Owens Corning (NYSE:OC) Short Interest Update
Owens Corning (NYSE:OC) was the target of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 7,950,000 shares, a growth of 19.9% from the August 30th total of 6,630,000 shares. Currently, 7.4% of the shares of the company are sold short. Based on an average trading volume of 1,870,000 shares, the short-interest ratio is currently 4.3 days.
A number of equities analysts recently issued reports on OC shares. 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. Royal Bank of Canada increased their target price on shares of Owens Corning to $65.00 and gave the company an “outperform” rating in a research report on Monday, July 8th. ValuEngine lowered shares of Owens Corning from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Bank of America upgraded shares of Owens Corning from a “neutral” rating to a “buy” rating and increased their target price for the company from $58.00 to $72.00 in a research report on Thursday, June 27th. Finally, Seaport Global Securities upgraded shares of Owens Corning from a “sell” rating to a “neutral” rating in a research report on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the stock. Owens Corning currently has a consensus rating of “Hold” and a consensus target price of $56.77.
NYSE:OC opened at $60.97 on Tuesday. Owens Corning has a twelve month low of $40.64 and a twelve month high of $63.61. The company has a current ratio of 1.69, a quick ratio of 0.89 and a debt-to-equity ratio of 0.80. The company has a 50-day moving average of $59.45 and a 200-day moving average of $54.49. The firm has a market cap of $6.69 billion, a price-to-earnings ratio of 12.34, a price-to-earnings-growth ratio of 1.60 and a beta of 1.24.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, October 11th. This represents a $0.88 annualized dividend and a dividend yield of 1.44%. Owens Corning’s dividend payout ratio (DPR) is 17.81%.
In related news, VP Kelly Schmidt sold 1,589 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $60.53, for a total value of $96,182.17. Following the completion of the transaction, the vice president now owns 15,264 shares in the company, valued at approximately $923,929.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director W Howard Morris sold 2,773 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $54.69, for a total transaction of $151,655.37. Following the completion of the transaction, the director now owns 37,090 shares of the company’s stock, valued at approximately $2,028,452.10. The disclosure for this sale can be found here. Insiders have sold 42,362 shares of company stock valued at $2,402,018 in the last 90 days. Insiders own 1.70% of the company’s stock.
Large investors have recently bought and sold shares of the company. Quantamental Technologies LLC bought a new position in shares of Owens Corning during the 2nd quarter valued at about $33,000. Private Capital Group LLC boosted its position in shares of Owens Corning by 95.8% during the 2nd quarter. Private Capital Group LLC now owns 793 shares of the construction company’s stock valued at $50,000 after purchasing an additional 388 shares in the last quarter. MUFG Americas Holdings Corp bought a new position in shares of Owens Corning during the 2nd quarter valued at about $76,000. NEXT Financial Group Inc boosted its position in shares of Owens Corning by 105.1% during the 2nd quarter. NEXT Financial Group Inc now owns 1,641 shares of the construction company’s stock valued at $96,000 after purchasing an additional 841 shares in the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of Owens Corning by 31.6% during the 2nd quarter. Parallel Advisors LLC now owns 2,626 shares of the construction company’s stock valued at $153,000 after purchasing an additional 631 shares in the last quarter. Institutional investors own 97.90% of the company’s stock.
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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