IFM Investors Pty Ltd increased its position in shares of Owens Corning (NYSE:OC) by 45.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,173 shares of the construction company’s stock after buying an additional 1,627 shares during the period. IFM Investors Pty Ltd’s holdings in Owens Corning were worth $281,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of OC. Skylands Capital LLC boosted its holdings in Owens Corning by 39.8% in the 3rd quarter. Skylands Capital LLC now owns 147,975 shares of the construction company’s stock valued at $8,031,000 after purchasing an additional 42,100 shares during the period. SG Capital Management LLC boosted its holdings in Owens Corning by 135.3% in the 3rd quarter. SG Capital Management LLC now owns 28,129 shares of the construction company’s stock valued at $1,527,000 after purchasing an additional 16,175 shares during the period. MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in Owens Corning in the 3rd quarter valued at $976,000. First Hawaiian Bank bought a new stake in Owens Corning in the 3rd quarter valued at $304,000. Finally, Malaga Cove Capital LLC boosted its holdings in Owens Corning by 10.8% in the 3rd quarter. Malaga Cove Capital LLC now owns 38,563 shares of the construction company’s stock valued at $2,095,000 after purchasing an additional 3,764 shares during the period. 94.36% of the stock is owned by institutional investors and hedge funds.
A number of analysts have weighed in on OC shares. Goldman Sachs Group started coverage on shares of Owens Corning in a report on Tuesday, October 2nd. They issued a “buy” rating and a $75.00 price target for the company. Longbow Research reissued a “buy” rating on shares of Owens Corning in a report on Monday, September 24th. Nomura set a $88.00 price target on shares of Owens Corning and gave the company a “buy” rating in a report on Wednesday, August 29th. Zacks Investment Research raised shares of Owens Corning from a “sell” rating to a “hold” rating in a report on Tuesday, October 9th. Finally, Credit Suisse Group reduced their price target on shares of Owens Corning from $84.00 to $72.00 and set an “outperform” rating for the company in a report on Thursday, July 26th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $74.94.
In other news, Director W Howard Morris sold 1,514 shares of the firm’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $58.47, for a total transaction of $88,523.58. Following the completion of the transaction, the director now directly owns 36,332 shares of the company’s stock, valued at approximately $2,124,332.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.60% of the stock is currently owned by company insiders.
NYSE:OC opened at $49.35 on Friday. The stock has a market cap of $5.19 billion, a PE ratio of 11.22, a price-to-earnings-growth ratio of 0.74 and a beta of 0.98. Owens Corning has a 52 week low of $42.88 and a 52 week high of $96.52. The company has a quick ratio of 0.87, a current ratio of 1.62 and a debt-to-equity ratio of 0.87.
Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, October 24th. The construction company reported $1.54 EPS for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.11). The business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.89 billion. Owens Corning had a return on equity of 12.37% and a net margin of 5.33%. Owens Corning’s revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.25 earnings per share. On average, equities research analysts expect that Owens Corning will post 4.74 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 2nd. Stockholders of record on Tuesday, October 16th were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date was Monday, October 15th. Owens Corning’s payout ratio is 19.09%.
About Owens Corning
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial 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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