Owens Corning (OC) Shares Bought by OppenheimerFunds Inc.
OppenheimerFunds Inc. increased its position in Owens Corning (NYSE:OC) by 14.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 220,074 shares of the construction company’s stock after acquiring an additional 27,944 shares during the period. OppenheimerFunds Inc.’s holdings in Owens Corning were worth $20,234,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of OC. Cerebellum GP LLC bought a new stake in shares of Owens Corning in the fourth quarter worth $119,000. Grove Bank & Trust grew its holdings in shares of Owens Corning by 213.5% in the third quarter. Grove Bank & Trust now owns 1,630 shares of the construction company’s stock worth $126,000 after acquiring an additional 1,110 shares during the period. Strs Ohio bought a new stake in shares of Owens Corning in the fourth quarter worth $129,000. LS Investment Advisors LLC bought a new stake in Owens Corning during the fourth quarter valued at about $198,000. Finally, Crossmark Global Holdings Inc. bought a new stake in Owens Corning during the third quarter valued at about $202,000. 91.60% of the stock is owned by institutional investors.
Several analysts have issued reports on OC shares. Zacks Investment Research raised Owens Corning from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a report on Saturday, January 6th. MKM Partners boosted their price target on Owens Corning to $86.00 and gave the company a “neutral” rating in a report on Thursday, February 22nd. Bank of America boosted their price target on Owens Corning from $84.00 to $97.00 and gave the company a “buy” rating in a report on Friday, November 17th. Credit Suisse Group boosted their price target on Owens Corning from $90.00 to $95.00 and gave the company an “outperform” rating in a report on Friday, November 17th. Finally, Royal Bank of Canada raised Owens Corning from an “outperform” rating to a “top pick” rating in a report on Monday, December 4th. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $87.95.
Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, February 21st. The construction company reported $1.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.04 by $0.07. Owens Corning had a return on equity of 12.26% and a net margin of 4.53%. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the business earned $0.72 earnings per share. The business’s revenue was up 16.1% on a year-over-year basis. sell-side analysts predict that Owens Corning will post 5.66 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 3rd. Stockholders of record on Friday, March 9th will be given a $0.21 dividend. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $0.84 annualized dividend and a dividend yield of 1.05%. Owens Corning’s payout ratio is 32.94%.
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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