Voya Investment Management LLC Has $2.08 Million Stake in Owens Corning Inc (OC)
Voya Investment Management LLC decreased its position in Owens Corning Inc (NYSE:OC) by 10.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,082 shares of the construction company’s stock after selling 3,481 shares during the period. Voya Investment Management LLC’s holdings in Owens Corning were worth $2,080,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of OC. BlackRock Inc. grew its stake in shares of Owens Corning by 4,010.8% in the 1st quarter. BlackRock Inc. now owns 6,496,203 shares of the construction company’s stock valued at $398,669,000 after buying an additional 6,338,177 shares during the period. PGGM Investments purchased a new stake in shares of Owens Corning in the 2nd quarter valued at approximately $26,366,000. Boston Partners purchased a new stake in shares of Owens Corning in the 2nd quarter valued at approximately $26,195,000. FMR LLC grew its stake in shares of Owens Corning by 118.4% in the 2nd quarter. FMR LLC now owns 572,911 shares of the construction company’s stock valued at $38,339,000 after buying an additional 310,559 shares during the period. Finally, LSV Asset Management boosted its position in shares of Owens Corning by 21.2% during the 2nd quarter. LSV Asset Management now owns 1,680,100 shares of the construction company’s stock worth $112,432,000 after purchasing an additional 294,400 shares during the period. 96.76% of the stock is owned by institutional investors and hedge funds.
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Shares of Owens Corning Inc (NYSE:OC) opened at 79.40 on Wednesday. The firm’s 50-day moving average is $76.15 and its 200-day moving average is $67.18. The firm has a market capitalization of $8.83 billion, a price-to-earnings ratio of 22.81 and a beta of 1.05. Owens Corning Inc has a 12-month low of $46.45 and a 12-month high of $80.12.
Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, July 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.12. Owens Corning had a net margin of 6.61% and a return on equity of 11.12%. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the previous year, the firm earned $1.29 earnings per share. Owens Corning’s revenue for the quarter was up 3.4% on a year-over-year basis. Equities research analysts forecast that Owens Corning Inc will post $4.32 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 2nd. Shareholders of record on Monday, October 16th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, October 13th. This represents a $0.80 annualized dividend and a yield of 1.01%. Owens Corning’s dividend payout ratio is currently 23.05%.
In other news, Chairman Michael H. Thaman sold 130,700 shares of the company’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $74.95, for a total value of $9,795,965.00. Following the completion of the transaction, the chairman now directly owns 847,992 shares in the company, valued at $63,557,000.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brian Chambers sold 16,600 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $67.18, for a total transaction of $1,115,188.00. Following the completion of the transaction, the insider now owns 39,957 shares of the company’s stock, valued at $2,684,311.26. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 212,866 shares of company stock valued at $15,644,970. 1.80% of the stock is owned by insiders.
A number of research firms recently weighed in on OC. Wells Fargo & Company raised shares of Owens Corning from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $68.00 to $83.00 in a research report on Wednesday, August 30th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Owens Corning in a research report on Tuesday, October 3rd. Evercore ISI reaffirmed an “outperform” rating and set a $80.00 price objective (down previously from $88.00) on shares of Owens Corning in a research report on Wednesday, October 11th. MKM Partners raised shares of Owens Corning from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $47.00 to $62.00 in a research report on Thursday, July 27th. Finally, FBR & Co increased their price objective on shares of Owens Corning from $63.00 to $70.00 and gave the stock a “mkt perform” rating in a research report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $74.32.
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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