Owens Corning Inc (NYSE:OC) Short Interest Up 47.1% in March

Owens Corning Inc (NYSE:OC) saw a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 4,120,503 shares, an increase of 47.1% from the February 26th total of 2,801,804 shares. Approximately 5.2% of the shares of the stock are short sold. Based on an average trading volume of 1,847,416 shares, the short-interest ratio is presently 2.2 days.

Owens Corning Stock Performance

Shares of NYSE:OC traded down $2.98 during trading hours on Friday, hitting $104.54. The stock had a trading volume of 914,250 shares, compared to its average volume of 1,737,195. The stock’s fifty day simple moving average is $120.13 and its 200 day simple moving average is $121.23. The firm has a market capitalization of $8.40 billion, a price-to-earnings ratio of -16.33, a PEG ratio of 1.69 and a beta of 1.35. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.70 and a current ratio of 1.26. Owens Corning has a 1-year low of $97.53 and a 1-year high of $159.42.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, February 25th. The construction company reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.26). Owens Corning had a positive return on equity of 21.93% and a negative net margin of 5.17%.The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same quarter last year, the firm posted $3.22 EPS. The company’s revenue was down 16.8% compared to the same quarter last year. Sell-side analysts anticipate that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Monday, March 9th will be given a dividend of $0.79 per share. The ex-dividend date is Monday, March 9th. This represents a $3.16 annualized dividend and a dividend yield of 3.0%. Owens Corning’s dividend payout ratio (DPR) is -49.38%.

Analyst Ratings Changes

A number of analysts recently issued reports on OC shares. Zacks Research lowered shares of Owens Corning from a “hold” rating to a “strong sell” rating in a research report on Monday, March 16th. Citigroup cut their target price on shares of Owens Corning from $137.00 to $135.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. Argus upgraded Owens Corning to a “strong-buy” rating in a report on Wednesday, January 14th. Weiss Ratings restated a “sell (d+)” rating on shares of Owens Corning in a research note on Monday, December 29th. Finally, UBS Group increased their price target on shares of Owens Corning from $160.00 to $172.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Owens Corning currently has an average rating of “Moderate Buy” and a consensus target price of $151.58.

Institutional Trading of Owens Corning

Institutional investors have recently modified their holdings of the company. Geneos Wealth Management Inc. grew its holdings in shares of Owens Corning by 61.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock worth $69,000 after acquiring an additional 184 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Owens Corning in the 2nd quarter valued at approximately $277,000. Creative Planning boosted its holdings in Owens Corning by 2.6% in the second quarter. Creative Planning now owns 10,473 shares of the construction company’s stock worth $1,440,000 after purchasing an additional 265 shares in the last quarter. Cetera Investment Advisers raised its holdings in Owens Corning by 18.5% during the second quarter. Cetera Investment Advisers now owns 20,512 shares of the construction company’s stock valued at $2,821,000 after buying an additional 3,196 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Owens Corning by 6.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 456,952 shares of the construction company’s stock valued at $62,840,000 after acquiring an additional 28,814 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.