Meeder Asset Management Inc. raised its position in Owens Corning (NYSE:OC) by 387.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,201 shares of the construction company’s stock after purchasing an additional 7,313 shares during the quarter. Meeder Asset Management Inc.’s holdings in Owens Corning were worth $537,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nissay Asset Management Corp Japan ADV boosted its stake in shares of Owens Corning by 1.9% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 11,580 shares of the construction company’s stock worth $546,000 after acquiring an additional 215 shares in the last quarter. Comerica Bank boosted its stake in shares of Owens Corning by 5.6% during the 2nd quarter. Comerica Bank now owns 5,407 shares of the construction company’s stock worth $303,000 after acquiring an additional 289 shares in the last quarter. MBM Wealth Consultants LLC boosted its stake in shares of Owens Corning by 4.2% during the 2nd quarter. MBM Wealth Consultants LLC now owns 7,994 shares of the construction company’s stock worth $465,000 after acquiring an additional 323 shares in the last quarter. IFM Investors Pty Ltd boosted its stake in shares of Owens Corning by 6.8% during the 2nd quarter. IFM Investors Pty Ltd now owns 5,532 shares of the construction company’s stock worth $322,000 after acquiring an additional 350 shares in the last quarter. Finally, Penserra Capital Management LLC bought a new stake in shares of Owens Corning during the 1st quarter worth about $26,000. Hedge funds and other institutional investors own 93.33% of the company’s stock.
NYSE OC opened at $56.13 on Friday. Owens Corning has a twelve month low of $40.64 and a twelve month high of $61.53. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.89 and a current ratio of 1.69. The stock has a market capitalization of $6.12 billion, a PE ratio of 11.36, a P/E/G ratio of 1.47 and a beta of 1.27. The stock has a 50-day simple moving average of $56.07 and a 200 day simple moving average of $52.09.
Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, July 24th. The construction company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.18. Owens Corning had a return on equity of 12.18% and a net margin of 7.21%. The business had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter in the previous year, the firm earned $1.17 EPS. The firm’s revenue was up 5.2% compared to the same quarter last year. As a group, equities research analysts forecast that Owens Corning will post 4.68 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Tuesday, July 16th were issued a $0.22 dividend. The ex-dividend date was Monday, July 15th. This represents a $0.88 annualized dividend and a yield of 1.57%. Owens Corning’s dividend payout ratio (DPR) is 17.81%.
Several equities analysts recently weighed in on the company. Nomura reissued a “neutral” rating and set a $48.00 price objective (down previously from $70.00) on shares of Owens Corning in a research report on Thursday, May 16th. SunTrust Banks boosted their price objective on Owens Corning to $58.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th. Zacks Investment Research cut Owens Corning from a “hold” rating to a “sell” rating in a research report on Monday, April 29th. Barclays reissued a “buy” rating and set a $65.00 price objective on shares of Owens Corning in a research report on Monday, July 1st. Finally, Royal Bank of Canada boosted their price objective on Owens Corning to $65.00 and gave the stock an “outperform” rating in a research report on Monday, July 8th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. Owens Corning has a consensus rating of “Hold” and an average price target of $58.29.
In other Owens Corning news, insider Michael H. Thaman sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $57.08, for a total value of $1,712,400.00. Following the completion of the transaction, the insider now owns 827,513 shares of the company’s stock, valued at approximately $47,234,442.04. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Kelly Schmidt sold 2,438 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $53.03, for a total value of $129,287.14. The disclosure for this sale can be found here. In the last ninety days, insiders sold 73,211 shares of company stock valued at $3,979,823. Insiders own 1.70% of the company’s stock.
About Owens Corning
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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