Ontario Teachers Pension Plan Board Takes $997,000 Position in Owens Corning (NYSE:OC)

Ontario Teachers Pension Plan Board acquired a new stake in shares of Owens Corning (NYSE:OC) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 5,979 shares of the construction company’s stock, valued at approximately $997,000.

Several other institutional investors have also modified their holdings of the business. LSV Asset Management lifted its stake in Owens Corning by 0.7% in the 4th quarter. LSV Asset Management now owns 2,272,150 shares of the construction company’s stock valued at $336,801,000 after acquiring an additional 15,714 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Owens Corning by 2.5% in the 4th quarter. Victory Capital Management Inc. now owns 1,481,937 shares of the construction company’s stock valued at $219,668,000 after acquiring an additional 35,530 shares in the last quarter. Nordea Investment Management AB lifted its stake in Owens Corning by 74.4% in the 1st quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock valued at $210,040,000 after acquiring an additional 533,910 shares in the last quarter. Allianz Asset Management GmbH lifted its stake in Owens Corning by 7.7% in the 4th quarter. Allianz Asset Management GmbH now owns 1,057,518 shares of the construction company’s stock valued at $156,756,000 after acquiring an additional 75,594 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its stake in Owens Corning by 6,116.6% in the 4th quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company’s stock valued at $123,415,000 after acquiring an additional 819,201 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on OC. Jefferies Financial Group began coverage on Owens Corning in a research note on Wednesday, May 22nd. They set a “buy” rating and a $215.00 price objective on the stock. StockNews.com upgraded Owens Corning from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 27th. The Goldman Sachs Group reiterated a “neutral” rating and set a $187.00 price objective on shares of Owens Corning in a research note on Monday, June 17th. Loop Capital upped their price objective on Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. Finally, Citigroup upgraded Owens Corning from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $178.00 to $191.00 in a research note on Thursday, July 11th. Six equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $183.92.

Owens Corning Stock Performance

OC traded up $5.26 during trading hours on Monday, reaching $178.04. The company’s stock had a trading volume of 610,249 shares, compared to its average volume of 661,508. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.22 and a current ratio of 1.76. The company’s 50-day moving average is $175.46 and its 200-day moving average is $164.13. Owens Corning has a 52 week low of $109.95 and a 52 week high of $184.00. The firm has a market cap of $15.43 billion, a PE ratio of 13.99, a price-to-earnings-growth ratio of 5.16 and a beta of 1.42.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, April 24th. The construction company reported $3.59 EPS for the quarter, beating analysts’ consensus estimates of $3.04 by $0.55. Owens Corning had a return on equity of 26.52% and a net margin of 11.53%. The firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same period in the prior year, the firm posted $2.77 EPS. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, equities analysts forecast that Owens Corning will post 15.44 EPS for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Monday, July 15th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend is Monday, July 15th. Owens Corning’s dividend payout ratio is 19.43%.

Insider Buying and Selling at Owens Corning

In other news, CFO Todd W. Fister sold 3,000 shares of the stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $180.85, for a total transaction of $542,550.00. Following the sale, the chief financial officer now directly owns 34,626 shares of the company’s stock, valued at approximately $6,262,112.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Todd W. Fister sold 3,000 shares of the stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $180.85, for a total transaction of $542,550.00. Following the sale, the chief financial officer now directly owns 34,626 shares of the company’s stock, valued at approximately $6,262,112.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Mari Doerfler sold 240 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $182.05, for a total value of $43,692.00. Following the completion of the sale, the vice president now directly owns 4,954 shares in the company, valued at $901,875.70. The disclosure for this sale can be found here. Insiders have sold a total of 19,360 shares of company stock valued at $3,437,315 in the last ninety days. 0.89% of the stock is currently owned by corporate insiders.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.