Is Olin Corporation (OLN) A Good Stock To Buy?

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that got rid of their entire stakes in the stock during the third quarter. Intriguingly, Jean-Marie Eveillard’s First Eagle Investment Management got rid of the largest investment of the 700 funds watched by Insider Monkey, worth close to $70.3 million in stock, and Jonathan Barrett and Paul Segal’s Luminus Management was right behind this move, as the fund dumped about $25.4 million worth of shares.

Let’s go over hedge fund activity in other stocks – not necessarily in the same industry as Olin Corporation (NYSE:OLN) but similarly valued. We will take a look at IDACORP Inc (NYSE:IDA), Advanced Micro Devices, Inc. (NYSE:AMD), Lincoln Electric Holdings, Inc. (NASDAQ:LECO), and Juno Therapeutics Inc (NASDAQ:JUNO). This group of stocks’ market values resemble OLN’s market value.

As you can see these stocks had an average of 21.5 hedge funds with bullish positions and the average amount invested in these stocks was $264 million. That figure was $989 million in OLN’s case. Advanced Micro Devices, Inc. (NYSE:AMD) is the most popular stock in this table. On the other hand IDACORP Inc (NYSE:IDA) is the least popular one with only 6 bullish hedge fund positions. Olin Corporation (NYSE:OLN) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard AMD might be a better candidate to consider taking a long position in.

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