Bow Street buys $17,346,038 stake in Owens Corning (OC)

Owens Corning (OC) : Bow Street scooped up 127,693 additional shares in Owens Corning during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 322,477 shares of Owens Corning which is valued at $17,346,038.Owens Corning makes up approximately 11.67% of Bow Street’s portfolio.

Other Hedge Funds, Including , Par Capital Management Inc boosted its stake in OC in the latest quarter, The investment management firm added 365,000 additional shares and now holds a total of 2,344,762 shares of Owens Corning which is valued at $126,124,748. Owens Corning makes up approx 2.03% of Par Capital Management Inc’s portfolio. Bogle Investment Management L P De sold out all of its stake in OC during the most recent quarter. The investment firm sold 130,745 shares of OC which is valued $7,032,774. Iridian Asset Managementct added OC to its portfolio by purchasing 4,705,060 company shares during the most recent quarter which is valued at $257,084,478. Owens Corning makes up approx 2.28% of Iridian Asset Managementct’s portfolio.Commonwealth Equity Services Inc boosted its stake in OC in the latest quarter, The investment management firm added 700 additional shares and now holds a total of 5,358 shares of Owens Corning which is valued at $286,439. Achievement Holdings added OC to its portfolio by purchasing 39,400 company shares during the most recent quarter which is valued at $2,075,592. Owens Corning makes up approx 0.27% of Achievement Holdings’s portfolio.

Owens Corning opened for trading at $55 and hit $55.3 on the upside on Thursday, eventually ending the session at $55.19, with a gain of 0.49% or 0.27 points. The heightened volatility saw the trading volume jump to 9,04,416 shares. Company has a market cap of $6,333 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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