Short Interest in Owens Corning Inc (OC) Declines By 29.2%
Owens Corning Inc (NYSE:OC) saw a significant decrease in short interest in the month of September. As of September 15th, there was short interest totalling 2,571,150 shares, a decrease of 29.2% from the August 31st total of 3,633,734 shares. Currently, 2.3% of the company’s stock are sold short. Based on an average daily trading volume, of 1,557,049 shares, the short-interest ratio is presently 1.7 days.
Shares of Owens Corning (NYSE:OC) opened at 79.25 on Friday. The firm has a 50-day moving average price of $74.33 and a 200 day moving average price of $66.43. The company has a market cap of $8.81 billion, a price-to-earnings ratio of 22.77 and a beta of 1.05. Owens Corning has a 1-year low of $46.45 and a 1-year high of $79.44.
Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The firm had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the previous year, the business earned $1.29 EPS. The company’s revenue was up 3.4% compared to the same quarter last year. On average, analysts predict that Owens Corning will post $4.32 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 2nd. Stockholders of record on Monday, October 16th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Friday, October 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.01%. Owens Corning’s payout ratio is presently 23.05%.
In other news, VP Kelly Schmidt sold 1,462 shares of the company’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $70.35, for a total transaction of $102,851.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Julian Francis sold 2,679 shares of the company’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $74.12, for a total value of $198,567.48. Following the transaction, the insider now directly owns 25,643 shares of the company’s stock, valued at $1,900,659.16. The disclosure for this sale can be found here. Insiders have sold 212,866 shares of company stock valued at $15,644,970 over the last ninety days. 1.80% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in OC. Geneva Advisors LLC raised its holdings in shares of Owens Corning by 6.2% in the 2nd quarter. Geneva Advisors LLC now owns 10,380 shares of the construction company’s stock worth $695,000 after purchasing an additional 603 shares during the period. Marshall Wace North America L.P. raised its holdings in shares of Owens Corning by 317.3% in the 2nd quarter. Marshall Wace North America L.P. now owns 92,940 shares of the construction company’s stock worth $6,227,000 after purchasing an additional 70,667 shares during the period. Aviva PLC raised its holdings in shares of Owens Corning by 14.3% in the 2nd quarter. Aviva PLC now owns 39,967 shares of the construction company’s stock worth $2,674,000 after purchasing an additional 5,000 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Owens Corning by 17.0% in the 1st quarter. JPMorgan Chase & Co. now owns 472,051 shares of the construction company’s stock worth $28,969,000 after purchasing an additional 68,626 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in shares of Owens Corning by 71.7% in the 1st quarter. Renaissance Technologies LLC now owns 1,169,800 shares of the construction company’s stock worth $71,791,000 after purchasing an additional 488,500 shares during the period. Hedge funds and other institutional investors own 96.84% of the company’s stock.
OC has been the subject of several recent research reports. SunTrust Banks, Inc. reaffirmed a “hold” rating on shares of Owens Corning in a research report on Tuesday, September 12th. BidaskClub raised Owens Corning from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Jefferies Group LLC reiterated a “buy” rating and set a $72.00 target price on shares of Owens Corning in a report on Sunday, July 9th. Stifel Nicolaus reiterated a “buy” rating and set a $83.00 target price on shares of Owens Corning in a report on Friday, September 1st. Finally, KeyCorp reiterated an “overweight” rating and set a $75.00 target price (up previously from $70.00) on shares of Owens Corning in a report on Monday, June 26th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $72.47.
TRADEMARK VIOLATION WARNING: This piece of content was first published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this piece of content on another site, it was stolen and reposted in violation of US & international trademark & copyright legislation. The legal version of this piece of content can be viewed at https://www.thecerbatgem.com/2017/10/07/short-interest-in-owens-corning-inc-oc-declines-by-29-2.html.
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.
Receive News & Stock Ratings for Owens Corning Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning Inc and related stocks with our FREE daily email newsletter.