Owens Corning (NYSE:OC) saw a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 7,563,700 shares, an increase of 7.5% from the May 15th total of 7,036,300 shares. Based on an average daily volume of 1,470,000 shares, the short-interest ratio is presently 5.1 days. Currently, 7.0% of the company’s shares are short sold.
Shares of NYSE:OC traded up $0.98 on Friday, hitting $56.27. The company had a trading volume of 827,305 shares, compared to its average volume of 1,684,570. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.96 and a current ratio of 1.83. Owens Corning has a 52-week low of $40.64 and a 52-week high of $67.30. The business has a 50 day moving average of $52.62. The firm has a market capitalization of $6.11 billion, a P/E ratio of 11.39, a PEG ratio of 1.48 and a beta of 1.30.
Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, April 24th. The construction company reported $0.54 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.02). Owens Corning had a net margin of 7.07% and a return on equity of 12.10%. The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the prior year, the company earned $0.80 earnings per share. The firm’s revenue was down 1.4% compared to the same quarter last year. On average, research analysts predict that Owens Corning will post 4.62 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Tuesday, July 16th will be given a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $0.88 annualized dividend and a yield of 1.56%. Owens Corning’s dividend payout ratio (DPR) is presently 17.81%.
Several equities research analysts have weighed in on OC shares. Royal Bank of Canada downgraded shares of 3M from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $207.00 to $176.00 in a research note on Monday, July 8th. Stifel Nicolaus downgraded shares of Owens Corning from a “buy” rating to a “hold” rating and set a $52.45 price target for the company. in a research note on Wednesday, April 24th. Barclays reissued a “buy” rating and set a $65.00 target price on shares of Owens Corning in a research report on Monday, July 1st. Zacks Investment Research raised shares of Triple-S Management from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research report on Monday, April 29th. Finally, Nomura reissued a “neutral” rating and set a $48.00 target price (down from $70.00) on shares of Owens Corning in a research report on Thursday, May 16th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $58.34.
In related news, insider Julian Francis sold 600 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $51.51, for a total value of $30,906.00. Following the transaction, the insider now owns 76,662 shares in the company, valued at $3,948,859.62. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Kelly Schmidt sold 2,438 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $53.03, for a total transaction of $129,287.14. The disclosure for this sale can be found here. In the last quarter, insiders have sold 40,938 shares of company stock worth $2,114,034. 1.70% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Stephens Inc. AR lifted its position in Owens Corning by 17.7% during the fourth quarter. Stephens Inc. AR now owns 5,853 shares of the construction company’s stock worth $257,000 after buying an additional 880 shares during the period. Vanguard Group Inc raised its holdings in shares of Owens Corning by 0.6% in the 3rd quarter. Vanguard Group Inc now owns 9,479,115 shares of the construction company’s stock worth $514,432,000 after purchasing an additional 58,689 shares during the period. Castleark Management LLC acquired a new stake in shares of Owens Corning in the fourth quarter valued at about $4,265,000. Weiss Multi Strategy Advisers LLC acquired a new stake in shares of Owens Corning in the fourth quarter valued at about $2,524,000. Finally, Millennium Management LLC grew its stake in shares of Owens Corning by 1,056.5% in the fourth quarter. Millennium Management LLC now owns 1,057,016 shares of the construction company’s stock valued at $46,488,000 after buying an additional 965,621 shares in the last quarter. Hedge funds and other institutional investors own 96.23% of the company’s stock.
Owens Corning Company Profile
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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