Park Presidio Capital Lowers stake in Owens Corning (OC)

Owens Corning (OC) : Park Presidio Capital reduced its stake in Owens Corning by 25.5% during the most recent quarter end. The investment management company now holds a total of 764,894 shares of Owens Corning which is valued at $41,143,648 after selling 261,749 shares in Owens Corning , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Owens Corning makes up approximately 6.25% of Park Presidio Capital’s portfolio.

Other Hedge Funds, Including , Lpl Financial boosted its stake in OC in the latest quarter, The investment management firm added 4,492 additional shares and now holds a total of 8,780 shares of Owens Corning which is valued at $472,276. Tfs Capital added OC to its portfolio by purchasing 7,004 company shares during the most recent quarter which is valued at $376,745. Owens Corning makes up approx 0.07% of Tfs Capital’s portfolio.Vanguard Group Inc boosted its stake in OC in the latest quarter, The investment management firm added 194,406 additional shares and now holds a total of 9,327,924 shares of Owens Corning which is valued at $501,749,032. Owens Corning makes up approx 0.03% of Vanguard Group Inc’s portfolio.Bnp Paribas Investment Partners S.a. reduced its stake in OC by selling 5,000 shares or 11.62% in the most recent quarter. The Hedge Fund company now holds 38,036 shares of OC which is valued at $2,055,465. Owens Corning makes up approx 0.02% of Bnp Paribas Investment Partners S.a.’s portfolio.State Board Of Administration Of Florida Retirement System boosted its stake in OC in the latest quarter, The investment management firm added 23,373 additional shares and now holds a total of 174,219 shares of Owens Corning which is valued at $9,313,748. Owens Corning makes up approx 0.03% of State Board Of Administration Of Florida Retirement System’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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