Owens Corning (NYSE:OC) Short Interest Up 23.8% in March

Owens Corning (NYSE:OC) saw a significant growth in short interest in the month of March. As of March 15th, there was short interest totalling 1,250,000 shares, a growth of 23.8% from the February 28th total of 1,010,000 shares. Approximately 1.5% of the company’s stock are short sold. Based on an average daily trading volume, of 999,900 shares, the short-interest ratio is presently 1.3 days.

Owens Corning Stock Performance

OC stock traded up $1.21 during mid-day trading on Tuesday, reaching $144.03. The company had a trading volume of 591,385 shares, compared to its average volume of 781,246. Owens Corning has a one year low of $137.50 and a one year high of $214.53. The stock has a market capitalization of $12.32 billion, a P/E ratio of 12.26, a P/E/G ratio of 1.88 and a beta of 1.52. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. The stock’s 50-day simple moving average is $162.96 and its two-hundred day simple moving average is $176.11.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, beating the consensus estimate of $2.87 by $0.35. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same period last year, the firm posted $3.21 EPS. Owens Corning’s quarterly revenue was up 23.3% compared to the same quarter last year. Research analysts anticipate that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

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 given a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.76 annualized dividend and a dividend yield of 1.92%. Owens Corning’s dividend payout ratio is presently 37.70%.

Insider Transactions at Owens Corning

In other news, insider Monaco Nicolas Del sold 1,750 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 11,635 shares of the company’s stock, valued at approximately $2,140,490.95. The trade was a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.82% of the company’s stock.

Institutional Trading of Owens Corning

Several large investors have recently added to or reduced their stakes in OC. FPC Investment Advisory Inc. bought a new position in shares of Owens Corning in the fourth quarter worth $28,000. Venturi Wealth Management LLC grew its position in Owens Corning by 55.8% in the 4th quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company’s stock valued at $30,000 after buying an additional 63 shares in the last quarter. Global Trust Asset Management LLC acquired a new position in Owens Corning during the 4th quarter valued at about $31,000. Wilmington Savings Fund Society FSB raised its position in shares of Owens Corning by 193.7% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company’s stock worth $32,000 after buying an additional 122 shares in the last quarter. Finally, Whipplewood Advisors LLC acquired a new stake in shares of Owens Corning in the 4th quarter worth approximately $34,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Benchmark reiterated a “hold” rating on shares of Owens Corning in a report on Monday, March 3rd. StockNews.com cut Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Royal Bank of Canada restated an “outperform” rating and set a $212.00 price objective on shares of Owens Corning in a research note on Monday, March 17th. Citigroup dropped their target price on shares of Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, UBS Group reduced their target price on Owens Corning from $245.00 to $235.00 and set a “buy” rating on the stock in a report 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $202.42.

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.