Is Owens Corning (NYSE:OC) a buy?
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Now that that’s out of the way, it’s important to examine the newest info surrounding Owens Corning (NYSE:OC).
How have hedgies been trading Owens Corning (NYSE:OC)?
Heading into Q3, a total of 48 of the hedge funds we track were bullish in this stock, a change of 2% from one quarter earlier. With hedge funds’ capital changing hands, there exists an “upper tier” of noteworthy hedge fund managers who were increasing their stakes meaningfully.
According to our 13F database, Blue Ridge Capital, managed by John Griffin, holds the biggest position in Owens Corning (NYSE:OC). Blue Ridge Capital has a $312.6 million position in the stock, comprising 3.8% of its 13F portfolio. Coming in second is Wayzata Investment Partners, managed by Patrick Halloran, which held a $266.7 million position; 29.4% of its 13F portfolio is allocated to the stock. Some other hedge funds that hold long positions include Alan Fournier’s Pennant Capital Management, David Tepper’s Appaloosa Management LP and David Gallo’s Valinor Management LLC.
With a general bullishness amongst the titans, particular hedge funds have been driving this bullishness. Blue Ridge Capital, managed by John Griffin, assembled the biggest position in Owens Corning (NYSE:OC). Blue Ridge Capital had 312.6 million invested in the company at the end of the quarter. Patrick Halloran’s Wayzata Investment Partners also made a $266.7 million investment in the stock during the quarter. The other funds with brand new OC positions are Alan Fournier’s Pennant Capital Management, David Tepper’s Appaloosa Management LP, and David Gallo’s Valinor Management LLC.
How are insiders trading Owens Corning (NYSE:OC)?
Legal insider trading, particularly when it’s bullish, is best served when the company in question has experienced transactions within the past six months. Over the latest six-month time frame, Owens Corning (NYSE:OC) has experienced zero unique insiders buying, and 4 insider sales (see the details of insider trades here).
We’ll also take a look at the relationship between both of these indicators in other stocks similar to Owens Corning (NYSE:OC). These stocks are USG Corporation (NYSE:USG), Masco Corporation (NYSE:MAS), Vulcan Materials Company (NYSE:VMC), Armstrong World Industries, Inc. (NYSE:AWI), and Martin Marietta Materials, Inc. (NYSE:MLM). This group of stocks are in the general building materials industry and their market caps match OC’s market cap.
| Company Name | # of Hedge Funds | # of Insiders Buying | # of Insiders Selling |
| USG Corporation (NYSE:USG) | 24 | 0 | 5 |
| Masco Corporation (NYSE:MAS) | 34 | 0 | 7 |
| Vulcan Materials Company (NYSE:VMC) | 24 | 1 | 2 |
| Armstrong World Industries, Inc. (NYSE:AWI) | 15 | 0 | 2 |
| Martin Marietta Materials, Inc. (NYSE:MLM) | 23 | 0 | 8 |
Using the returns explained by the previously mentioned studies, regular investors must always watch hedge fund and insider trading activity, and Owens Corning (NYSE:OC) is an important part of this process.
