Mitsubishi UFJ Asset Management Co. Ltd. Invests $19.58 Million in Owens Corning Inc $OC

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Owens Corning Inc (NYSE:OC) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 123,188 shares of the construction company’s stock, valued at approximately $19,582,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OC. Vanguard Group Inc. grew its position in shares of Owens Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company’s stock worth $1,092,883,000 after buying an additional 84,096 shares during the period. State Street Corp lifted its holdings in Owens Corning by 2.3% in the third quarter. State Street Corp now owns 3,634,987 shares of the construction company’s stock valued at $514,205,000 after buying an additional 81,133 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Owens Corning by 7.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock valued at $299,167,000 after buying an additional 188,211 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Owens Corning by 9.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,594,229 shares of the construction company’s stock valued at $290,321,000 after acquiring an additional 231,871 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in Owens Corning by 22.7% during the 1st quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock worth $235,835,000 after acquiring an additional 403,803 shares during the period. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the transaction, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. This represents a 4.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.

Owens Corning Stock Down 2.7%

Owens Corning stock opened at $147.19 on Friday. The company has a 50 day moving average of $142.73 and a 200-day moving average of $127.15. The stock has a market capitalization of $11.64 billion, a PE ratio of -18.26, a price-to-earnings-growth ratio of 2.28 and a beta of 1.32. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.91.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter last year, the business posted $4.21 EPS. The company’s revenue for the quarter was up .3% on a year-over-year basis. On average, equities research analysts anticipate that Owens Corning Inc will post 9.9 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were paid a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.1%. The ex-dividend date was Monday, July 20th. Owens Corning’s payout ratio is presently -39.21%.

Wall Street Analyst Weigh In

OC has been the subject of several recent research reports. Wells Fargo & Company upped their target price on shares of Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Benchmark restated a “hold” rating on shares of Owens Corning in a research report on Wednesday, July 15th. Citigroup lifted their price objective on Owens Corning from $149.00 to $177.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. JPMorgan Chase & Co. upped their price objective on Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Finally, The Goldman Sachs Group increased their target price on Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a research note on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $163.25.

Owens Corning Company Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.