Owens Corning Inc (NYSE:OC) Short Interest Up 37.5% in July

Key Points

• Owens Corning Inc's short interest saw a significant increase of 37.5% in July, rising to 1,760,000 shares as of July 31st.
• The company reported a quarterly earnings per share of $4.21, exceeding analysts' expectations of $3.80, along with a revenue of $2.75 billion.
• Owens Corning announced a stock buyback program permitting the repurchase of up to 12 million shares, indicating management's belief that the stock is undervalued.

Owens Corning Inc (NYSE:OC - Get Free Report) was the target of a large growth in short interest in the month of July. As of July 31st, there was short interest totaling 1,760,000 shares, agrowthof37.5% from the July 15th total of 1,280,000 shares. Based on an average trading volume of 877,900 shares, the days-to-cover ratio is presently 2.0 days. Currently,2.1% of the company's stock are sold short. Currently,2.1% of the company's stock are sold short. Based on an average trading volume of 877,900 shares, the days-to-cover ratio is presently 2.0 days.

Owens Corning Price Performance

NYSE OC traded down $2.1950 during trading hours on Wednesday, reaching $150.1250. The company's stock had a trading volume of 114,118 shares, compared to its average volume of 919,511. The firm has a market capitalization of $12.55 billion, a price-to-earnings ratio of 38.94, a P/E/G ratio of 10.71 and a beta of 1.32. Owens Corning has a 1-year low of $123.40 and a 1-year high of $214.53. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The company's 50-day moving average is $142.14 and its two-hundred day moving average is $145.41.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, topping analysts' consensus estimates of $3.80 by $0.41. The company had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.Owens Corning's quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.64 EPS. On average, equities analysts predict that Owens Corning will post 15.49 EPS for the current year.

Owens Corning announced that its board has approved a stock buyback program on Wednesday, May 14th that permits the company to buyback 12,000,000 shares. This buyback authorization permits the construction company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its shares are undervalued.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Monday, July 21st were issued a $0.69 dividend. The ex-dividend date of this dividend was Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a yield of 1.8%. Owens Corning's dividend payout ratio is presently 71.69%.

Institutional Investors Weigh In On Owens Corning

Several large investors have recently bought and sold shares of OC. Twin Peaks Wealth Advisors LLC purchased a new stake in Owens Corning during the 2nd quarter worth approximately $26,000. Bangor Savings Bank purchased a new stake in shares of Owens Corning in the second quarter valued at approximately $28,000. Rexford Capital Inc. purchased a new stake in shares of Owens Corning in the second quarter valued at approximately $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Owens Corning in the second quarter valued at approximately $30,000. Finally, Vermillion & White Wealth Management Group LLC grew its position in shares of Owens Corning by 149.4% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company's stock valued at $31,000 after purchasing an additional 133 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on OC. Barclays lifted their price target on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Wells Fargo & Company lifted their price target on Owens Corning from $165.00 to $170.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Royal Bank Of Canada dropped their target price on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Wolfe Research upgraded Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Finally, UBS Group dropped their target price on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $184.60.

Owens Corning Company Profile

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.

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