Olin (NYSE:OLN) Stock Price Down 4.9% – What’s Next?

Olin Corporation (NYSE:OLN)’s share price dropped 4.9% on Thursday . The stock traded as low as $19.91 and last traded at $19.9750. Approximately 1,116,834 shares were traded during trading, a decline of 62% from the average session volume of 2,966,617 shares. The stock had previously closed at $21.00.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on OLN shares. BMO Capital Markets decreased their price objective on shares of Olin from $30.00 to $25.00 and set a “market perform” rating for the company in a research note on Monday, July 6th. Zacks Research upgraded Olin from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. Truist Financial upped their target price on Olin from $20.00 to $26.00 and gave the company a “hold” rating in a report on Monday, May 11th. UBS Group increased their price target on Olin from $29.00 to $31.00 and gave the company a “neutral” rating in a research report on Wednesday, May 13th. Finally, Morgan Stanley lifted their price target on Olin from $18.00 to $22.00 and gave the stock an “underweight” rating in a report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $27.15.

Olin Trading Up 2.1%

The stock’s 50 day simple moving average is $24.30 and its two-hundred day simple moving average is $24.67. The stock has a market capitalization of $2.35 billion, a PE ratio of -18.41 and a beta of 1.21. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.36 and a quick ratio of 0.82.

Olin Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Thursday, May 14th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, May 14th. This represents a $0.80 annualized dividend and a dividend yield of 3.9%. Olin’s dividend payout ratio is presently -71.43%.

Hedge Funds Weigh In On Olin

Several large investors have recently modified their holdings of OLN. Hotchkis & Wiley Capital Management LLC raised its holdings in Olin by 5.5% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 12,690,488 shares of the specialty chemicals company’s stock valued at $317,135,000 after acquiring an additional 661,730 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Olin by 22.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,627,997 shares of the specialty chemicals company’s stock worth $167,311,000 after acquiring an additional 1,031,498 shares during the period. State Street Corp grew its position in shares of Olin by 1.1% in the second quarter. State Street Corp now owns 4,830,406 shares of the specialty chemicals company’s stock valued at $97,043,000 after purchasing an additional 50,309 shares in the last quarter. Pzena Investment Management LLC grew its position in shares of Olin by 17.5% in the fourth quarter. Pzena Investment Management LLC now owns 4,507,913 shares of the specialty chemicals company’s stock valued at $93,900,000 after purchasing an additional 671,250 shares in the last quarter. Finally, Orbis Allan Gray Ltd raised its stake in shares of Olin by 448.9% during the 4th quarter. Orbis Allan Gray Ltd now owns 3,804,561 shares of the specialty chemicals company’s stock valued at $79,249,000 after purchasing an additional 3,111,393 shares during the period. Hedge funds and other 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.