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Owens Corning (OC) Hedge Funds Are Snapping Up

As one would reasonably expect, key money managers have been driving this bullishness. GLG Partners, managed by Noam Gottesman, assembled the most valuable position in Owens Corning (NYSE:OC). The fund had $7.8 million invested in the company at the end of the quarter. Charles Davidson’s Wexford Capital also initiated a $2.1 million position during the quarter. The other funds with brand new OC positions are Ken Griffin’s Citadel Investment Group, Brian Taylor’s Pine River Capital Management, and Ray Carroll’s Breton Hill Capital.

Let’s now review hedge fund activity in other stocks similar to Owens Corning (NYSE:OC). These stocks are Sensata Technologies Holding N.V. (NYSE:ST), Macquarie Infrastructure Company LLC (NYSE:MIC), United Rentals, Inc. (NYSE:URI), and STERIS Corp (NYSE:STE). This group of stocks’ market caps are similar to OC’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
ST 27 1392748 -1
MIC 45 1058126 -2
URI 43 539688 6
STE 22 628862 -8

As you can see these stocks had an average of 34 hedge funds with bullish positions and the average amount invested in these stocks was $905 million. That figure was approximately $1.2 million in OC’s case. Macquarie Infrastructure Company LLC (NYSE:MIC) is the most popular stock in this table. On the other hand STERIS Corp (NYSE:STE) is the least popular one with only 22 bullish hedge fund positions. Owens Corning (NYSE:OC) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard MIC might be a better candidate to consider a long position.

Disclosure: none.

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