Lombard Odier Asset Management (usa) Corp Lowers stake in Owens Corning (OC)

Owens Corning (OC) : Lombard Odier Asset Management (usa) Corp reduced its stake in Owens Corning by 10.36% during the most recent quarter end. The investment management company now holds a total of 387,527 shares of Owens Corning which is valued at $20,845,077 after selling 44,798 shares in Owens Corning , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Owens Corning makes up approximately 2.78% of Lombard Odier Asset Management (usa) Corp’s portfolio.

Other Hedge Funds, Including , Natixis Asset Management reduced its stake in OC by selling 3,224 shares or 11.89% in the most recent quarter. The Hedge Fund company now holds 23,898 shares of OC which is valued at $1,285,473. Owens Corning makes up approx 0.14% of Natixis Asset Management’s portfolio.Cipher Capital Lp reduced its stake in OC by selling 39,311 shares or 67.87% in the most recent quarter. The Hedge Fund company now holds 18,607 shares of OC which is valued at $1,000,871. Owens Corning makes up approx 0.07% of Cipher Capital Lp’s portfolio. 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.Quantbot Technologies Lp reduced its stake in OC by selling 22,305 shares or 98.26% in the most recent quarter. The Hedge Fund company now holds 396 shares of OC which is valued at $21,372.Checchi Capital Advisers reduced its stake in OC by selling 364 shares or 18.06% in the most recent quarter. The Hedge Fund company now holds 1,652 shares of OC which is valued at $90,216. Owens Corning makes up approx 0.02% of Checchi Capital Advisers’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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