Zacks Investment Management lifted its position in Owens Corning (NYSE:OC) by 4.9% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 18,662 shares of the construction company’s stock after acquiring an additional 880 shares during the period. Zacks Investment Management’s holdings in Owens Corning were worth $1,183,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of OC. BlackRock Inc. raised its holdings in shares of Owens Corning by 2.5% during the second quarter. BlackRock Inc. now owns 7,547,845 shares of the construction company’s stock valued at $478,305,000 after purchasing an additional 181,922 shares during the last quarter. Boston Partners raised its holdings in shares of Owens Corning by 3,089.6% during the second quarter. Boston Partners now owns 5,655,318 shares of the construction company’s stock valued at $358,378,000 after purchasing an additional 5,478,011 shares during the last quarter. Iridian Asset Management LLC CT raised its holdings in shares of Owens Corning by 44.2% during the second quarter. Iridian Asset Management LLC CT now owns 4,220,826 shares of the construction company’s stock valued at $267,474,000 after purchasing an additional 1,293,828 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Owens Corning by 47.8% during the second quarter. Victory Capital Management Inc. now owns 2,931,929 shares of the construction company’s stock valued at $185,795,000 after purchasing an additional 947,917 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Owens Corning by 22.9% during the second quarter. Wells Fargo & Company MN now owns 2,033,976 shares of the construction company’s stock valued at $128,892,000 after purchasing an additional 378,414 shares during the last quarter.

Shares of NYSE OC opened at $59.87 on Monday. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.59 and a quick ratio of 0.88. The firm has a market capitalization of $6.72 billion, a PE ratio of 13.61, a PEG ratio of 0.70 and a beta of 0.97. Owens Corning has a 1 year low of $55.39 and a 1 year high of $96.52.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, July 25th. The construction company reported $1.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.45 by ($0.28). The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Owens Corning had a return on equity of 11.72% and a net margin of 4.47%. The business’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same period last year, the company earned $1.20 earnings per share. research analysts predict that Owens Corning will post 5.27 earnings per share for the current fiscal year.

Several research firms have recently weighed in on OC. Nomura set a $88.00 price objective on shares of Owens Corning and gave the company a “buy” rating in a report on Wednesday, August 29th. Northcoast Research reissued a “buy” rating and set a $81.00 price objective on shares of Owens Corning in a report on Friday, July 27th. ValuEngine cut shares of Owens Corning from a “sell” rating to a “strong sell” rating in a report on Thursday, July 26th. Stifel Nicolaus reaffirmed a “buy” rating and set a $75.00 target price on shares of Owens Corning in a report on Thursday, July 26th. Finally, Credit Suisse Group reduced their target price on shares of Owens Corning from $84.00 to $72.00 and set an “outperform” rating for the company in a report on Thursday, July 26th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $80.11.

In other news, Director W Howard Morris sold 1,514 shares of the stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $58.47, for a total value of $88,523.58. Following the completion of the sale, the director now directly owns 36,332 shares of the company’s stock, valued at $2,124,332.04. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Owens Corning Profile

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.

Further Reading: Leveraged Buyout (LBO) Explained

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Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

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