Owens Corning (NYSE:OC) Short Interest Update

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Owens Corning (NYSE:OC) was the target of a large decrease in short interest during the month of December. As of December 13th, there was short interest totalling 6,640,000 shares, a decrease of 8.9% from the November 28th total of 7,290,000 shares. Approximately 6.2% of the company’s stock are short sold. Based on an average daily trading volume, of 1,380,000 shares, the days-to-cover ratio is presently 4.8 days.

Shares of Owens Corning stock traded down $0.05 during trading hours on Friday, hitting $65.21. 450,879 shares of the company’s stock traded hands, compared to its average volume of 1,041,427. Owens Corning has a 12-month low of $42.83 and a 12-month high of $68.72. The stock has a market capitalization of $7.10 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 1.77 and a beta of 1.24. The company has a fifty day simple moving average of $65.64 and a 200-day simple moving average of $59.64. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.69 and a quick ratio of 0.87.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, October 23rd. The construction company reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.13. Owens Corning had a return on equity of 12.14% and a net margin of 6.99%. The firm had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same period last year, the firm posted $1.54 EPS. The business’s revenue was up 3.6% compared to the same quarter last year. On average, analysts forecast that Owens Corning will post 4.58 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Friday, January 3rd will be paid a dividend of $0.24 per share. This is an increase from Owens Corning’s previous quarterly dividend of $0.22. The ex-dividend date is Thursday, January 2nd. This represents a $0.96 annualized dividend and a dividend yield of 1.47%. Owens Corning’s dividend payout ratio is presently 17.81%.

In related news, Director W Howard Morris sold 1,000 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $65.16, for a total value of $65,160.00. Following the completion of the sale, the director now directly owns 37,766 shares of the company’s stock, valued at approximately $2,460,832.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Marcio A. Sandri sold 3,865 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $64.92, for a total value of $250,915.80. Following the completion of the sale, the insider now directly owns 38,850 shares of the company’s stock, valued at $2,522,142. The disclosure for this sale can be found here. Insiders sold a total of 67,834 shares of company stock valued at $4,248,079 over the last three months. 1.70% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of OC. FMR LLC grew its stake in shares of Owens Corning by 509.6% during the 1st quarter. FMR LLC now owns 693,589 shares of the construction company’s stock worth $32,682,000 after acquiring an additional 579,805 shares during the period. Comerica Bank grew its stake in shares of Owens Corning by 5.6% during the 2nd quarter. Comerica Bank now owns 5,407 shares of the construction company’s stock worth $303,000 after acquiring an additional 289 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Owens Corning by 3.3% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 86,048 shares of the construction company’s stock worth $5,008,000 after acquiring an additional 2,746 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Owens Corning by 5.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,147,839 shares of the construction company’s stock worth $65,382,000 after acquiring an additional 56,649 shares during the period. Finally, Janus Henderson Group PLC grew its stake in shares of Owens Corning by 296.5% during the 2nd quarter. Janus Henderson Group PLC now owns 85,403 shares of the construction company’s stock worth $4,971,000 after acquiring an additional 63,864 shares during the period. Institutional investors own 99.65% of the company’s stock.

A number of equities research analysts recently commented on OC shares. Deutsche Bank started coverage on Owens Corning in a research report on Wednesday, November 20th. They issued a “buy” rating and a $75.00 price target for the company. Bank of America lowered Owens Corning from a “buy” rating to a “neutral” rating and set a $72.00 target price for the company. in a research report on Wednesday, December 4th. Citigroup began coverage on Owens Corning in a research report on Tuesday, December 17th. They set a “neutral” rating and a $71.00 target price for the company. ValuEngine lowered Owens Corning from a “sell” rating to a “strong sell” rating in a research report on Thursday, October 24th. Finally, Longbow Research raised their target price on Owens Corning from $66.00 to $79.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $65.60.

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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