A number of research firms have recently commented on OLN. Piper Sandler dropped their price objective on shares of Olin from $57.00 to $51.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Barclays dropped their target price on shares of Olin from $49.00 to $45.00 and set an “equal weight” rating for the company in a research report on Monday, October 28th. Royal Bank of Canada reduced their price objective on Olin from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Tuesday, October 29th. Wells Fargo & Company decreased their price objective on shares of Olin from $48.00 to $44.00 and set an “equal weight” rating for the company in a report on Monday, October 28th. Finally, KeyCorp dropped their price target on Olin from $57.00 to $56.00 and set an “overweight” rating on the stock in a research note on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $51.86.

Olin Trading Down 7.4 %

The company has a market capitalization of $4.56 billion, a P/E ratio of 31.51, a price-to-earnings-growth ratio of 1.67 and a beta of 1.43. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.40 and a quick ratio of 0.82. The company has a fifty day simple moving average of $43.83 and a two-hundred day simple moving average of $45.39.

Olin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Thursday, November 14th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.80 annualized dividend and a dividend yield of 2.05%. Olin’s payout ratio is 64.52%.

Insider Buying and Selling

In other news, VP R Nichole Sumner sold 10,500 shares of Olin stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $43.75, for a total value of $459,375.00. Following the completion of the transaction, the vice president now owns 24,056 shares in the company, valued at approximately $1,052,450. The trade was a 30.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Olin

Institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC boosted its stake in Olin by 88.2% in the third quarter. Farther Finance Advisors LLC now owns 589 shares of the specialty chemicals company’s stock valued at $28,000 after acquiring an additional 276 shares during the last quarter. nVerses Capital LLC bought a new position in shares of Olin in the second quarter valued at $33,000. Covestor Ltd lifted its position in shares of Olin by 357.5% in the third quarter. Covestor Ltd now owns 915 shares of the specialty chemicals company’s stock valued at $44,000 after buying an additional 715 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in Olin in the 3rd quarter valued at about $47,000. Finally, Denver PWM LLC bought a new stake in shares of Olin in the second quarter valued at about $59,000. 88.67% of the stock is owned by institutional investors.

Olin Company Profile

Olin Corporation manufactures and distributes chemical products in the United States, Europe, Asia Pacific, Latin America, and Canada. 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, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, and chlorinated organics intermediates and solvents.