Puts Purchased on Owens Corning (OC)

Shares of Owens Corning OC are higher on the session by 3.58%, currently trading $32.66. The stock been a relative outperformer over the past few weeks and the stock is still trading above the 50-day moving average. Options traders are buying some protection in the name today with the June $30 put strike purchased 5,250 times on open interest of 2,756 contracts. This signals new, bearish positioning. Put volume on the name is running at 2.86x the daily average. Owens Corning is a producer of glass fiber reinforcements and other materials for composites and of residential and commercial building materials. The Company operates in two business segments: composites, which include the Company's reinforcements and downstream businesses, and building materials, which includes its insulation, roofing and other businesses.