First Trust Advisors LP Buys 572,770 Shares of Owens Corning Inc $OC

First Trust Advisors LP increased its position in shares of Owens Corning Inc (NYSE:OC) by 164.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 920,726 shares of the construction company’s stock after buying an additional 572,770 shares during the period. First Trust Advisors LP owned 1.10% of Owens Corning worth $126,618,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of OC. Twin Peaks Wealth Advisors LLC acquired a new stake in Owens Corning during the 2nd quarter valued at $26,000. Bangor Savings Bank acquired a new position in shares of Owens Corning during the 2nd quarter worth approximately $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Owens Corning during the 2nd quarter worth $30,000. Vermillion & White Wealth Management Group LLC increased its position in shares of Owens Corning by 149.4% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock worth $31,000 after purchasing an additional 133 shares during the period. Finally, Chilton Capital Management LLC acquired a new position in shares of Owens Corning in the 2nd quarter valued at approximately $37,000. Institutional investors own 88.40% of the company’s stock.

Owens Corning Trading Up 1.5%

Shares of OC stock opened at $113.73 on Friday. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $203.68. The company has a 50-day simple moving average of $119.35 and a two-hundred day simple moving average of $135.00. The company has a market capitalization of $9.35 billion, a price-to-earnings ratio of -19.88, a PEG ratio of 9.02 and a beta of 1.34. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.86 and a current ratio of 1.40.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, November 5th. The construction company reported $3.67 EPS for the quarter, beating analysts’ consensus estimates of $3.64 by $0.03. Owens Corning had a positive return on equity of 24.42% and a negative net margin of 4.46%.The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.71 billion. During the same period last year, the business posted $4.38 earnings per share. Owens Corning’s revenue was down 2.9% on a year-over-year basis. Research analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 21st. Investors of record on Monday, January 5th will be issued a $0.79 dividend. This is an increase from Owens Corning’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Monday, January 5th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.8%. Owens Corning’s payout ratio is presently -48.25%.

Analyst Ratings Changes

Several research firms recently weighed in on OC. Zacks Research lowered Owens Corning from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 15th. Vertical Research assumed coverage on Owens Corning in a research report on Monday, October 20th. They set a “hold” rating for the company. Barclays dropped their price target on shares of Owens Corning from $173.00 to $131.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Weiss Ratings restated a “sell (d+)” rating on shares of Owens Corning in a research report on Monday. Finally, Evercore ISI reduced their price target on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a report on Thursday. Ten equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $157.33.

Owens Corning Profile

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.