Mason Street Advisors LLC bought a new position in shares of Owens Corning (NYSE:OC) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 57,053 shares of the construction company’s stock, valued at approximately $3,606,000.
Several other large investors have also recently modified their holdings of the company. Boston Partners grew its holdings in Owens Corning by 0.8% during the second quarter. Boston Partners now owns 7,654,005 shares of the construction company’s stock worth $445,371,000 after buying an additional 60,275 shares in the last quarter. BlackRock Inc. grew its stake in Owens Corning by 1.7% in the 2nd quarter. BlackRock Inc. now owns 6,413,270 shares of the construction company’s stock valued at $373,253,000 after purchasing an additional 107,823 shares during the period. Victory Capital Management Inc. grew its stake in Owens Corning by 9.4% in the 2nd quarter. Victory Capital Management Inc. now owns 3,896,979 shares of the construction company’s stock valued at $226,805,000 after purchasing an additional 335,925 shares during the period. HG Vora Capital Management LLC bought a new position in Owens Corning in the 2nd quarter valued at $221,160,000. Finally, Maverick Capital Ltd. grew its stake in Owens Corning by 82.5% in the 2nd quarter. Maverick Capital Ltd. now owns 3,507,466 shares of the construction company’s stock valued at $204,135,000 after purchasing an additional 1,585,968 shares during the period. 99.37% of the stock is currently owned by institutional investors.
Shares of OC stock traded up $0.39 on Wednesday, hitting $64.91. 18,505 shares of the stock were exchanged, compared to its average volume of 1,632,941. The company has a current ratio of 1.69, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $6.81 billion, a PE ratio of 13.14, a P/E/G ratio of 1.69 and a beta of 1.24. Owens Corning has a one year low of $40.64 and a one year high of $65.22. The firm’s 50 day moving average is $62.07 and its two-hundred day moving average is $56.11.
The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Tuesday, October 15th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, October 11th. This represents a $0.88 annualized dividend and a dividend yield of 1.36%. Owens Corning’s payout ratio is 17.81%.
A number of research analysts have issued reports on the company. ValuEngine downgraded Owens Corning from a “sell” rating to a “strong sell” rating in a research note on Thursday, October 24th. Buckingham Research upgraded Owens Corning from a “neutral” rating to a “buy” rating in a research note on Tuesday, October 22nd. Argus upgraded Owens Corning from a “hold” rating to a “buy” rating and set a $72.00 price objective for the company in a research note on Tuesday, October 29th. Barclays upped their price objective on Owens Corning from $65.00 to $68.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Finally, BNP Paribas assumed coverage on Owens Corning in a research note on Wednesday, October 9th. They issued an “outperform” rating for the company. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $59.68.
In other news, Chairman Michael H. Thaman sold 50,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $62.00, for a total transaction of $3,100,000.00. Following the completion of the transaction, the chairman now owns 777,513 shares in the company, valued at approximately $48,205,806. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Kelly Schmidt sold 1,589 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $60.53, for a total value of $96,182.17. Following the transaction, the vice president now owns 15,264 shares of the company’s stock, valued at approximately $923,929.92. The disclosure for this sale can be found here. Insiders have sold a total of 87,589 shares of company stock valued at $5,240,682 in the last quarter. 1.70% of the stock is owned by corporate insiders.
About Owens Corning
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial 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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