Olin is a manufacturer concentrated in two business segments: Chlor Alkali Products and Winchester. Chlor Alkali Products manufactures chlorine and caustic soda, sodium hydrosulfite, hydrochloric acid, hydrogen, potassium hydroxide and bleach products. Winchester products include sporting ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.

The stock has fallen 54% from its high of $30.39, closing yesterday at $12.69. Its industrial component brought it down with the depressed economy, even though earnings have increased year over year, helped by Winchester's increased sales. A weak forecast and analysts' expectations took the stock 10% lower after the report, which I took as a buying opportunity!

As "my pal Warren" might jest, another boring stock added to my portfolio.

Trading at a low 0.78 price-to-sales ratio and a modest price-to-book of 1.46 combined with Olin's yield and longevity -- the company got my attention. Looking further to more commonly used metrics, the trailing P/E is only 8.73, with low debt and a high return on equity.

I am not dreaming of this stock popping back to its $30 level any time soon, but I think it is reasonable to envision Olin trading near its average of five years ago, which could push it up to the $18 to $20 range long before 2010 ends; it was close to $15 only days ago. Whether the possibility of a 70% to 80% stock increase in that time appeals to you, or your not greedy and would be delighted to get the 5% yield -- Olin is worth consideration.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I own shares of OLN.