Olin (NYSE:OLN) Cut to “Underperform” at Bank of America

Olin (NYSE:OLN) was downgraded by research analysts at Bank of America from a “buy” rating to an “underperform” rating in a research note issued to investors on Tuesday, MarketBeat reports. They currently have a $21.00 price target on the specialty chemicals company’s stock. Bank of America‘s target price would indicate a potential upside of 1.01% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Royal Bank Of Canada set a $30.00 price objective on Olin and gave the company a “sector perform” rating in a report on Friday, April 10th. Wall Street Zen downgraded Olin from a “hold” rating to a “sell” rating in a research note on Saturday. Truist Financial upped their price objective on shares of Olin from $20.00 to $26.00 and gave the stock a “hold” rating in a research report on Monday, May 11th. The Goldman Sachs Group increased their price objective on shares of Olin from $22.00 to $31.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 12th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Olin from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $27.31.

Olin Stock Down 4.3%

NYSE OLN opened at $20.79 on Tuesday. The company has a current ratio of 1.36, a quick ratio of 0.82 and a debt-to-equity ratio of 1.73. Olin has a 1-year low of $18.08 and a 1-year high of $30.46. The company has a 50 day moving average of $25.48 and a 200-day moving average of $24.75. The company has a market cap of $2.37 billion, a price-to-earnings ratio of -18.56 and a beta of 1.17.

Institutional Trading of Olin

Hedge funds have recently added to or reduced their stakes in the stock. Choreo LLC bought a new stake in Olin during the 3rd quarter worth $726,000. Invenomic Capital Management LP acquired a new stake in Olin during the 3rd quarter worth approximately $5,761,000. Harbor Capital Advisors Inc. increased its position in Olin by 39.4% in the 4th quarter. Harbor Capital Advisors Inc. now owns 132,013 shares of the specialty chemicals company’s stock valued at $2,750,000 after acquiring an additional 37,289 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Olin by 142.0% during the fourth quarter. SG Americas Securities LLC now owns 455,757 shares of the specialty chemicals company’s stock worth $9,493,000 after purchasing an additional 267,458 shares during the period. Finally, Stanley Laman Group Ltd. acquired a new position in shares of Olin during the fourth quarter worth $3,722,000. Institutional investors and hedge funds own 88.67% of the company’s stock.

About Olin

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.