The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Olin Corporation shares valued at $617,009 were sold by Sumner R Nichole on May 27. At $64.83 per share, Sumner R Nichole sold 9,518 shares. The insider’s holdings dropped to 12,242 shares worth approximately $0.58 million following the completion of this transaction.
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Also, VARILEK JAMES A sold 28,265 shares, netting a total of over 1,830,458 in proceeds. Following the sale of shares at $64.76 each, the insider now holds 17,761 shares.
Before that, VARILEK JAMES A had sold 1,602 shares from its account. In a trade valued at $103,745, the EVP & COO traded Olin Corporation shares for $64.76 each. Upon closing the transaction, the insider’s holdings decreased to 1,602 shares, worth approximately $0.84 million.
As published in a research note from Citigroup on June 17, 2022, Olin Corporation [OLN] has been rated down from a Buy to a Neutral and the price target has been revised to $55 from $74. This represents a 14.29% premium over Wednesday’s closing price. Analysts at RBC Capital Mkts resumed the stock at ‘”an Outperform”‘ outlook in a report released in mid June. As of March 14, 2022, KeyBanc Capital Markets has increased its “Sector weight” rating to a “an Overweight” for OLN. Earlier on November 22, 2021, KeyBanc Capital Markets downgraded its rating. Their new recommendation was “a Sector weight” for OLN stock which previously was a “an Overweight”.
Analyzing OLN’s Price Performance
On Wednesday, Olin Corporation [NYSE: OLN] plunged -2.96% to $47.14. The stock’s lowest price that day was $45.63, but it reached a high of $47.58 in the same session. During the last five days, there has been a drop of approximately -17.60%. Over the course of the year, Olin Corporation shares have dropped approximately -18.05%. Shares of the company reached a 52-week high of $67.25 on 06/02/22 and a 52-week low of $44.24 on 03/07/22. A 50-day SMA is recorded $59.59, while a 200-day SMA reached $54.65. Nevertheless, trading volume fell to 3.37 million shares from 2.41 million shares the previous day.
Support And Resistance Levels for Olin Corporation (OLN)
According to the 24-hour chart, there is a support level at 45.99, which, if violated, would cause prices to drop to 44.83. In the upper region, resistance lies at 47.94. The next price resistance is at 48.73. RSI (Relative Strength Index) is 25.29 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -10.10, which suggests the price will decrease in the coming days. Percent R is at 93.02%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Olin Corporation subject to short interest?
Stocks of Olin Corporation saw a sharp steep in short interest on Apr 28, 2022 dropping by 20000.0 shares to 2.96 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2022 was 2.98 million shares. A decline of -0.68% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.5 of the overall float, the days-to-cover ratio (short ratio) decline to 1.5.
Which companies own the most shares of Olin Corporation (OLN)?
According to The Vanguard Group, Inc. filings, the company currently owns 15,681,080 shares, which is about 10.33% of the total OLN shares outstanding. The investor’s shares have appreciated by 498,576 from its previous 13-F filing of 15182504.0 shares. With the completion of the sale, BlackRock Fund Advisors’s stake is now worth $730,631,766. Sachem Head Capital Management LP reduced a -20.79% interest valued at $622.71 million while SSgA Funds Management, Inc. purchased a 31,587 stake. A total of -8,562,917 shares of Olin Corporation were bought by Fidelity Management & Research Co during the quarter, and -1,350,915 were sold by Dimensional Fund Advisors LP. In its current portfolio, Fuller & Thaler Asset Management, holds 3,854,707 shares valued at $253.6 million.
In terms of Olin Corporation share price expectations, FactSet research, analysts set an average price target of $73.81 in the next 12 months, up nearly 51.3% from the previous closing price of $48.58. Analysts anticipate Olin Corporation stock to reach $100.00 by 2022, with the lowest price target being $55.00. In spite of this, 18 analysts ranked Olin Corporation stock as a Buy at the end of 2022. On September 14, 2021, Piper Sandler assigned a price target of “an Overweight” to the stock and initiated coverage with a $70.