In a recent 8-K filing with the Securities and Exchange Commission, Olin Corporation (NYSE:OLN) disclosed that it will be entering a blackout period for its employee benefit plan, specifically the Olin Corporation Contributing Employee Ownership Plan (CEOP). The blackout is scheduled to begin on September 26, 2024, at 4:00 p.m. Eastern Time, and is expected to conclude the week of October 13, 2024.
This temporary suspension of trading is to accommodate the transition of the plan's administrative services from Voya to Empower. During this time, participants in the CEOP will not be able to access their accounts, transfer or diversify investments, including those in Olin common stock, or initiate loans, withdrawals, or distributions from the plan.
Olin Corporation, a Virginia-based company with a SIC code of 2800 for Chemicals & Allied Products, has its principal executive offices located in Clayton, Missouri. The blackout period notice is part of the company's ongoing commitment to adhere to regulatory requirements and ensure the proper management of its employee benefit plans.
For further details about the blackout period, shareholders and other interested parties can contact the Corporate Secretary of Olin Corporation at the company's Clayton office. The information provided in this article is based on the press release statement filed by Olin Corporation with the SEC.
In other recent news, Olin Corporation has seen a series of financial revisions from various analyst firms. BMO Capital initiated coverage on the company with a Market Perform rating, highlighting its strong leverage to potential recovery in end-markets and solid free cash flow. However, the firm expressed caution due to the current lack of visibility around a turnaround in Olin's end-markets and new capacity additions in the industry.
Olin has resumed chlor-alkali production after disruptions caused by Hurricane Beryl, lifting its systemwide force majeure on chlor-alkali products. Piper Sandler reduced its price target for Olin to $57 from $75, maintaining an Overweight rating, while BofA Securities downgraded Olin's stock from Buy to Neutral. JPMorgan (NYSE:JPM) upgraded Olin's stock from Neutral to Overweight, focusing on the company's strategic management of chlorine and caustic soda production.
The company's new EBITDA guidance is set at approximately $940 million, or $1,040 million when excluding the impact of Hurricane Beryl. KeyBanc, RBC Capital, and Citi also revised their price targets for Olin due to a challenging second half of the year.
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