Foster & Motley Inc. purchased a new position in shares of Owens Corning Inc (NYSE:OC – Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 29,520 shares of the construction company’s stock, valued at approximately $4,692,000.
Several other institutional investors also recently modified their holdings of OC. Pitcairn Co. raised its position in Owens Corning by 4.6% during the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock worth $250,000 after purchasing an additional 80 shares during the last quarter. First Pacific Financial grew its position in shares of Owens Corning by 2.3% in the 1st quarter. First Pacific Financial now owns 3,749 shares of the construction company’s stock valued at $406,000 after buying an additional 85 shares during the last quarter. Viawealth LLC grew its position in shares of Owens Corning by 3.6% in the 4th quarter. Viawealth LLC now owns 2,563 shares of the construction company’s stock valued at $287,000 after buying an additional 88 shares during the last quarter. Fifth Third Wealth Advisors LLC increased its stake in shares of Owens Corning by 2.9% in the first 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 raised its position in shares of Owens Corning by 3.0% during the first quarter. Basecamp Wealth Advisors LLC now owns 3,317 shares of the construction company’s stock worth $359,000 after acquiring an additional 97 shares during the last quarter. Institutional investors own 88.40% of the company’s stock.
Wall Street Analysts Forecast Growth
OC has been the topic of a number of recent analyst reports. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research note on Wednesday, July 15th. Wall Street Zen raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Owens Corning from $136.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Finally, Weiss Ratings upgraded shares of Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $163.25.
Insider Buying and Selling
In related news, insider Rachel Barthelemy Marcon sold 700 shares of the business’s stock in a transaction dated 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 sale, 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 position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by insiders.
Owens Corning Stock Performance
NYSE:OC opened at $150.78 on Wednesday. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.91. The company has a fifty day moving average of $141.49 and a 200-day moving average of $126.73. The firm has a market capitalization of $11.92 billion, a P/E ratio of -18.71, a P/E/G ratio of 2.33 and a beta of 1.32.
Owens Corning (NYSE:OC – Get Free Report) last issued its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same period in the prior year, the firm earned $4.21 earnings per share. Owens Corning’s revenue was up .3% on a year-over-year basis. As a group, sell-side analysts anticipate that Owens Corning Inc will post 9.9 EPS for the current year.
Owens Corning Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Monday, July 20th were paid a $0.79 dividend. The ex-dividend date was Monday, July 20th. This represents a $3.16 annualized dividend and a dividend yield of 2.1%. Owens Corning’s dividend payout ratio (DPR) is currently -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.
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