Short Interest in Owens Corning (NYSE:OC) Declines By 10.3%

Owens Corning (NYSE:OC) was the target of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 6,860,000 shares, a decrease of 10.3% from the September 30th total of 7,650,000 shares. Based on an average trading volume of 1,900,000 shares, the short-interest ratio is currently 3.6 days. Currently, 6.4% of the shares of the company are sold short.

NYSE OC traded up $0.24 on Friday, reaching $65.16. The company’s stock had a trading volume of 897,483 shares, compared to its average volume of 1,520,000. Owens Corning has a twelve month low of $40.64 and a twelve month high of $65.31. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 1.69. The stock has a market cap of $7.07 billion, a PE ratio of 13.19, a PEG ratio of 1.75 and a beta of 1.24. The firm’s 50 day moving average is $62.33 and its two-hundred day moving average is $56.31.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, October 23rd. The construction company reported $1.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.50 by $0.13. Owens Corning had a net margin of 6.99% and a return on equity of 12.14%. The company had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the prior year, the company earned $1.54 EPS. Owens Corning’s revenue was up 3.6% on a year-over-year basis. Equities research analysts anticipate that Owens Corning will post 4.61 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Tuesday, October 15th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date was Friday, October 11th. Owens Corning’s payout ratio is 17.81%.

A number of equities analysts recently issued reports on OC shares. Exane BNP Paribas started coverage on shares of Owens Corning in a research report on Wednesday, October 9th. They issued an “outperform” rating for the company. Buckingham Research upgraded shares of Owens Corning from a “neutral” rating to a “buy” rating in a research report on Tuesday, October 22nd. BNP Paribas started coverage on shares of Owens Corning in a research report on Wednesday, October 9th. They issued an “outperform” rating for the company. ValuEngine lowered shares of Owens Corning from a “sell” rating to a “strong sell” rating in a research report on Thursday, October 24th. Finally, Argus upgraded shares of Owens Corning from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a research report on Tuesday, October 29th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $59.68.

In other news, VP Daniel T. Smith sold 7,969 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $64.72, for a total transaction of $515,753.68. Following the completion of the transaction, the vice president now owns 65,353 shares in the company, valued at $4,229,646.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael H. Thaman sold 30,000 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $57.08, for a total transaction of $1,712,400.00. Following the transaction, the insider now owns 827,513 shares of the company’s stock, valued at approximately $47,234,442.04. The disclosure for this sale can be found here. Insiders have sold 94,558 shares of company stock valued at $5,740,586 in the last 90 days. Insiders own 1.70% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Quantamental Technologies LLC purchased a new stake in Owens Corning during the second quarter valued at about $33,000. Private Capital Group LLC lifted its stake in Owens Corning by 95.8% during the second quarter. Private Capital Group LLC now owns 793 shares of the construction company’s stock valued at $50,000 after buying an additional 388 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in Owens Corning by 103.9% during the third quarter. Quadrant Capital Group LLC now owns 1,052 shares of the construction company’s stock valued at $65,000 after buying an additional 536 shares in the last quarter. MUFG Americas Holdings Corp purchased a new stake in Owens Corning during the second quarter valued at about $76,000. Finally, Maj Invest Holding A S purchased a new stake in Owens Corning during the third quarter valued at about $101,000. 99.37% of the stock is owned by institutional investors.

About Owens Corning

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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