89,710 Shares in Owens Corning Inc $OC Bought by M&G PLC

M&G PLC bought a new position in shares of Owens Corning Inc (NYSE:OC) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 89,710 shares of the construction company’s stock, valued at approximately $10,496,000. M&G PLC owned approximately 0.11% of Owens Corning as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Owens Corning in the second quarter worth $1,401,161,000. Dimensional Fund Advisors LP increased its position in shares of Owens Corning by 7.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock worth $299,167,000 after acquiring an additional 188,211 shares during the period. First Trust Advisors LP raised its stake in shares of Owens Corning by 22.7% in the first quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock valued at $235,835,000 after acquiring an additional 403,803 shares in the last quarter. Nykredit A S acquired a new stake in shares of Owens Corning in the second quarter valued at $166,083,000. Finally, Bank of America Corp DE acquired a new stake in shares of Owens Corning in the second quarter valued at $133,685,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Zacks Research cut Owens Corning from a “strong-buy” rating to a “strong sell” rating in a research note on Monday, October 12th. Royal Bank Of Canada reduced their target price on shares of Owens Corning from $127.00 to $119.00 and set a “sector perform” rating on the stock in a report on Thursday, November 5th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research note on Wednesday, July 15th. Citigroup lowered their price target on shares of Owens Corning from $177.00 to $156.00 and set a “buy” rating for the company in a report on Monday. Finally, Bank of America dropped their price objective on shares of Owens Corning from $155.00 to $145.00 and set a “buy” rating on the stock in a research report on Tuesday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $140.93.

Insider Activity at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction on Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction of $129,663.00. Following the sale, the insider directly owned 21,449 shares in the company, valued at $3,090,157.43. This trade represents a 4.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.

Owens Corning Trading Down 3.3%

NYSE:OC opened at $122.82 on Wednesday. The stock has a 50-day simple moving average of $121.31 and a 200-day simple moving average of $126.13. The stock has a market cap of $9.47 billion, a P/E ratio of -23.09, a P/E/G ratio of 3.06 and a beta of 1.31. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.91. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.58 and a current ratio of 1.13.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, November 4th. The construction company reported $2.44 earnings per share for the quarter, missing the consensus estimate of $3.07 by ($0.63). The business had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.62 billion. Owens Corning had a positive return on equity of 19.14% and a negative net margin of 4.42%. Owens Corning’s revenue was down 7.3% on a year-over-year basis. During the same period last year, the business posted $3.67 EPS. As a group, analysts anticipate that Owens Corning Inc will post 8.47 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 5th. Investors of record on Monday, October 19th were given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Monday, October 19th. Owens Corning’s dividend payout ratio (DPR) is -59.40%.

Owens Corning Company Profile

Owens Corning is a building-products company that develops and manufactures materials for residential and commercial construction. Its products include roofing shingles and components, insulation for buildings and industrial applications, and interior and exterior doors. Founded in 1938 through the combination of Owens-Illinois Glass Company and Corning Glass Works’ fiberglass operations, the company has a long history of developing glass-fiber-based materials. It is headquartered in Toledo, Ohio, and serves customers in North America and international markets.