Stock Traders Buy High Volume of Owens Corning Put Options (OC)

Owens Corning Inc (NYSE:OC) was the target of unusually large options trading activity on Tuesday. Investors acquired 1,214 put options on the stock. This represents an increase of approximately 1,152% compared to the typical volume of 97 put options.

OC has been the subject of a number of research reports. SunTrust Banks reiterated a “hold” rating on shares of Owens Corning in a research report on Tuesday, September 12th. BidaskClub upgraded shares of Owens Corning from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Credit Suisse Group lifted their price target on shares of Owens Corning from $90.00 to $95.00 and gave the company an “outperform” rating in a research report on Friday, November 17th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $83.00 target price on shares of Owens Corning in a research note on Friday, September 1st. Finally, Barclays set a $75.00 target price on shares of Owens Corning and gave the stock a “hold” rating in a research note on Thursday, October 26th. Eight investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Owens Corning has a consensus rating of “Buy” and a consensus price target of $78.70.

Owens Corning (OC) opened at $88.35 on Friday. Owens Corning has a 1-year low of $50.77 and a 1-year high of $90.15. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.99. The company has a market cap of $9,966.08, a price-to-earnings ratio of 22.29, a price-to-earnings-growth ratio of 1.35 and a beta of 1.08.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.26 by ($0.01). The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.63 billion. Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. Owens Corning’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.09 EPS. equities analysts expect that Owens Corning will post 4.33 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, November 2nd. Stockholders of record on Monday, October 16th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.91%. The ex-dividend date of this dividend was Friday, October 13th. Owens Corning’s payout ratio is currently 23.88%.

In other news, CFO Michael C. Mcmurray sold 14,000 shares of the 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 completion of the sale, the chief financial officer now owns 40,903 shares in the company, valued at $3,129,897.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Ava Harter sold 487 shares of the firm’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $81.96, for a total transaction of $39,914.52. The disclosure for this sale can be found here. Insiders have sold 252,497 shares of company stock valued at $20,069,268 in the last quarter. Insiders own 1.80% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in OC. Vantage Financial Partners Ltd. Inc. bought a new position in Owens Corning in the 2nd quarter worth about $228,000. Grove Bank & Trust grew its position in Owens Corning by 213.5% in the 3rd quarter. Grove Bank & Trust now owns 1,630 shares of the construction company’s stock worth $126,000 after purchasing an additional 1,110 shares during the last quarter. Creative Planning grew its position in Owens Corning by 104.3% in the 2nd quarter. Creative Planning now owns 2,043 shares of the construction company’s stock worth $137,000 after purchasing an additional 1,043 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in Owens Corning in the 3rd quarter worth about $202,000. Finally, Worth Venture Partners LLC bought a new position in Owens Corning in the 3rd quarter worth about $213,000. 94.61% of the stock is owned by institutional investors.

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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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