ClariVest Asset Management LLC Has $43.61 Million Position in Owens Corning Inc (NYSE:OC)
ClariVest Asset Management LLC decreased its position in shares of Owens Corning Inc (NYSE:OC) by 3.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 651,709 shares of the construction company’s stock after selling 20,041 shares during the period. Owens Corning accounts for approximately 1.0% of ClariVest Asset Management LLC’s investment portfolio, making the stock its 18th largest position. ClariVest Asset Management LLC’s holdings in Owens Corning were worth $43,611,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in OC. Creative Planning raised its stake in Owens Corning by 104.3% in the second quarter. Creative Planning now owns 2,043 shares of the construction company’s stock worth $137,000 after buying an additional 1,043 shares in the last quarter. Point72 Asia Hong Kong Ltd raised its stake in Owens Corning by 457.1% in the first quarter. Point72 Asia Hong Kong Ltd now owns 2,301 shares of the construction company’s stock worth $141,000 after buying an additional 1,888 shares in the last quarter. IFP Advisors Inc raised its stake in Owens Corning by 45.3% in the first quarter. IFP Advisors Inc now owns 2,558 shares of the construction company’s stock worth $157,000 after buying an additional 798 shares in the last quarter. Penserra Capital Management LLC raised its stake in Owens Corning by 9.5% in the first quarter. Penserra Capital Management LLC now owns 2,668 shares of the construction company’s stock worth $163,000 after buying an additional 232 shares in the last quarter. Finally, First Bank & Trust raised its stake in Owens Corning by 3.6% in the second quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock worth $202,000 after buying an additional 104 shares in the last quarter.
Owens Corning Inc (OC) opened at 67.74 on Friday. Owens Corning Inc has a one year low of $46.45 and a one year high of $68.88. The stock has a market cap of $7.53 billion, a P/E ratio of 19.46 and a beta of 1.11. The firm’s 50-day moving average is $66.56 and its 200 day moving average is $62.12.
Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, July 26th. The construction company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.29 EPS. On average, analysts anticipate that Owens Corning Inc will post $4.28 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 2nd. Shareholders of record on Monday, July 17th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.18%. Owens Corning’s payout ratio is currently 23.05%.
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A number of analysts have weighed in on OC shares. Zacks Investment Research upgraded shares of Owens Corning from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Wednesday, June 28th. Northcoast Research set a $76.00 price target on shares of Owens Corning and gave the stock a “buy” rating in a research note on Tuesday, June 27th. BidaskClub upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Royal Bank Of Canada reiterated a “buy” rating and issued a $67.00 price target on shares of Owens Corning in a research note on Friday, April 21st. Finally, Instinet reiterated a “buy” rating and issued a $74.00 price target on shares of Owens Corning in a research note on Thursday, June 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $70.53.
In other Owens Corning news, insider Brian Chambers sold 16,600 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $67.18, for a total value of $1,115,188.00. Following the transaction, the insider now owns 39,957 shares in the company, valued at approximately $2,684,311.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James J. Mcmonagle sold 2,000 shares of the firm’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $64.60, for a total value of $129,200.00. Following the completion of the transaction, the director now owns 50,906 shares in the company, valued at approximately $3,288,527.60. The disclosure for this sale can be found here. Insiders sold a total of 40,144 shares of company stock worth $2,654,227 in the last 90 days. 1.80% of the stock is currently owned by insiders.
Owens Corning Company Profile
Owens Corning is engaged in the business of 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.
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