Owens Corning (OC) Stake Decreased by Bank of New York Mellon Corp
Bank of New York Mellon Corp lowered its position in Owens Corning (NYSE:OC) by 7.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 656,577 shares of the construction company’s stock after selling 49,603 shares during the quarter. Bank of New York Mellon Corp’s holdings in Owens Corning were worth $41,607,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in OC. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new position in shares of Owens Corning in the second quarter worth about $127,000. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in shares of Owens Corning in the second quarter worth about $163,000. Synovus Financial Corp grew its holdings in shares of Owens Corning by 2,016.9% in the second quarter. Synovus Financial Corp now owns 3,133 shares of the construction company’s stock worth $198,000 after purchasing an additional 2,985 shares during the last quarter. Cornerstone Wealth Management LLC bought a new position in shares of Owens Corning in the second quarter worth about $218,000. Finally, Eqis Capital Management Inc. bought a new position in shares of Owens Corning in the second quarter worth about $232,000. 90.42% of the stock is currently owned by institutional investors and hedge funds.
Shares of Owens Corning stock opened at $49.43 on Wednesday. The company has a current ratio of 1.62, a quick ratio of 0.87 and a debt-to-equity ratio of 0.87. Owens Corning has a 1 year low of $42.88 and a 1 year high of $96.52. The stock has a market cap of $5.37 billion, a price-to-earnings ratio of 11.23, a price-to-earnings-growth ratio of 0.77 and a beta of 1.14.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 2nd. Shareholders of record on Tuesday, October 16th were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.70%. The ex-dividend date was Monday, October 15th. Owens Corning’s payout ratio is 19.09%.
In other Owens Corning news, Director W Howard Morris sold 1,514 shares of the stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $58.47, for a total transaction of $88,523.58. Following the transaction, the director now directly owns 36,332 shares in the company, valued at approximately $2,124,332.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is owned by corporate insiders.
OC has been the topic of a number of research analyst reports. Goldman Sachs Group initiated coverage on shares of Owens Corning in a report on Tuesday, October 2nd. They issued a “buy” rating and a $75.00 price target on the stock. Longbow Research restated a “buy” rating on shares of Owens Corning in a report on Monday, September 24th. Barclays upgraded shares of Owens Corning from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $62.00 to $58.00 in a report on Thursday, October 25th. Bank of America cut shares of Owens Corning from a “neutral” rating to an “underperform” rating in a report on Tuesday, October 23rd. Finally, Credit Suisse Group cut their price target on shares of Owens Corning from $57.00 to $47.00 and set a “neutral” rating on the stock in a report on Thursday, October 25th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. Owens Corning currently has a consensus rating of “Hold” and a consensus price target of $74.94.
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Owens Corning Company 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.
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