Owens Corning (NYSE:OC) Short Interest Update

Owens Corning (NYSE:OC - Get Free Report) was the recipient of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 1,250,000 shares, an increase of 23.8% from the February 28th total of 1,010,000 shares. Based on an average daily volume of 999,900 shares, the short-interest ratio is presently 1.3 days. Currently, 1.5% of the company's shares are short sold.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on OC shares. StockNews.com cut shares of Owens Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Loop Capital lowered their target price on shares of Owens Corning from $215.00 to $210.00 and set a "buy" rating on the stock in a research note on Friday, January 10th. Barclays cut their price target on Owens Corning from $245.00 to $215.00 and set an "overweight" rating for the company in a research note on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft started coverage on Owens Corning in a report on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price objective on the stock. Finally, UBS Group reduced their target price on Owens Corning from $245.00 to $235.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Owens Corning presently has an average rating of "Moderate Buy" and an average price target of $202.42.

Remove Ads

Insider Activity at Owens Corning

In related news, insider Monaco Nicolas Del sold 1,750 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the sale, the insider now owns 11,635 shares of the company's stock, valued at $2,140,490.95. This represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Owens Corning

Several large investors have recently made changes to their positions in OC. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Owens Corning by 3.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 727,275 shares of the construction company's stock valued at $128,379,000 after acquiring an additional 24,522 shares during the period. Financial Counselors Inc. bought a new position in Owens Corning during the 3rd quarter worth about $247,000. Captrust Financial Advisors raised its stake in shares of Owens Corning by 20.9% in the 3rd quarter. Captrust Financial Advisors now owns 15,113 shares of the construction company's stock valued at $2,668,000 after purchasing an additional 2,613 shares during the period. Verition Fund Management LLC lifted its holdings in shares of Owens Corning by 24.7% in the third quarter. Verition Fund Management LLC now owns 15,516 shares of the construction company's stock valued at $2,739,000 after purchasing an additional 3,070 shares in the last quarter. Finally, Kestra Investment Management LLC grew its holdings in shares of Owens Corning by 41.4% during the third quarter. Kestra Investment Management LLC now owns 2,672 shares of the construction company's stock worth $472,000 after buying an additional 782 shares in the last quarter. Institutional investors own 88.40% of the company's stock.

Owens Corning Price Performance

NYSE OC traded down $3.09 on Friday, reaching $134.17. The company's stock had a trading volume of 1,505,884 shares, compared to its average volume of 786,956. Owens Corning has a twelve month low of $126.15 and a twelve month high of $214.53. The stock has a market cap of $11.48 billion, a PE ratio of 11.42, a PEG ratio of 1.88 and a beta of 1.39. The firm's 50 day moving average is $160.07 and its two-hundred day moving average is $175.44. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, beating analysts' consensus estimates of $2.87 by $0.35. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.88 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm's quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.21 EPS. As a group, sell-side analysts predict that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date is Monday, March 10th. Owens Corning's dividend payout ratio is 37.70%.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.