Owens Corning Inc (OC) Shares Bought by Grove Bank & Trust
Grove Bank & Trust lifted its position in Owens Corning Inc (NYSE:OC) by 213.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,630 shares of the construction company’s stock after buying an additional 1,110 shares during the quarter. Grove Bank & Trust’s holdings in Owens Corning were worth $126,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of OC. Raymond James Trust N.A. grew its stake in Owens Corning by 0.4% during the 2nd quarter. Raymond James Trust N.A. now owns 7,114 shares of the construction company’s stock worth $476,000 after purchasing an additional 26 shares in the last quarter. First Bank & Trust grew its stake in Owens Corning by 3.6% during the 2nd quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock worth $202,000 after purchasing an additional 104 shares in the last quarter. Vantage Financial Partners Ltd. Inc. acquired a new position in Owens Corning during the 2nd quarter worth $228,000. Penserra Capital Management LLC grew its stake in Owens Corning by 11.1% during the 2nd quarter. Penserra Capital Management LLC now owns 2,964 shares of the construction company’s stock worth $198,000 after purchasing an additional 296 shares in the last quarter. Finally, Ingalls & Snyder LLC grew its stake in Owens Corning by 7.1% during the 2nd quarter. Ingalls & Snyder LLC now owns 4,550 shares of the construction company’s stock worth $304,000 after purchasing an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 94.61% of the company’s stock.
Several research analysts recently commented on OC shares. Credit Suisse Group set a $90.00 target price on Owens Corning and gave the stock an “outperform” rating in a research note on Tuesday, October 17th. Evercore ISI reissued an “outperform” rating and set a $80.00 target price (down from $88.00) on shares of Owens Corning in a research note on Wednesday, October 11th. Bank of America upped their price objective on Owens Corning from $84.00 to $97.00 and gave the stock a “buy” rating in a research report on Friday, November 17th. Nomura reaffirmed a “neutral” rating and set a $79.00 price objective on shares of Owens Corning in a research report on Monday, September 11th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $83.00 price objective on shares of Owens Corning in a research report on Friday, September 1st. Eight research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Owens Corning has a consensus rating of “Buy” and a consensus price target of $78.70.
Owens Corning Inc (OC) traded up $1.73 during trading hours on Wednesday, hitting $89.59. The stock had a trading volume of 1,548,100 shares, compared to its average volume of 1,019,300. The firm has a market cap of $9,970.00, a PE ratio of 21.80, a P/E/G ratio of 1.32 and a beta of 1.08. Owens Corning Inc has a twelve month low of $50.77 and a twelve month high of $89.62. The company has a current ratio of 1.66, a quick ratio of 0.99 and a debt-to-equity ratio of 0.62.
Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.01). The firm had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.63 billion. Owens Corning had a net margin of 6.15% and a return on equity of 11.40%. The firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same period last year, the company earned $1.09 earnings per share. research analysts forecast that Owens Corning Inc will post 4.33 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 2nd. Investors of record on Monday, October 16th were given a $0.20 dividend. The ex-dividend date was Friday, October 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.89%. Owens Corning’s dividend payout ratio (DPR) is presently 23.88%.
In related news, insider Julian Francis sold 2,679 shares of the company’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $74.12, for a total value of $198,567.48. Following the completion of the sale, the insider now directly owns 25,643 shares of the company’s stock, valued at approximately $1,900,659.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director W Howard Morris sold 2,026 shares of the company’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $81.95, for a total value of $166,030.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 251,492 shares of company stock valued at $19,941,286. Insiders own 1.80% of the company’s stock.
Owens Corning 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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