Appaloosa Lp Lowers stake in Owens Corning (OC)

Owens Corning (OC) : Appaloosa Lp reduced its stake in Owens Corning by 11.5% during the most recent quarter end. The investment management company now holds a total of 2,952,007 shares of Owens Corning which is valued at $149,371,554 after selling 383,780 shares in Owens Corning , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Owens Corning makes up approximately 3.88% of Appaloosa Lp’s portfolio.

Other Hedge Funds, Including , Parametric Portfolio Associates boosted its stake in OC in the latest quarter, The investment management firm added 85,117 additional shares and now holds a total of 317,610 shares of Owens Corning which is valued at $16,071,066. Owens Corning makes up approx 0.02% of Parametric Portfolio Associates’s portfolio.Geode Capital Management boosted its stake in OC in the latest quarter, The investment management firm added 140,789 additional shares and now holds a total of 1,084,665 shares of Owens Corning which is valued at $54,200,710. Owens Corning makes up approx 0.03% of Geode Capital Management’s portfolio. Bridgewater Associates Lp added OC to its portfolio by purchasing 4,600 company shares during the most recent quarter which is valued at $224,480.Lsv Asset Management boosted its stake in OC in the latest quarter, The investment management firm added 11,400 additional shares and now holds a total of 65,100 shares of Owens Corning which is valued at $3,103,968. Owens Corning makes up approx 0.01% of Lsv Asset Management’s portfolio.Nationwide Fund Advisors boosted its stake in OC in the latest quarter, The investment management firm added 50,318 additional shares and now holds a total of 305,884 shares of Owens Corning which is valued at $15,838,674. Owens Corning makes up approx 0.07% of Nationwide Fund Advisors’s portfolio.

Owens Corning opened for trading at $52.74 and hit $53.88 on the upside on Monday, eventually ending the session at $53.59, with a gain of 1.38% or 0.73 points. The heightened volatility saw the trading volume jump to 12,55,431 shares. Company has a market cap of $6,073 M.

On the company’s financial health, Owens Corning reported $1.09 EPS for the quarter, beating the analyst consensus estimate by $ 0.09 according to the earnings call on Oct 26, 2016. Analyst had a consensus of $1.00. The company had revenue of $1520.00 million for the quarter, compared to analysts expectations of $1510.17 million. The company’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.96 EPS.

Many Wall Street Analysts have commented on Owens Corning. Shares were Reiterated by FBR & Co. on Oct 27, 2016 to “Mkt Perform” and Lowered the Price Target to $ 56 from a previous price target of $57 .Owens Corning was Downgraded by CL King to ” Neutral” on Oct 27, 2016. Owens Corning was Initiated by Wells Fargo to “Market Perform” on Sep 29, 2016.

Owens Corning is a holding company. The Company is engaged in composite and building materials systems. The Company’s products range from glass fiber used to reinforce composite materials for transportation electronics marine infrastructure wind energy and other markets to insulation and roofing for residential commercial and industrial applications. The Company operates under three segments: Composites Insulation and Roofing. The Composites segment is comprised of the Company’s Reinforcements and Downstream businesses. Insulation segment includes products such as thermal and acoustical batts loosefill insulation foam sheathing and accessories. The Roofing segment includes products such as laminate and strip asphalt roofing shingles. The Company’s subsidiaries are Owens Corning Sales LLC and Owens Corning Receivables LLC.

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *

Owens Corning - Is it time to Sell?

Top Brokerage Firms are advising their investors on Owens Corning. Subscribe to MoneyFlowIndex.Org Pre-Market Alerts, You will be the first to know the street buzz.