Vaughan Nelson Investment Management L.P. Acquires Shares of 423,790 Owens Corning Inc $OC

Vaughan Nelson Investment Management L.P. acquired a new position in shares of Owens Corning Inc (NYSE:OC) in the 1st quarter, HoldingsChannel reports. The institutional investor acquired 423,790 shares of the construction company’s stock, valued at approximately $45,863,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Pitcairn Co. increased its holdings in shares of Owens Corning by 4.6% during the second quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock worth $250,000 after buying an additional 80 shares in the last quarter. Viawealth LLC raised its position in Owens Corning by 3.6% in the fourth quarter. Viawealth LLC now owns 2,563 shares of the construction company’s stock valued at $287,000 after purchasing an additional 88 shares during the last quarter. Pallas Capital Advisors LLC raised its position in Owens Corning by 2.7% in the fourth quarter. Pallas Capital Advisors LLC now owns 3,997 shares of the construction company’s stock valued at $447,000 after purchasing an additional 104 shares during the last quarter. Groupama Asset Managment grew its holdings in shares of Owens Corning by 1.8% during the fourth quarter. Groupama Asset Managment now owns 6,153 shares of the construction company’s stock worth $689,000 after purchasing an additional 106 shares during the last quarter. Finally, Lido Advisors LLC increased its stake in shares of Owens Corning by 6.4% in the fourth quarter. Lido Advisors LLC now owns 1,904 shares of the construction company’s stock valued at $213,000 after buying an additional 115 shares during the period. Institutional investors and hedge funds own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on OC. The Goldman Sachs Group boosted their target price on shares of Owens Corning from $125.00 to $141.00 and gave the company a “neutral” rating in a report on Thursday, May 7th. Zacks Research upgraded Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Weiss Ratings downgraded Owens Corning from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 18th. Barclays raised their target price on Owens Corning from $135.00 to $144.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Finally, Wells Fargo & Company lifted their target price on Owens Corning from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.82.

Insiders Place Their Bets

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the transaction, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. This trade represents a 4.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the completion of the transaction, the vice president owned 3,093 shares of the company’s stock, valued at approximately $374,005.56. The trade was a 38.37% decrease in their position. The SEC filing for this sale provides additional information. 0.92% of the stock is currently owned by corporate insiders.

Owens Corning Trading Down 0.0%

NYSE:OC opened at $128.12 on Monday. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. The stock has a market capitalization of $10.32 billion, a PE ratio of -19.38, a price-to-earnings-growth ratio of 2.32 and a beta of 1.34. The firm’s 50 day moving average is $120.67 and its 200 day moving average is $118.47. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.42.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.21. The business had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The business’s revenue for the quarter was down 10.5% on a year-over-year basis. During the same period last year, the business posted $2.97 earnings per share. Sell-side analysts expect that Owens Corning Inc will post 9.53 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 20th will be given a $0.79 dividend. The ex-dividend date is Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a yield of 2.5%. Owens Corning’s payout ratio is presently -47.81%.

Owens Corning 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.