Appaloosa Lp Lowers stake in Owens Corning (OC)

Owens Corning (OC) : Appaloosa Lp reduced its stake in Owens Corning by 0.29% during the most recent quarter end. The investment management company now holds a total of 3,335,787 shares of Owens Corning which is valued at $179,431,983 after selling 9,819 shares in Owens Corning , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.Owens Corning makes up approximately 4.45% of Appaloosa Lp’s portfolio.

Other Hedge Funds, Including , Vident Investment Advisory reduced its stake in OC by selling 45,899 shares or 49.53% in the most recent quarter. The Hedge Fund company now holds 46,779 shares of OC which is valued at $2,516,242. Owens Corning makes up approx 0.34% of Vident Investment Advisory’s portfolio.Convergence Investment Partners reduced its stake in OC by selling 11,632 shares or 21.77% in the most recent quarter. The Hedge Fund company now holds 41,792 shares of OC which is valued at $2,247,992. Owens Corning makes up approx 0.30% of Convergence Investment Partners’s portfolio.Acrospire Investment Management reduced its stake in OC by selling 1,200 shares or 52.17% in the most recent quarter. The Hedge Fund company now holds 1,100 shares of OC which is valued at $60,104. Owens Corning makes up approx 0.04% of Acrospire Investment Management’s portfolio. Nine Chapters Capital Management sold out all of its stake in OC during the most recent quarter. The investment firm sold 27,200 shares of OC which is valued $1,486,208. First Eagle Investment Management added OC to its portfolio by purchasing 678,015 company shares during the most recent quarter which is valued at $36,639,931. Owens Corning makes up approx 0.09% of First Eagle Investment Management’s portfolio.

Owens Corning opened for trading at $53.96 and hit $54.68 on the upside on Monday, eventually ending the session at $54.66, with a gain of 1.28% or 0.69 points. The heightened volatility saw the trading volume jump to 5,48,126 shares. Company has a market cap of $6,272 M.

On the company’s financial health, Owens Corning reported $1.29 EPS for the quarter, beating the analyst consensus estimate by $ 0.44 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.85. The company had revenue of $1545.00 million for the quarter, compared to analysts expectations of $1460.09 million. The company’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.76 EPS.

Many Wall Street Analysts have commented on Owens Corning. Credit Suisse Initiated Owens Corning on Aug 11, 2016 to “Underperform”, Price Target of the shares are set at $51.Company shares were Reiterated by FBR Capital on Jul 29, 2016 to “Mkt Perform”, Firm has raised the Price Target to $ 57 from a previous price target of $53 .Company shares were Reiterated by Stifel on Jul 28, 2016 to “Buy”, Firm has raised the Price Target to $ 61 from a previous price target of $55 .

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.

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