Olin (NYSE:OLN) Shares Down 8.7% – Here’s What Happened

Olin Corporation (NYSE:OLN)’s share price dropped 8.7% during mid-day trading on Wednesday . The stock traded as low as $26.01 and last traded at $27.5320. Approximately 1,151,980 shares were traded during trading, a decline of 64% from the average daily volume of 3,243,136 shares. The stock had previously closed at $30.14.

Wall Street Analyst Weigh In

OLN has been the subject of several recent research reports. KeyCorp decreased their price target on Olin from $29.00 to $26.00 and set an “overweight” rating for the company in a report on Monday, February 2nd. Mizuho upped their price target on Olin from $24.00 to $26.00 and gave the stock a “neutral” rating in a report on Tuesday, March 31st. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $26.00 price target on shares of Olin in a report on Tuesday, February 10th. UBS Group set a $21.00 price target on Olin in a report on Monday, February 2nd. Finally, Truist Financial decreased their price target on Olin from $23.00 to $20.00 and set a “hold” rating for the company in a report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $24.43.

Olin Price Performance

The stock has a market cap of $3.21 billion, a P/E ratio of -74.20 and a beta of 1.37. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.73 and a current ratio of 1.21. The business has a 50 day simple moving average of $25.40 and a 200-day simple moving average of $23.20.

Olin (NYSE:OLN) last announced its quarterly earnings data on Thursday, January 29th. The specialty chemicals company reported ($0.58) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.58). The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.61 billion. Olin had a negative return on equity of 0.48% and a negative net margin of 0.63%.The business’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.09 EPS. On average, sell-side analysts forecast that Olin Corporation will post 1.38 EPS for the current year.

Olin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Tuesday, March 3rd. Olin’s dividend payout ratio is -210.53%.

Insider Buying and Selling at Olin

In other Olin news, VP R Nichole Sumner sold 4,750 shares of the company’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $22.49, for a total value of $106,827.50. Following the completion of the transaction, the vice president owned 24,771 shares in the company, valued at $557,099.79. This represents a 16.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Angela M. Castle sold 2,379 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $24.25, for a total value of $57,690.75. Following the completion of the transaction, the vice president owned 1,528 shares of the company’s stock, valued at $37,054. This trade represents a 60.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 99,379 shares of company stock worth $2,238,298 in the last quarter. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of OLN. Strategic Advocates LLC purchased a new position in shares of Olin during the 3rd quarter valued at $25,000. Rockefeller Capital Management L.P. lifted its position in shares of Olin by 115.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,231 shares of the specialty chemicals company’s stock valued at $26,000 after buying an additional 659 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Olin during the 1st quarter valued at $32,000. Bessemer Group Inc. lifted its position in shares of Olin by 712.7% during the 3rd quarter. Bessemer Group Inc. now owns 1,341 shares of the specialty chemicals company’s stock valued at $34,000 after buying an additional 1,176 shares during the last quarter. Finally, Allworth Financial LP lifted its position in shares of Olin by 114.0% during the 3rd quarter. Allworth Financial LP now owns 1,740 shares of the specialty chemicals company’s stock valued at $43,000 after buying an additional 927 shares during the last quarter. Institutional investors own 88.67% of the company’s stock.

Olin Company Profile

Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company’s core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin’s chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications.

In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds.