Morgan Stanley Downgrades Olin (NYSE:OLN) to Equal Weight

Morgan Stanley downgraded shares of Olin (NYSE:OLN) from an overweight rating to an equal weight rating in a research report released on Friday, BenzingaRatingsTable reports. Morgan Stanley currently has $23.00 target price on the specialty chemicals company’s stock, down from their prior target price of $33.00.

Other equities research analysts have also recently issued reports about the stock. Nomura cut shares of Infosys from a neutral rating to a reduce rating in a research report on Monday, April 15th. Cowen restated a buy rating and set a $6.50 price objective on shares of Daseke in a research report on Monday, May 6th. Royal Bank of Canada cut their price objective on shares of Olin to $19.00 and set a sector perform rating for the company in a research report on Wednesday, July 10th. Alembic Global Advisors set a $95.00 price objective on shares of Celanese and gave the stock a sell rating in a research report on Monday, April 22nd. Finally, ValuEngine cut shares of Yext from a strong-buy rating to a buy rating in a research report on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $27.83.

Olin stock opened at $20.84 on Friday. Olin has a 12-month low of $17.87 and a 12-month high of $32.00. The firm has a market capitalization of $3.49 billion, a PE ratio of 11.91, a P/E/G ratio of 0.72 and a beta of 1.54. The stock’s 50-day moving average price is $21.59. The company has a current ratio of 1.48, a quick ratio of 0.85 and a debt-to-equity ratio of 1.08.

Olin (NYSE:OLN) last released its quarterly earnings data on Tuesday, April 30th. The specialty chemicals company reported $0.28 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by ($0.04). Olin had a return on equity of 11.12% and a net margin of 5.14%. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same quarter in the previous year, the business posted $0.12 earnings per share. Olin’s revenue for the quarter was down 9.2% on a year-over-year basis. Research analysts anticipate that Olin will post 1.41 earnings per share for the current fiscal year.

In other Olin news, EVP John L. Mcintosh sold 10,500 shares of Olin stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $21.74, for a total transaction of $228,270.00. Following the completion of the sale, the executive vice president now directly owns 100,812 shares in the company, valued at $2,191,652.88. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John L. Mcintosh sold 19,335 shares of Olin stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $22.54, for a total transaction of $435,810.90. Following the sale, the executive vice president now owns 81,477 shares of the company’s stock, valued at $1,836,491.58. The disclosure for this sale can be found here. 1.90% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC increased its position in shares of Olin by 99.8% during the first quarter. FMR LLC now owns 24,733,170 shares of the specialty chemicals company’s stock valued at $572,325,000 after acquiring an additional 12,354,303 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Olin by 0.4% in the first quarter. BlackRock Inc. now owns 19,435,921 shares of the specialty chemicals company’s stock valued at $449,746,000 after purchasing an additional 80,752 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Olin by 18.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,338,344 shares of the specialty chemicals company’s stock valued at $107,351,000 after purchasing an additional 844,972 shares during the period. Macquarie Group Ltd. boosted its stake in shares of Olin by 2.4% in the fourth quarter. Macquarie Group Ltd. now owns 4,037,707 shares of the specialty chemicals company’s stock valued at $81,198,000 after purchasing an additional 93,736 shares during the period. Finally, Norges Bank purchased a new position in shares of Olin in the fourth quarter valued at approximately $39,321,000. Institutional investors and hedge funds own 91.61% of the company’s stock.

About Olin

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, potassium hydroxide, chlorinated organics intermediates and solvents, and sodium hypochlorite.The Epoxy segment provides allyl chloride and epichlorohydrin, as well as acetone, bisphenol, cumene, and phenol for use in resins and other plastic materials, water purification, and pesticides, as well as for the manufacturers of polymers; liquid and solid epoxy resins that are used in adhesives, paints and coatings, composites, and flooring; and differentiated epoxy resins for use in electrical laminates, paints and coatings, wind blades, electronics, and construction, as well as offers additives.

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Analyst Recommendations for Olin (NYSE:OLN)

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