Granite Investment Partners Holding in Hooker Furniture (HOFT) Has Decreased as Valuation Rose; As Owens Corning New (OC) Share Value Rose, Wells Fargo & Company Has Trimmed Its Position

January 23, 2018 - By Ellis Scott

Wells Fargo & Company decreased its stake in Owens Corning New (OC) by 33.97% based on its latest 2017Q3 regulatory filing with the SEC. Wells Fargo & Company sold 157,044 shares as the company’s stock rose 7.09% with the market. The institutional investor held 305,303 shares of the industrial machinery and components company at the end of 2017Q3, valued at $23.62 million, down from 462,347 at the end of the previous reported quarter. Wells Fargo & Company who had been investing in Owens Corning New for a number of months, seems to be less bullish one the $10.72 billion market cap company. The stock increased 0.34% or $0.33 during the last trading session, reaching $96.36. About 649,892 shares traded. Owens Corning (NYSE:OC) has risen 23.07% since January 23, 2017 and is uptrending. It has outperformed by 6.37% the S&P500.

Granite Investment Partners Llc decreased its stake in Hooker Furniture Corp (HOFT) by 34.28% based on its latest 2017Q3 regulatory filing with the SEC. Granite Investment Partners Llc sold 13,652 shares as the company’s stock rose 28.05% with the market. The institutional investor held 26,177 shares of the home furnishings company at the end of 2017Q3, valued at $1.25 million, down from 39,829 at the end of the previous reported quarter. Granite Investment Partners Llc who had been investing in Hooker Furniture Corp for a number of months, seems to be less bullish one the $465.14 million market cap company. The stock decreased 1.12% or $0.45 during the last trading session, reaching $39.6. About 71,098 shares traded or 6.32% up from the average. Hooker Furniture Corporation (NASDAQ:HOFT) has risen 78.89% since January 23, 2017 and is uptrending. It has outperformed by 62.19% the S&P500.

Granite Investment Partners Llc, which manages about $892.06M and $1.61 billion US Long portfolio, upped its stake in Salesforce Com Inc (NYSE:CRM) by 3,394 shares to 96,307 shares, valued at $9.00M in 2017Q3, according to the filing. It also increased its holding in Apple Inc (NASDAQ:AAPL) by 4,314 shares in the quarter, for a total of 135,929 shares, and has risen its stake in American Sts Wtr Co (NYSE:AWR).

Since September 11, 2017, it had 0 insider buys, and 9 insider sales for $2.29 million activity. $222,050 worth of Hooker Furniture Corporation (NASDAQ:HOFT) was sold by RYDER E LARRY on Monday, September 11. On Monday, September 25 Jacobsen Anne sold $107,209 worth of Hooker Furniture Corporation (NASDAQ:HOFT) or 2,350 shares. 2,499 shares were sold by Sweet David G, worth $109,897. Delgatti Michael W sold $430,329 worth of stock or 10,000 shares.

Investors sentiment increased to 1.74 in Q3 2017. Its up 0.16, from 1.58 in 2017Q2. It improved, as 9 investors sold HOFT shares while 30 reduced holdings. 31 funds opened positions while 37 raised stakes. 9.96 million shares or 3.78% more from 9.59 million shares in 2017Q2 were reported. Punch And Associate Inv Mngmt accumulated 291,777 shares. Fny Managed Accounts Llc has invested 0.01% in Hooker Furniture Corporation (NASDAQ:HOFT). Wellington Mgmt Grp Incorporated Llp has invested 0% in Hooker Furniture Corporation (NASDAQ:HOFT). Public Employees Retirement Systems Of Ohio has invested 0.01% in Hooker Furniture Corporation (NASDAQ:HOFT). Deutsche Fincl Bank Ag stated it has 0% in Hooker Furniture Corporation (NASDAQ:HOFT). Pnc Group holds 0.01% or 286,602 shares in its portfolio. Tennessee-based Ftb Advisors Incorporated has invested 0% in Hooker Furniture Corporation (NASDAQ:HOFT). Zpr Mngmt owns 20,934 shares for 1.52% of their portfolio. Parametric Portfolio Llc owns 7,102 shares. Manufacturers Life Insur Communication The holds 0% in Hooker Furniture Corporation (NASDAQ:HOFT) or 9,030 shares. New York-based Morgan Stanley has invested 0% in Hooker Furniture Corporation (NASDAQ:HOFT). Hillsdale Investment Management Incorporated holds 0.24% of its portfolio in Hooker Furniture Corporation (NASDAQ:HOFT) for 30,200 shares. Goldman Sachs Group Inc, New York-based fund reported 7,299 shares. Meeder Asset reported 654 shares. California Pub Employees Retirement Sys holds 0% or 38,100 shares in its portfolio.

Since August 4, 2017, it had 0 insider buys, and 7 sales for $15.64 million activity. McMurray Michael C. had sold 14,000 shares worth $1.07M. 2,679 shares valued at $198,567 were sold by Francis Julian on Friday, September 1. Shares for $102,852 were sold by Schmidt Kelly on Friday, August 25. $2.94 million worth of stock was sold by SMITH DANIEL T on Monday, August 28. Another trade for 6,000 shares valued at $424,500 was sold by Genis Arnaud. THAMAN MICHAEL H had sold 130,700 shares worth $9.80 million on Wednesday, September 13.

Wells Fargo & Company, which manages about $322.95 billion US Long portfolio, upped its stake in Workday Inc (NYSE:WDAY) by 9,777 shares to 225,351 shares, valued at $23.75 million in 2017Q3, according to the filing. It also increased its holding in Greenbrier Cos Inc (NYSE:GBX) by 7,597 shares in the quarter, for a total of 314,662 shares, and has risen its stake in Mack Cali Rlty Corp (NYSE:CLI).

Analysts await Owens Corning (NYSE:OC) to report earnings on February, 14. They expect $1.02 earnings per share, up 41.67% or $0.30 from last year’s $0.72 per share. OC’s profit will be $113.46 million for 23.62 P/E if the $1.02 EPS becomes a reality. After $1.25 actual earnings per share reported by Owens Corning for the previous quarter, Wall Street now forecasts -18.40% negative EPS growth.

Among 25 analysts covering Owens Corning (NYSE:OC), 16 have Buy rating, 0 Sell and 9 Hold. Therefore 64% are positive. Owens Corning had 74 analyst reports since July 23, 2015 according to SRatingsIntel. FBR Capital maintained Owens Corning (NYSE:OC) rating on Friday, July 29. FBR Capital has “Mkt Perform” rating and $57 target. The firm has “Hold” rating by SunTrust given on Thursday, October 26. The stock of Owens Corning (NYSE:OC) earned “Buy” rating by RBC Capital Markets on Monday, April 24. The firm has “Buy” rating given on Friday, November 17 by Bank of America. The firm has “Neutral” rating by Bank of America given on Friday, September 23. RBC Capital Markets maintained the stock with “Buy” rating in Tuesday, November 14 report. The company was upgraded on Thursday, August 31 by Wells Fargo. The firm earned “Buy” rating on Thursday, January 21 by Longbow. As per Thursday, September 29, the company rating was initiated by Wells Fargo. The stock of Owens Corning (NYSE:OC) earned “Buy” rating by Evercore on Wednesday, October 11.

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By1 Ellis Scott

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