Manning & Napier Advisors LLC Acquires New Stake in Owens Corning Inc $OC

Manning & Napier Advisors LLC acquired a new position in shares of Owens Corning Inc (NYSE:OC) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 28,331 shares of the construction company’s stock, valued at approximately $4,503,000.

Several other hedge funds also recently made changes to their positions in the company. Pitcairn Co. increased its stake 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 acquiring an additional 80 shares during the period. First Pacific Financial increased its position in Owens Corning by 2.3% during the 1st quarter. First Pacific Financial now owns 3,749 shares of the construction company’s stock worth $406,000 after purchasing an additional 85 shares during the period. Viawealth LLC raised its stake in shares of Owens Corning by 3.6% during the 4th quarter. Viawealth LLC now owns 2,563 shares of the construction company’s stock worth $287,000 after buying an additional 88 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its holdings in shares of Owens Corning by 2.9% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,170 shares of the construction company’s stock valued at $343,000 after buying an additional 90 shares during the period. Finally, Basecamp Wealth Advisors LLC boosted its stake in shares of Owens Corning by 3.0% in the first quarter. Basecamp Wealth Advisors LLC now owns 3,317 shares of the construction company’s stock valued at $359,000 after buying an additional 97 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Insiders Place Their Bets

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider directly owned 15,848 shares of the company’s stock, valued at $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company’s stock.

Analyst Ratings Changes

OC has been the subject of several research analyst reports. Royal Bank Of Canada increased their price objective on Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a research report on Friday, July 10th. Wells Fargo & Company increased their price target on shares of Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Benchmark restated a “hold” rating on shares of Owens Corning in a research report on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Finally, Barclays boosted their price target on Owens Corning from $170.00 to $177.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Owens Corning presently has an average rating of “Moderate Buy” and an average target price of $165.31.

Owens Corning Price Performance

Owens Corning stock opened at $147.13 on Tuesday. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. The firm’s 50-day simple moving average is $143.74 and its 200 day simple moving average is $127.48. The firm has a market capitalization of $11.63 billion, a PE ratio of -18.25, a P/E/G ratio of 2.23 and a beta of 1.32.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same period last year, the firm posted $4.21 EPS. The firm’s revenue for the quarter was up .3% on a year-over-year basis. On average, equities research analysts predict that Owens Corning Inc will post 9.9 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were paid a $0.79 dividend. The ex-dividend date of this dividend was Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a yield of 2.1%. Owens Corning’s dividend payout ratio is presently -39.21%.

Owens Corning Company 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.