Short Interest in Owens Corning Inc (OC) Grows By 54.4%
Owens Corning Inc (NYSE:OC) was the target of a significant growth in short interest during the month of August. As of August 15th, there was short interest totalling 3,305,450 shares, a growth of 54.4% from the July 31st total of 2,140,988 shares. Approximately 3.0% of the company’s stock are sold short. Based on an average daily trading volume, of 913,531 shares, the short-interest ratio is presently 3.6 days.
In other Owens Corning news, Director James J. Mcmonagle sold 2,000 shares of Owens Corning stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $64.60, for a total value of $129,200.00. Following the completion of the transaction, the director now directly owns 50,906 shares of the company’s stock, valued at $3,288,527.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Arnaud Genis sold 21,544 shares of Owens Corning stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $65.44, for a total transaction of $1,409,839.36. Following the completion of the transaction, the insider now directly owns 80,143 shares of the company’s stock, valued at $5,244,557.92. The disclosure for this sale can be found here. Insiders sold 89,031 shares of company stock valued at $6,118,197 over the last ninety days. Corporate insiders own 1.80% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC boosted its stake in Owens Corning by 77.7% in the first quarter. Janney Montgomery Scott LLC now owns 10,356 shares of the construction company’s stock valued at $636,000 after buying an additional 4,528 shares during the period. IFP Advisors Inc boosted its position in Owens Corning by 45.3% in the first quarter. IFP Advisors Inc now owns 2,558 shares of the construction company’s stock valued at $157,000 after buying an additional 798 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in Owens Corning by 18.2% in the first quarter. Canada Pension Plan Investment Board now owns 177,280 shares of the construction company’s stock valued at $10,880,000 after buying an additional 27,300 shares during the last quarter. Geneva Advisors LLC acquired a new position in Owens Corning during the first quarter valued at about $600,000. Finally, Commerzbank Aktiengesellschaft FI boosted its position in Owens Corning by 13.3% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 10,027 shares of the construction company’s stock valued at $615,000 after buying an additional 1,180 shares during the last quarter. Institutional investors and hedge funds own 96.79% of the company’s stock.
Owens Corning (OC) opened at 71.76 on Thursday. Owens Corning has a 52-week low of $46.45 and a 52-week high of $71.81. The firm has a 50 day moving average of $66.95 and a 200-day moving average of $63.01. The company has a market capitalization of $7.98 billion, a price-to-earnings ratio of 20.61 and a beta of 1.11.
Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.12. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the prior year, the business earned $1.29 earnings per share. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. Equities analysts expect that Owens Corning will post $4.28 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 2nd. Stockholders of record on Monday, July 17th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.11%. The ex-dividend date was Thursday, July 13th. Owens Corning’s dividend payout ratio (DPR) is presently 23.05%.
OC has been the subject of several recent analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and issued a $83.00 target price on shares of Owens Corning in a report on Friday, July 28th. Jefferies Group LLC reiterated a “buy” rating and issued a $72.00 price target on shares of Owens Corning in a research note on Sunday, July 9th. Barclays PLC lifted their price target on shares of Owens Corning from $64.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 28th. Northcoast Research set a $76.00 price target on shares of Owens Corning and gave the stock a “buy” rating in a research note on Tuesday, June 27th. Finally, BidaskClub upgraded shares of Owens Corning from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $70.53.
About Owens Corning
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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