Owens Corning Inc (OC) Shares Bought by Dimensional Fund Advisors LP
Dimensional Fund Advisors LP raised its stake in Owens Corning Inc (NYSE:OC) by 0.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,666,185 shares of the construction company’s stock after acquiring an additional 27,809 shares during the period. Dimensional Fund Advisors LP owned 3.30% of Owens Corning worth $245,337,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Owens Corning by 1.8% during the second quarter. Vanguard Group Inc. now owns 10,562,420 shares of the construction company’s stock worth $706,837,000 after buying an additional 190,866 shares during the period. BlackRock Inc. boosted its stake in shares of Owens Corning by 4,010.8% during the first quarter. BlackRock Inc. now owns 6,496,203 shares of the construction company’s stock worth $398,669,000 after buying an additional 6,338,177 shares during the period. State Street Corp boosted its stake in shares of Owens Corning by 0.4% during the first quarter. State Street Corp now owns 2,305,764 shares of the construction company’s stock worth $141,507,000 after buying an additional 8,490 shares during the period. LSV Asset Management boosted its stake in shares of Owens Corning by 21.2% during the second quarter. LSV Asset Management now owns 1,680,100 shares of the construction company’s stock worth $112,432,000 after buying an additional 294,400 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of Owens Corning by 1.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,401,027 shares of the construction company’s stock worth $93,757,000 after buying an additional 17,494 shares during the period. Institutional investors own 96.78% of the company’s stock.
In related news, insider Arnaud Genis sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $70.75, for a total value of $424,500.00. Following the sale, the insider now directly owns 58,374 shares in the company, valued at approximately $4,129,960.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Michael H. Thaman sold 130,700 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $74.95, for a total transaction of $9,795,965.00. Following the completion of the sale, the chairman now owns 847,992 shares in the company, valued at $63,557,000.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 212,866 shares of company stock valued at $15,644,970. Company insiders own 1.80% of the company’s stock.
Shares of Owens Corning Inc (OC) traded down 0.51% on Monday, reaching $75.38. 69,686 shares of the company’s stock were exchanged. The stock’s 50-day moving average price is $70.76 and its 200-day moving average price is $64.99. Owens Corning Inc has a 1-year low of $46.45 and a 1-year high of $76.84. The company has a market capitalization of $8.38 billion, a P/E ratio of 21.65 and a beta of 1.04.
Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.48 billion. Owens Corning had a net margin of 6.61% and a return on equity of 11.12%. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.29 EPS. Analysts anticipate that Owens Corning Inc will post $4.30 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 2nd. Stockholders of record on Monday, October 16th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date is Friday, October 13th. Owens Corning’s dividend payout ratio is currently 23.05%.
Several brokerages have recently weighed in on OC. Stifel Nicolaus reiterated a “buy” rating and set a $83.00 target price on shares of Owens Corning in a research note on Friday, July 28th. Jefferies Group LLC reiterated a “buy” rating and set a $82.00 target price on shares of Owens Corning in a research note on Thursday, July 27th. Royal Bank Of Canada reiterated a “buy” rating and set a $79.00 target price on shares of Owens Corning in a research note on Friday, July 28th. BidaskClub upgraded shares of Owens Corning from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. Finally, Macquarie upgraded shares of Owens Corning from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $54.00 to $68.00 in a research note on Tuesday, June 20th. Eight equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $72.79.
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About Owens Corning
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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