Investors Purchase High Volume of Call Options on Owens Corning (OC)

Owens Corning (NYSE:OC) was the recipient of some unusual options trading activity on Tuesday. Investors acquired 3,482 call options on the company. This is an increase of 1,550% compared to the typical daily volume of 211 call options.

Shares of Owens Corning (OC) opened at $81.63 on Friday. The stock has a market cap of $8,840.00, a price-to-earnings ratio of 24.37, a P/E/G ratio of 1.01 and a beta of 0.98. The company has a quick ratio of 0.99, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Owens Corning has a twelve month low of $56.34 and a twelve month high of $96.52.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 3rd. Investors of record on Friday, March 9th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $0.84 annualized dividend and a yield of 1.03%. Owens Corning’s dividend payout ratio is presently 25.07%.

A number of research firms have recently commented on OC. Credit Suisse Group reissued an “outperform” rating and set a $110.00 target price (up from $95.00) on shares of Owens Corning in a research report on Monday, January 22nd. They noted that the move was a valuation call. KeyCorp reissued a “buy” rating and set a $115.00 target price on shares of Owens Corning in a research report on Friday, January 12th. Zacks Investment Research raised shares of Owens Corning from a “hold” rating to a “buy” rating and set a $105.00 target price on the stock in a research report on Thursday, January 18th. Zelman & Associates cut shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Friday, January 5th. Finally, Seaport Global Securities boosted their target price on shares of Owens Corning from $90.00 to $107.00 and gave the stock a “buy” rating in a research report on Thursday, January 11th. Nine research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Owens Corning presently has an average rating of “Buy” and an average price target of $85.45.

In other Owens Corning news, Director John David Williams sold 3,684 shares of Owens Corning stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $88.64, for a total transaction of $326,549.76. Following the transaction, the director now directly owns 24,762 shares of the company’s stock, valued at $2,194,903.68. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director W Howard Morris sold 2,026 shares of Owens Corning stock in a transaction that occurred on Monday, November 13th. The shares were sold at an average price of $81.95, for a total transaction of $166,030.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 129,446 shares of company stock worth $11,156,808. 1.80% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Cerebellum GP LLC bought a new stake in Owens Corning during the fourth quarter valued at $119,000. Grove Bank & Trust increased its stake in Owens Corning by 213.5% during the third quarter. Grove Bank & Trust now owns 1,630 shares of the construction company’s stock valued at $126,000 after purchasing an additional 1,110 shares during the last quarter. Strs Ohio bought a new stake in Owens Corning during the fourth quarter valued at $129,000. LS Investment Advisors LLC bought a new stake in Owens Corning during the fourth quarter valued at $198,000. Finally, Crossmark Global Holdings Inc. bought a new stake in Owens Corning during the third quarter valued at $202,000. 94.39% of the stock is currently owned by hedge funds and other institutional investors.

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About Owens Corning

Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. 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.

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