Owens Corning Inc $OC Shares Acquired by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC lifted its stake in shares of Owens Corning Inc (NYSE:OC) by 15.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,334 shares of the construction company’s stock after purchasing an additional 3,753 shares during the period. Manning & Napier Advisors LLC’s holdings in Owens Corning were worth $3,066,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Owens Corning by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company’s stock worth $1,092,883,000 after buying an additional 84,096 shares during the period. State Street Corp increased its position in shares of Owens Corning by 2.3% in the third quarter. State Street Corp now owns 3,634,987 shares of the construction company’s stock worth $514,205,000 after acquiring an additional 81,133 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Owens Corning by 9.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,594,229 shares of the construction company’s stock valued at $290,321,000 after acquiring an additional 231,871 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Owens Corning by 33.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company’s stock valued at $288,332,000 after acquiring an additional 645,773 shares during the period. Finally, Davis Selected Advisers lifted its position in shares of Owens Corning by 15.1% in the 4th quarter. Davis Selected Advisers now owns 2,046,583 shares of the construction company’s stock valued at $229,035,000 after acquiring an additional 269,216 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on OC shares. Bank of America reduced their target price on Owens Corning from $140.00 to $138.00 and set a “buy” rating for the company in a report on Monday, April 20th. Weiss Ratings raised Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 24th. The Goldman Sachs Group upped their target price on Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a report on Friday. JPMorgan Chase & Co. increased their price target on shares of Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Finally, Evercore upgraded shares of Owens Corning from an “in-line” rating to an “outperform” rating and set a $188.00 price target for the company in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and an average price target of $154.08.

Insider Buying and Selling at Owens Corning

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

Owens Corning Stock Up 2.1%

Shares of Owens Corning stock traded up $3.01 during trading on Friday, hitting $143.27. 812,035 shares of the stock traded hands, compared to its average volume of 1,371,610. The stock has a market cap of $11.54 billion, a P/E ratio of -21.67, a PEG ratio of 2.60 and a beta of 1.30. The company has a fifty day moving average price of $127.01 and a two-hundred day moving average price of $121.39. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.91. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.21. The firm had revenue of $2.27 billion for 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 firm’s revenue was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.97 earnings per share. Equities research analysts predict that Owens Corning Inc will post 9.53 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Shareholders of record on Monday, July 20th will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Monday, July 20th. Owens Corning’s payout ratio is currently -47.81%.

About Owens Corning

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.