Vanguard Group Inc. Increases Position in Owens Corning (OC)
Vanguard Group Inc. boosted its position in shares of Owens Corning (NYSE:OC) by 2.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,327,924 shares of the company’s stock after buying an additional 194,406 shares during the period. Vanguard Group Inc. owned approximately 8.13% of Owens Corning worth $480,575,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its stake in Owens Corning by 44.8% in the second quarter. Principal Financial Group Inc. now owns 1,622,646 shares of the company’s stock valued at $83,599,000 after buying an additional 502,161 shares during the last quarter. AJO LP raised its stake in Owens Corning by 50.0% in the second quarter. AJO LP now owns 1,008,031 shares of the company’s stock valued at $51,934,000 after buying an additional 335,901 shares during the last quarter. Hancock Holding Co. bought a new stake in Owens Corning during the second quarter valued at about $858,000. Iridian Asset Management LLC CT bought a new stake in Owens Corning during the second quarter valued at about $242,405,000. Finally, Systematic Financial Management LP raised its stake in Owens Corning by 15.8% in the second quarter. Systematic Financial Management LP now owns 755,372 shares of the company’s stock valued at $38,916,000 after buying an additional 103,144 shares during the last quarter.
Shares of Owens Corning (NYSE:OC) traded down 0.79% during trading on Monday, hitting $52.97. The stock had a trading volume of 65,342 shares. The stock has a market cap of $6.08 billion, a price-to-earnings ratio of 14.95 and a beta of 1.41. The stock’s 50-day moving average is $53.48 and its 200-day moving average is $51.34. Owens Corning has a 12-month low of $38.96 and a 12-month high of $58.69.
Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.43. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.46 billion. Owens Corning had a return on equity of 10.57% and a net margin of 7.52%. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period last year, the firm earned $0.76 earnings per share. On average, equities research analysts expect that Owens Corning will post $3.45 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 2nd. Investors of record on Monday, October 17th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend is Thursday, October 13th. Owens Corning’s dividend payout ratio (DPR) is presently 20.28%.
Several research analysts have commented on OC shares. Zacks Investment Research upgraded Owens Corning from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a report on Wednesday, September 28th. FBR & Co raised their price objective on Owens Corning from $53.00 to $57.00 and gave the stock a “market perform” rating in a report on Friday, July 29th. Credit Suisse Group AG started coverage on Owens Corning in a report on Thursday, August 11th. They set an “underperform” rating and a $51.00 price objective on the stock. Stifel Nicolaus raised their price objective on Owens Corning from $55.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Finally, Goldman Sachs Group Inc. upgraded Owens Corning from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $51.00 to $58.00 in a report on Monday, July 11th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $54.75.
In related news, insider Arnaud Genis sold 66,619 shares of the stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $54.68, for a total value of $3,642,726.92. Following the transaction, the insider now owns 101,538 shares of the company’s stock, valued at $5,552,097.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Michael H. Thaman sold 150,000 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $53.19, for a total value of $7,978,500.00. Following the completion of the transaction, the chairman now directly owns 835,189 shares in the company, valued at approximately $44,423,702.91. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.
About Owens Corning
Owens Corning is a holding company, which is engaged in the business of composite and building materials systems. 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.
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