Victory Capital Management Inc. grew its position in Owens Corning (NYSE:OC) by 9.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,896,979 shares of the construction company’s stock after acquiring an additional 335,925 shares during the quarter. Victory Capital Management Inc. owned 3.58% of Owens Corning worth $226,805,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in OC. Penserra Capital Management LLC bought a new position in shares of Owens Corning during the 1st quarter valued at approximately $26,000. First Mercantile Trust Co. bought a new position in Owens Corning in the 1st quarter valued at $33,000. Quantamental Technologies LLC bought a new position in Owens Corning in the 2nd quarter valued at $33,000. Bremer Bank National Association bought a new position in Owens Corning in the 1st quarter valued at $58,000. Finally, MUFG Americas Holdings Corp bought a new position in Owens Corning in the 2nd quarter valued at $76,000. 97.84% of the stock is currently owned by institutional investors and hedge funds.
Shares of OC stock traded up $0.53 during mid-day trading on Friday, hitting $61.00. The stock had a trading volume of 13,714,162 shares, compared to its average volume of 2,004,401. Owens Corning has a 12-month low of $40.64 and a 12-month high of $61.26. The firm has a market capitalization of $6.58 billion, a P/E ratio of 12.35, a price-to-earnings-growth ratio of 1.58 and a beta of 1.27. The firm’s 50-day moving average is $56.54 and its two-hundred day moving average is $52.82. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.69 and a quick ratio of 0.89.
Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, July 24th. The construction company reported $1.31 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.18. Owens Corning had a return on equity of 12.18% and a net margin of 7.21%. The business had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same period in the prior year, the business earned $1.17 EPS. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. Analysts expect that Owens Corning will post 4.68 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Tuesday, October 15th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.44%. Owens Corning’s dividend payout ratio (DPR) is currently 17.81%.
Several equities analysts have commented on the company. Bank of America raised Owens Corning from a “neutral” rating to a “buy” rating and upped their price objective for the company from $58.00 to $72.00 in a research report on Thursday, June 27th. SunTrust Banks upped their price objective on Owens Corning to $58.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Seaport Global Securities raised Owens Corning from a “sell” rating to a “neutral” rating in a research report on Thursday, June 27th. Barclays reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Owens Corning in a research report on Monday, July 1st. Finally, ValuEngine downgraded Owens Corning from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $58.29.
In related news, VP Kelly Schmidt sold 1,589 shares of the company’s stock in a transaction 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 completion of the sale, the vice president now directly owns 15,264 shares in the company, valued at approximately $923,929.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael H. Thaman sold 30,000 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $57.08, for a total value of $1,712,400.00. Following the sale, the insider now owns 827,513 shares of the company’s stock, valued at $47,234,442.04. The disclosure for this sale can be found here. Insiders have sold a total of 42,362 shares of company stock valued at $2,402,018 over the last 90 days. 1.70% of the stock is currently owned by company insiders.
About Owens Corning
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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