First Horizon Advisors Inc. Has $253,000 Stock Holdings in Owens Corning (NYSE:OC)

First Horizon Advisors Inc. raised its stake in shares of Owens Corning (NYSE:OC) by 90.0% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 1,457 shares of the construction company’s stock after purchasing an additional 690 shares during the period. First Horizon Advisors Inc.’s holdings in Owens Corning were worth $253,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in OC. Norges Bank acquired a new position in Owens Corning during the 4th quarter valued at about $118,251,000. Nordea Investment Management AB boosted its stake in Owens Corning by 74.4% during 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 purchasing an additional 533,910 shares during the last quarter. Swedbank AB acquired a new position in Owens Corning during the 1st quarter valued at about $60,424,000. Guinness Asset Management LTD acquired a new position in Owens Corning during the 2nd quarter valued at about $30,708,000. Finally, Bank of Nova Scotia boosted its stake in Owens Corning by 9,571.1% during the 4th quarter. Bank of Nova Scotia now owns 143,616 shares of the construction company’s stock valued at $21,287,000 after purchasing an additional 142,131 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on OC. Benchmark reissued a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Royal Bank of Canada lifted their target price on shares of Owens Corning from $211.00 to $213.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. StockNews.com cut shares of Owens Corning from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 7th. Evercore ISI lowered their price target on shares of Owens Corning from $188.00 to $175.00 and set an “in-line” rating on the stock in a report on Wednesday, August 7th. Finally, UBS Group lifted their price target on shares of Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $184.23.

Owens Corning Price Performance

Shares of OC traded down $2.17 during mid-day trading on Tuesday, reaching $160.41. 67,725 shares of the stock traded hands, compared to its average volume of 671,968. The firm has a fifty day moving average price of $171.57 and a 200 day moving average price of $166.84. The company has a market cap of $13.95 billion, a price-to-earnings ratio of 13.16, a price-to-earnings-growth ratio of 3.15 and a beta of 1.42. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91. Owens Corning has a 1 year low of $109.95 and a 1 year high of $191.13.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 EPS for the quarter, beating analysts’ consensus estimates of $4.37 by $0.27. The firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.92 billion. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the previous year, the business earned $4.22 EPS. As a group, equities research analysts predict that Owens Corning will post 15.38 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 15th were given a $0.60 dividend. The ex-dividend date was Monday, July 15th. This represents a $2.40 annualized dividend and a yield of 1.50%. Owens Corning’s dividend payout ratio (DPR) is presently 19.43%.

Insider Buying and Selling

In related news, CFO Todd W. Fister sold 3,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $173.65, for a total value of $520,950.00. Following the completion of the transaction, the chief financial officer now directly owns 31,626 shares in the company, valued at $5,491,854.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Owens Corning news, insider Marcio A. Sandri sold 9,697 shares of the business’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $178.00, for a total value of $1,726,066.00. Following the completion of the sale, the insider now directly owns 62,895 shares of the company’s stock, valued at $11,195,310. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Todd W. Fister sold 3,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $173.65, for a total transaction of $520,950.00. Following the completion of the sale, the chief financial officer now directly owns 31,626 shares of the company’s stock, valued at $5,491,854.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,937 shares of company stock worth $2,833,258. Corporate insiders own 0.89% of the company’s stock.

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.