What Next for Owens Corning Stock After Today’s Bullish Options Activity?

 What Next for Owens Corning Stock After Today's Bullish Options Activity?

In today’s session Owens Corning (OC) registered an unusually high (757) contracts volume of call trades. Someone, most probably a professional was a very active buyer of the November, 2016 call, expecting serious OC increase. With 757 contracts traded and 16234 open interest for the Nov, 16 contract, it seems this is a quite bullish bet. The option with symbol: OC161118C00060000 closed last at: $0.2 or 0% . About 115,113 shares traded hands. Owens Corning (NYSE:OC) has risen 14.66% since March 15, 2016 and is uptrending. It has outperformed by 9.18% the S&P500.

Analysts await Owens Corning (NYSE:OC) to report earnings on October, 19. They expect $0.99 EPS, up 3.13% or $0.03 from last year’s $0.96 per share. OC’s profit will be $114.50M for 13.14 P/E if the $0.99 EPS becomes a reality. After $1.29 actual EPS reported by Owens Corning for the previous quarter, Wall Street now forecasts -23.26% negative EPS growth.

Owens Corning (NYSE:OC) Ratings Coverage

Out of 13 analysts covering Owens Corning (NYSE:OC), 5 rate it a “Buy”, 2 “Sell”, while 6 “Hold”. This means 38% are positive. $60 is the highest target while $40 is the lowest. The $52.80 average target is 1.44% above today’s ($52.05) stock price. Owens Corning has been the topic of 21 analyst reports since July 23, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained it with “Sector Perform” rating and $52.0 target price in Thursday, October 22 report. The firm has “Market Perform” rating by FBR Capital given on Thursday, April 28. The firm has “Neutral” rating by SunTrust given on Thursday, October 22. On Thursday, January 21 the stock rating was upgraded by Longbow to “Buy”. The firm has “Neutral” rating by Wedbush given on Wednesday, July 6. The firm has “Neutral” rating by Suntrust Robinson given on Thursday, October 22. The firm has “Outperform” rating given on Wednesday, July 22 by FBR Capital. The rating was initiated by Wells Fargo with “Market Perform” on Thursday, September 29. FBR Capital maintained the shares of OC in a report on Friday, July 29 with “Mkt Perform” rating. The firm has “Sell” rating by Goldman Sachs given on Tuesday, October 6.

According to Zacks Investment Research, “Owens Corning is a world leader in building materials systems and composite solutions. Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and stone, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Owens Corning has become a market-leading innovator of glass-fiber technology with sales.”

Insitutional Activity: The institutional sentiment decreased to 0.91 in 2016 Q2. Its down 0.40, from 1.31 in 2016Q1. The ratio dived, as 38 funds sold all Owens Corning shares owned while 101 reduced positions. 40 funds bought stakes while 86 increased positions. They now own 109.52 million shares or 4.78% more from 104.52 million shares in 2016Q1.
Blackrock Advsr Limited last reported 805,197 shares in the company. Natixis has invested 0.22% of its portfolio in Owens Corning (NYSE:OC). Federated Invsts Pa has 558,045 shares for 0.08% of their US portfolio. Skylands Capital Lc has 0.88% invested in the company for 104,225 shares. The Indiana-based Horizon Services Limited Liability has invested 2.59% in Owens Corning (NYSE:OC). The Netherlands-based Robeco Institutional Asset Management Bv has invested 0.04% in Owens Corning (NYSE:OC). The New York-based Ibm Retirement Fund has invested 0.02% in Owens Corning (NYSE:OC). Hsbc Holdings Public Limited Company, a United Kingdom-based fund reported 486,185 shares. Ahl Partners Llp reported 29,653 shares or 0.08% of all its holdings. Balyasny Asset Mgmt Ltd, a Illinois-based fund reported 90,128 shares. First Tru Advsrs Lp accumulated 0.03% or 171,068 shares. Cap Fund Management Sa reported 258,505 shares or 0.12% of all its holdings. Gam Holdg Ag reported 100,000 shares or 0.08% of all its holdings. Penn Management Inc holds 32,534 shares or 0.1% of its portfolio. The France-based Exane Derivatives has invested 0% in Owens Corning (NYSE:OC).

Insider Transactions: Since July 29, 2016, the stock had 0 buys, and 10 insider sales for $16.01 million net activity. Shares for $718,212 were sold by Schmidt Kelly. McMurray Michael C. sold $1.18M worth of stock or 21,975 shares. $739,800 worth of Owens Corning (NYSE:OC) shares were sold by SMITH DANIEL T. Shares for $7.98M were sold by THAMAN MICHAEL H. $3.64M worth of Owens Corning (NYSE:OC) was sold by Genis Arnaud. 4,000 shares were sold by MORRIS W HOWARD, worth $213,000. 17,489 shares were sold by McMonagle James J, worth $938,110.

Owens Corning is a holding company, which is engaged in the business of composite and building materials systems. The company has a market cap of $6.02 billion. 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. It has a 14.67 P/E ratio. The Firm operates in three divisions, namely, Composites, Insulation and Roofing.

OC Company Profile

Owens Corning, incorporated on July 21, 2006, is a holding company, which is engaged in the business of 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 Firm operates in three divisions, namely, Composites, Insulation and Roofing.

More important recent Owens Corning (NYSE:OC) news were published by: Forbes.com which released: “Ex-Dividend Reminder: RPM International, Quaker Chemical and Owens Corning” on October 11, 2016, also Businesswire.com published article titled: “Owens Corning to Present Four Sessions at CAMX Show in Anaheim”, Investorplace.com published: “3 Reasons Value Investors Will Love Owens Corning (OC)” on October 04, 2016. More interesting news about Owens Corning (NYSE:OC) was released by: Nasdaq.com and their article: “Owens Corning Inc (OC) Ex-Dividend Date Scheduled for October 13, 2016” with publication date: October 12, 2016.

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