Owens Corning Inc (OC) Short Interest Update
Owens Corning Inc (NYSE:OC) saw a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 3,737,988 shares, a growth of 48.5% from the October 13th total of 2,517,160 shares. Approximately 3.4% of the company’s stock are short sold. Based on an average daily trading volume, of 1,436,187 shares, the short-interest ratio is presently 2.6 days.
In related news, insider Arnaud Genis sold 6,000 shares of the business’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $70.75, for a total transaction of $424,500.00. Following the completion of the transaction, the insider now owns 58,374 shares of the company’s stock, valued at approximately $4,129,960.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Michael H. Thaman sold 130,700 shares of the business’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $74.95, for a total value of $9,795,965.00. Following the transaction, the chairman now directly owns 847,992 shares of the company’s stock, valued at approximately $63,557,000.40. The disclosure for this sale can be found here. Insiders sold 198,779 shares of company stock valued at $14,735,728 in the last ninety days. Insiders own 1.80% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Owens Corning by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 10,562,420 shares of the construction company’s stock worth $706,837,000 after acquiring an additional 190,866 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Owens Corning by 0.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,666,185 shares of the construction company’s stock worth $245,337,000 after acquiring an additional 27,809 shares in the last quarter. Allianz Asset Management GmbH boosted its holdings in shares of Owens Corning by 22.4% in the 3rd quarter. Allianz Asset Management GmbH now owns 1,798,466 shares of the construction company’s stock worth $139,112,000 after acquiring an additional 328,726 shares in the last quarter. LSV Asset Management boosted its holdings in shares of Owens Corning by 21.2% in the 2nd quarter. LSV Asset Management now owns 1,680,100 shares of the construction company’s stock worth $112,432,000 after acquiring an additional 294,400 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its holdings in shares of Owens Corning by 1.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,401,027 shares of the construction company’s stock worth $93,757,000 after acquiring an additional 17,494 shares in the last quarter. 97.61% of the stock is currently owned by institutional investors and hedge funds.
Shares of Owens Corning (OC) opened at $82.19 on Thursday. Owens Corning has a 12 month low of $50.77 and a 12 month high of $83.44. The firm has a market capitalization of $9,144.01, a P/E ratio of 20.45, a PEG ratio of 1.44 and a beta of 1.08. The company has a quick ratio of 0.99, a current ratio of 1.66 and a debt-to-equity ratio of 0.62.
Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, October 25th. The construction company reported $1.25 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.01). The business had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.63 billion. Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. The firm’s revenue was up 12.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.09 earnings per share. sell-side analysts predict that Owens Corning will post 4.32 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 2nd. Stockholders of record on Monday, October 16th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.97%. The ex-dividend date of this dividend was Friday, October 13th. Owens Corning’s payout ratio is currently 23.88%.
Several brokerages recently issued reports on OC. Credit Suisse Group set a $90.00 price target on Owens Corning and gave the company an “outperform” rating in a research note on Tuesday, October 17th. Evercore ISI restated an “outperform” rating and set a $80.00 price target (down from $88.00) on shares of Owens Corning in a research note on Wednesday, October 11th. Nomura restated a “neutral” rating and set a $79.00 price target on shares of Owens Corning in a research note on Monday, September 11th. Stifel Nicolaus restated a “buy” rating and set a $83.00 price target on shares of Owens Corning in a research note on Friday, September 1st. Finally, Wells Fargo & Company upgraded Owens Corning from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $68.00 to $83.00 in a research note on Wednesday, August 30th. Eight research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Owens Corning presently has an average rating of “Buy” and an average target price of $76.95.
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Owens Corning Company Profile
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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