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Insiders Active in Olin (OLN) Amid Better Pricing, Volumes

by | Nov 7, 2021

Olin (OLN) with a rare open market buy last week from director Anthony Will of 10,000 shares at $61.35, a sizable investment in the name trading up at multi-year highs. This is also the largest open market buy in the name in over four years. OLN shares have traded very well in 2021 up over 150% and up over 200% in the last twelve months. Shares broke out of a big weekly flag recently and continuation of the strong move from the August 2020 lows. The $9.94B company trades 7.36X earnings, 1.22X sales, and 32.5X cash with a 1.3% yield. OLN is a leading manufacturer of chemicals products in the US from chlor alkali Products and vinyls to Epoxy. Their use case stretches across electrical laminates, paints and coatings, wind blades, electronics, and construction. OLN is coming off a solid quarter despite disruptions raw material costs and supply chain issues as they execute well on price hikes and demand remains robust. Analysts have an average target for shares of $66 with a Street High $85. Piper raising estimates recently citing strong execution on a strategic growth program that is already ahead of schedule while closing in on Phase 3, acquisition. The firm sees the company altering the future price landscape for both chlorine and epoxy resins by leveraging their position as the producer of the marginal ton of both chlorine and the key epoxy resin raw material, epichlorohydrin. They also note Olin is a rare case in the industry where pricing power can be wielded with substantive effect. Short interest is 2.6%. Hedge fund ownership fell 1% last quarter. Sachem Head a top holder with 11.95M shares. Options flow has been bullish with buyers in the February $45 calls and January 2023 $60 calls recently.

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