Short Interest in Owens Corning (NYSE:OC) Rises By 24.4%

Owens Corning (NYSE:OCGet Rating) was the target of a large increase in short interest in May. As of May 31st, there was short interest totalling 3,820,000 shares, an increase of 24.4% from the May 15th total of 3,070,000 shares. Currently, 4.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 895,500 shares, the days-to-cover ratio is currently 4.3 days.

OC has been the subject of a number of research analyst reports. Royal Bank of Canada increased their price objective on shares of Owens Corning from $97.00 to $105.00 and gave the company a “sector perform” rating in a report on Tuesday, February 22nd. JPMorgan Chase & Co. lowered their target price on Owens Corning from $108.00 to $94.00 and set a “neutral” rating for the company in a research report on Wednesday, April 20th. Barclays lowered their target price on Owens Corning from $111.00 to $100.00 in a research report on Thursday, April 28th. Bank of America downgraded Owens Corning from a “buy” rating to an “underperform” rating and lowered their target price for the company from $119.00 to $80.00 in a research report on Friday. Finally, Loop Capital lowered their target price on Owens Corning from $120.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, April 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $106.82.

OC stock opened at $75.97 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.72 and a debt-to-equity ratio of 0.68. The business’s fifty day simple moving average is $90.65 and its two-hundred day simple moving average is $91.08. Owens Corning has a twelve month low of $72.97 and a twelve month high of $101.12. The firm has a market cap of $7.38 billion, a price-to-earnings ratio of 7.18, a PEG ratio of 0.51 and a beta of 1.37.

Owens Corning (NYSE:OCGet Rating) last announced its quarterly earnings results on Wednesday, April 27th. The construction company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.42 by $0.42. The firm had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.23 billion. Owens Corning had a return on equity of 24.44% and a net margin of 12.20%. The business’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.73 earnings per share. Research analysts expect that Owens Corning will post 11.65 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 4th. Stockholders of record on Monday, July 18th will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, July 15th. This represents a $1.40 annualized dividend and a dividend yield of 1.84%. Owens Corning’s dividend payout ratio is currently 13.23%.

Institutional investors have recently made changes to their positions in the company. Huntington National Bank grew its stake in Owens Corning by 1,566.7% in the first quarter. Huntington National Bank now owns 350 shares of the construction company’s stock valued at $32,000 after purchasing an additional 329 shares during the last quarter. Sageworth Trust Co of South Dakota purchased a new position in Owens Corning in the fourth quarter valued at about $33,000. UMB Bank N A MO purchased a new position in Owens Corning in the fourth quarter valued at about $35,000. Steward Partners Investment Advisory LLC purchased a new position in Owens Corning in the first quarter valued at about $37,000. Finally, Confluence Wealth Services Inc. purchased a new position in Owens Corning in the fourth quarter valued at about $41,000. Hedge funds and other institutional investors own 92.55% of the company’s stock.

Owens Corning Company Profile (Get Rating)

Owens Corning manufactures and markets insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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