Ellington Management Group LLC bought a new stake in shares of Owens Corning (NYSE:OC) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 9,400 shares of the construction company’s stock, valued at approximately $547,000.
Other large investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its stake in Owens Corning by 4.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 567,105 shares of the construction company’s stock valued at $33,006,000 after purchasing an additional 24,980 shares during the period. First Trust Advisors LP raised its holdings in Owens Corning by 22.9% in the 2nd quarter. First Trust Advisors LP now owns 172,202 shares of the construction company’s stock valued at $10,022,000 after acquiring an additional 32,113 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in Owens Corning by 5.8% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 15,006 shares of the construction company’s stock valued at $873,000 after acquiring an additional 817 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in Owens Corning in the 2nd quarter valued at approximately $329,000. Finally, Parallel Advisors LLC raised its holdings in Owens Corning by 31.6% in the 2nd quarter. Parallel Advisors LLC now owns 2,626 shares of the construction company’s stock valued at $153,000 after acquiring an additional 631 shares in the last quarter. Hedge funds and other institutional investors own 97.84% of the company’s stock.
Several equities analysts have commented on OC shares. Bank of America raised Owens Corning from a “neutral” rating to a “buy” rating and upped their price target for the company from $58.00 to $72.00 in a report on Thursday, June 27th. Seaport Global Securities raised Owens Corning from a “sell” rating to a “neutral” rating in a report on Thursday, June 27th. SunTrust Banks upped their price target on Owens Corning to $58.00 and gave the company a “hold” rating in a report on Thursday, July 25th. Royal Bank of Canada upped their price target on Owens Corning to $65.00 and gave the company an “outperform” rating in a report on Monday, July 8th. Finally, Barclays reaffirmed a “buy” rating and issued a $65.00 price target on shares of Owens Corning in a report on Monday, July 1st. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $58.29.
In related news, VP Kelly Schmidt sold 1,589 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $60.53, for a total transaction of $96,182.17. Following the sale, the vice president now directly owns 15,264 shares in the company, valued at approximately $923,929.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director W Howard Morris sold 2,773 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $54.69, for a total value of $151,655.37. Following the sale, the director now owns 37,090 shares in the company, valued at $2,028,452.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,362 shares of company stock worth $2,402,018. 1.70% of the stock is owned by corporate insiders.
Shares of OC opened at $59.65 on Wednesday. Owens Corning has a 1 year low of $40.64 and a 1 year high of $61.08. The company has a current ratio of 1.69, a quick ratio of 0.89 and a debt-to-equity ratio of 0.80. The stock has a 50 day simple moving average of $56.36 and a 200-day simple moving average of $52.66. The stock has a market cap of $6.55 billion, a PE ratio of 12.07, a PEG ratio of 1.57 and a beta of 1.27.
Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, July 24th. The construction company reported $1.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.18. The business had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.83 billion. Owens Corning had a return on equity of 12.18% and a net margin of 7.21%. Owens Corning’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.17 EPS. On average, sell-side analysts forecast that Owens Corning will post 4.68 EPS for the current fiscal year.
Owens Corning Profile
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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