Stock Traders Purchase High Volume of Owens Corning Call Options (OC)

Owens Corning (NYSE:OC) was the target of some unusual options trading activity on Monday. Stock investors acquired 28,306 call options on the stock. This is an increase of approximately 4,772% compared to the average volume of 581 call options.

Owens Corning opened at $66.03 on Wednesday, Marketbeat reports. The firm has a market cap of $7.26 billion, a P/E ratio of 15.01, a price-to-earnings-growth ratio of 0.66 and a beta of 1.08. The company has a current ratio of 1.61, a quick ratio of 0.93 and a debt-to-equity ratio of 0.91. Owens Corning has a 52-week low of $61.00 and a 52-week high of $96.52.

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Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, April 25th. The construction company reported $0.80 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.16). The business had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Owens Corning had a net margin of 4.24% and a return on equity of 11.95%. Owens Corning’s revenue for the quarter was up 14.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.85 EPS. equities research analysts predict that Owens Corning will post 5.54 earnings per share for the current fiscal year.

OC has been the topic of several research analyst reports. MKM Partners boosted their target price on shares of Owens Corning to $86.00 and gave the stock a “neutral” rating in a report on Thursday, February 22nd. Argus downgraded shares of Owens Corning from a “buy” rating to a “hold” rating and boosted their target price for the stock from $96.52 to $109.00 in a report on Friday, June 1st. Wells Fargo & Co set a $85.00 target price on shares of Owens Corning and gave the stock an “outperform” rating in a report on Thursday, April 26th. Zacks Investment Research downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Wednesday, March 21st. Finally, Royal Bank of Canada set a $102.00 target price on shares of Owens Corning and gave the stock a “buy” rating in a report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $87.28.

In other Owens Corning news, insider Arnaud Genis sold 59,541 shares of Owens Corning stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $81.32, for a total transaction of $4,841,874.12. The sale was disclosed in a filing with the SEC, which is accessible through this link. 1.60% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio bought a new position in Owens Corning during the fourth quarter valued at $129,000. Quantitative Systematic Strategies LLC bought a new position in Owens Corning during the fourth quarter valued at $221,000. US Bancorp DE increased its position in Owens Corning by 139.6% during the fourth quarter. US Bancorp DE now owns 9,067 shares of the construction company’s stock valued at $833,000 after acquiring an additional 5,282 shares during the last quarter. Public Employees Retirement Association of Colorado increased its position in Owens Corning by 3.4% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 21,638 shares of the construction company’s stock valued at $1,989,000 after acquiring an additional 706 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Owens Corning by 61.9% during the fourth quarter. American Century Companies Inc. now owns 671,934 shares of the construction company’s stock valued at $61,778,000 after acquiring an additional 256,877 shares during the last quarter. 92.49% of the stock is currently owned by institutional investors.

About Owens Corning

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.