HighTower Advisors LLC raised its position in shares of Owens Corning Inc (NYSE:OC) by 838.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,376 shares of the construction company’s stock after buying an additional 31,608 shares during the period. HighTower Advisors LLC’s holdings in Owens Corning were worth $2,368,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OC. Vanguard Group Inc. lifted its holdings in Owens Corning by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 10,562,420 shares of the construction company’s stock worth $706,837,000 after buying an additional 190,866 shares during the last quarter. BlackRock Inc. increased its position in shares of Owens Corning by 4,010.8% during the first quarter. BlackRock Inc. now owns 6,496,203 shares of the construction company’s stock worth $398,669,000 after purchasing an additional 6,338,177 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Owens Corning by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,666,185 shares of the construction company’s stock worth $245,337,000 after purchasing an additional 27,809 shares in the last quarter. State Street Corp increased its position in shares of Owens Corning by 0.4% during the first quarter. State Street Corp now owns 2,305,764 shares of the construction company’s stock worth $141,507,000 after purchasing an additional 8,490 shares in the last quarter. Finally, LSV Asset Management increased its position in shares of Owens Corning by 21.2% during the second quarter. LSV Asset Management now owns 1,680,100 shares of the construction company’s stock worth $112,432,000 after purchasing an additional 294,400 shares in the last quarter. Institutional investors and hedge funds own 96.84% of the company’s stock.
In related news, Chairman Michael H. Thaman sold 130,700 shares of Owens Corning stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $74.95, for a total transaction of $9,795,965.00. Following the sale, the chairman now directly owns 847,992 shares in the company, valued at approximately $63,557,000.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Daniel T. Smith sold 41,425 shares of Owens Corning stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $70.89, for a total transaction of $2,936,618.25. Following the sale, the vice president now owns 60,708 shares in the company, valued at $4,303,590.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 212,866 shares of company stock worth $15,644,970. 1.80% of the stock is currently owned by corporate insiders.
OC has been the topic of several recent research reports. Royal Bank Of Canada restated a “buy” rating and issued a $71.00 price target on shares of Owens Corning in a research report on Monday, June 19th. Macquarie upgraded Owens Corning from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $54.00 to $68.00 in a research report on Tuesday, June 20th. Credit Suisse Group started coverage on Owens Corning in a research report on Thursday, June 22nd. They set an “outperform” rating and a $75.00 target price on the stock. BidaskClub raised Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Finally, KeyCorp reissued an “overweight” rating and set a $75.00 price target (up previously from $70.00) on shares of Owens Corning in a research note on Monday, June 26th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $72.47.
Owens Corning Inc (NYSE OC) opened at 79.25 on Friday. The company has a market cap of $8.81 billion, a P/E ratio of 22.77 and a beta of 1.05. The company has a 50-day moving average of $74.33 and a 200 day moving average of $66.43. Owens Corning Inc has a one year low of $46.45 and a one year high of $79.44.
Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.48 billion. Owens Corning had a net margin of 6.61% and a return on equity of 11.12%. Owens Corning’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the firm earned $1.29 earnings per share. Equities research analysts predict that Owens Corning Inc will post $4.32 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 2nd. Stockholders of record on Monday, October 16th will be paid a $0.20 dividend. The ex-dividend date is Friday, October 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.01%. Owens Corning’s payout ratio is currently 23.05%.
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Owens Corning Profile
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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