Owens Corning Inc (OC) Short Interest Update
Owens Corning Inc (NYSE:OC) saw a significant drop in short interest in the month of September. As of September 15th, there was short interest totalling 2,571,150 shares, a drop of 29.2% from the August 31st total of 3,633,734 shares. Based on an average trading volume of 1,557,049 shares, the days-to-cover ratio is currently 1.7 days. Currently, 2.3% of the company’s shares are sold short.
OC has been the topic of a number of research analyst reports. SunTrust Banks, Inc. reiterated a “hold” rating on shares of Owens Corning in a 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 restated a “buy” rating and issued a $72.00 target price on shares of Owens Corning in a research note on Sunday, July 9th. Stifel Nicolaus restated a “buy” rating and issued a $83.00 target price on shares of Owens Corning in a research note on Friday, September 1st. Finally, KeyCorp restated an “overweight” rating and set a $75.00 price target (up from $70.00) on shares of Owens Corning in a research report on Monday, June 26th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $72.60.
Owens Corning (NYSE OC) opened at 78.61 on Wednesday. The stock has a market capitalization of $8.74 billion, a price-to-earnings ratio of 22.58 and a beta of 1.05. The company has a 50-day moving average of $73.32 and a 200-day moving average of $66.13. Owens Corning has a one year low of $46.45 and a one year high of $78.97.
Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 EPS for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.12. The company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The firm’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.29 EPS. On average, equities analysts forecast that Owens Corning will post $4.30 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 2nd. Stockholders of record on Monday, October 16th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date of this dividend is Friday, October 13th. Owens Corning’s dividend payout ratio is presently 23.05%.
In related news, insider Arnaud Genis sold 6,000 shares of the business’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $70.75, for a total transaction of $424,500.00. Following the transaction, the insider now owns 58,374 shares in the company, valued at $4,129,960.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Michael C. Mcmurray sold 14,000 shares of the business’s stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $76.52, for a total transaction of $1,071,280.00. Following the transaction, the chief financial officer now owns 40,903 shares in the company, valued at approximately $3,129,897.56. The disclosure for this sale can be found here. Insiders sold 212,866 shares of company stock valued at $15,644,970 in the last ninety days. 1.80% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Owens Corning by 4,010.8% in the first quarter. BlackRock Inc. now owns 6,496,203 shares of the construction company’s stock valued at $398,669,000 after buying an additional 6,338,177 shares during the last quarter. Renaissance Technologies LLC raised its position in Owens Corning by 71.7% during the 1st quarter. Renaissance Technologies LLC now owns 1,169,800 shares of the construction company’s stock worth $71,791,000 after buying an additional 488,500 shares during the last quarter. PGGM Investments purchased a new position in Owens Corning during the 2nd quarter worth approximately $26,366,000. Boston Partners purchased a new position in Owens Corning during the 2nd quarter worth approximately $26,195,000. Finally, Schwab Charles Investment Management Inc. raised its position in Owens Corning by 36.0% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,383,533 shares of the construction company’s stock worth $84,908,000 after buying an additional 366,192 shares during the last quarter. 96.84% of the stock is owned by hedge funds and other institutional investors.
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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