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 $193,336 were sold by VARILEK JAMES A on Aug 18. At $57.81 per share, VARILEK JAMES A sold 3,345 shares. The insider’s holdings dropped to 0 shares worth approximately $0.0 following the completion of this transaction.
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Also, Sumner R Nichole sold 9,518 shares, netting a total of over 617,009 in proceeds. Following the sale of shares at $64.83 each, the insider now holds 12,242 shares.
Before that, VARILEK JAMES A had sold 28,265 shares from its account. In a trade valued at $1,830,458, the EVP & COO traded Olin Corporation shares for $64.76 each. Upon closing the transaction, the insider’s holdings decreased to 28,265 shares, worth approximately $0.8 million.
As published in their initiating research note from Credit Suisse on September 06, 2022, Olin Corporation [OLN] has been an Underperform and the price target has been revised to $51. This represents a 11.29% premium over Thursday’s closing price. Analysts at Citigroup downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in mid June. As of June 15, 2022, RBC Capital Mkts has reiterated its “an Outperform” rating for OLN. Earlier on March 14, 2022, KeyBanc Capital Markets upgraded its rating. Their new recommendation was “an Overweight” for OLN stock which previously was a “a Sector weight”.
Analyzing OLN’s Price Performance
On Thursday, Olin Corporation [NYSE: OLN] plunged -0.02% to $45.24. The stock’s lowest price that day was $44.90, but it reached a high of $46.08 in the same session. During the last five days, there has been a drop of approximately -7.24%. Over the course of the year, Olin Corporation shares have dropped approximately -21.35%. Shares of the company reached a 52-week high of $67.25 on 06/02/22 and a 52-week low of $43.02 on 07/05/22. A 50-day SMA is recorded $52.28, while a 200-day SMA reached $53.75. Nevertheless, trading volume fell to 1.52 million shares from 1.9 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 44.73, which, if violated, would cause prices to drop to 44.23. In the upper region, resistance lies at 45.91. The next price resistance is at 46.59. RSI (Relative Strength Index) is 31.14 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -4.94, which suggests the price will decrease in the coming days. Percent R is at 92.03%, 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 rise in short interest on Jul 14, 2022 jumping by 1.26 million shares to 4.38 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 3.12 million shares. A jump of 28.77% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.88 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.88.
Which companies own the most shares of Olin Corporation (OLN)?
According to The Vanguard Group, Inc. filings, the company currently owns 15,701,772 shares, which is about 10.82% of the total OLN shares outstanding. The investor’s shares have appreciated by 20,692 from its previous 13-F filing of 15681080.0 shares. With the completion of the sale transaction, BlackRock Fund Advisors’s stake is now worth $594,532,229. Sachem Head Capital Management LP reduced a -20.92% interest valued at $516.54 million while Fidelity Management & Research Co purchased a 9,717 stake. A total of -102,684 shares of Olin Corporation were bought by SSgA Funds Management, Inc. during the quarter, and -339,498 were sold by Dimensional Fund Advisors LP. In its current portfolio, Hotchkis & Wiley Capital Manageme holds 4,251,850 shares valued at $232.41 million.
In terms of Olin Corporation share price expectations, FactSet research, analysts set an average price target of $64.00 in the next 12 months, up nearly 33.7% from the previous closing price of $45.25. Analysts anticipate Olin Corporation stock to reach $93.00 by 2022, with the lowest price target being $45.00. In spite of this, 17 analysts ranked Olin Corporation stock as an Overweight at the end of 2022.