market folly

John Griffin's hedge fund firm Blue Ridge Capital recently filed a 13G with the SEC regarding shares of Owens Corning (OC).  Per the filing, Blue Ridge has revealed a 5.63% ownership stake in OC with 6,670,000 shares.

This marks a 162% increase in the amount of shares they own as the firm has added over 4.1 million more shares since the end of the second quarter.  This disclosure was required due to portfolio activity on October 9th.

Blue Ridge has purchased a few industrial and economically-sensitive stakes as of late and we posted about how Blue Ridge bought shares of Colfax (an industrial manufacturing company) and also increased its stake in Martin Marietta Materials (a materials producer).

Per Google Finance, Owens Corning is "engaged in 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. The Company operates in two segments: Composites, which includes its reinforcements and downstream businesses, and Building Materials, which includes its insulation and roofing businesses."


For more from this hedge fund, be sure to check out Blue Ridge's recommended reading list.