Owens Corning (NYSE:OC) Sees Large Decline in Short Interest

Owens Corning (NYSE:OC - Get Free Report) was the recipient of a large decrease in short interest in the month of May. As of May 15th, there was short interest totalling 1,070,000 shares, a decrease of 13.0% from the April 30th total of 1,230,000 shares. Currently, 1.3% of the company's stock are short sold. Based on an average daily volume of 1,090,000 shares, the short-interest ratio is presently 1.0 days.

Analyst Ratings Changes

Several research firms recently weighed in on OC. Wolfe Research raised shares of Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Royal Bank of Canada lowered their price objective on shares of Owens Corning from $199.00 to $184.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. Loop Capital cut their target price on shares of Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. JPMorgan Chase & Co. reduced their price target on Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Owens Corning in a research note on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $183.80.

Owens Corning Price Performance

OC stock traded up $0.89 during mid-day trading on Wednesday, hitting $136.69. The stock had a trading volume of 807,962 shares, compared to its average volume of 842,117. The firm has a fifty day simple moving average of $138.64 and a 200 day simple moving average of $162.06. The firm has a market capitalization of $11.63 billion, a P/E ratio of 11.63, a P/E/G ratio of 1.88 and a beta of 1.34. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. Owens Corning has a 52 week low of $123.41 and a 52 week high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same quarter last year, the business posted $3.40 EPS. The firm's revenue for the quarter was up 25.4% on a year-over-year basis. As a group, research analysts forecast that Owens Corning will post 15.49 EPS for the current year.

Owens Corning declared that its board has approved a share repurchase program on Wednesday, May 14th that allows the company to buyback 12,000,000 shares. This buyback authorization allows the construction company to buy shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's board believes its shares are undervalued.

Institutional Trading of Owens Corning

Institutional investors and hedge funds have recently modified their holdings of the business. Strs Ohio bought a new position in Owens Corning in the first quarter valued at about $1,539,000. Advisors Capital Management LLC boosted its stake in shares of Owens Corning by 9.9% in the 1st quarter. Advisors Capital Management LLC now owns 45,410 shares of the construction company's stock valued at $6,486,000 after purchasing an additional 4,096 shares in the last quarter. BOS Asset Management LLC grew its holdings in shares of Owens Corning by 11.2% during the 1st quarter. BOS Asset Management LLC now owns 4,903 shares of the construction company's stock valued at $700,000 after purchasing an additional 493 shares during the last quarter. Geneos Wealth Management Inc. increased its position in Owens Corning by 61.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company's stock worth $69,000 after purchasing an additional 184 shares in the last quarter. Finally, Bayforest Capital Ltd bought a new position in Owens Corning in the 1st quarter valued at approximately $100,000. 88.40% of the stock is currently owned by institutional investors.

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.

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