Gotham Asset Management LLC reduced its holdings in Owens Corning Inc (NYSE:OC) by 88.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,270 shares of the construction company’s stock after selling 41,156 shares during the quarter. Gotham Asset Management LLC’s holdings in Owens Corning were worth $353,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in OC. BlackRock Inc. increased its stake in Owens Corning by 4,010.8% in the first quarter. BlackRock Inc. now owns 6,496,203 shares of the construction company’s stock valued at $398,669,000 after purchasing an additional 6,338,177 shares during the last quarter. PGGM Investments acquired a new position in Owens Corning in the second quarter valued at $26,366,000. Boston Partners acquired a new position in Owens Corning in the second quarter valued at $26,195,000. FMR LLC increased its stake in Owens Corning by 118.4% in the second quarter. FMR LLC now owns 572,911 shares of the construction company’s stock valued at $38,339,000 after purchasing an additional 310,559 shares during the last quarter. Finally, LSV Asset Management increased its stake in Owens Corning by 21.2% in the second quarter. LSV Asset Management now owns 1,680,100 shares of the construction company’s stock valued at $112,432,000 after purchasing an additional 294,400 shares during the last quarter. Hedge funds and other institutional investors own 96.76% of the company’s stock.
In other news, VP Kelly Schmidt sold 1,462 shares of Owens Corning stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $70.35, for a total value of $102,851.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Michael H. Thaman sold 130,700 shares of Owens Corning stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $74.95, for a total value of $9,795,965.00. Following the completion of the transaction, the chairman now owns 847,992 shares in the company, valued at $63,557,000.40. The disclosure for this sale can be found here. Insiders sold 212,866 shares of company stock worth $15,644,970 over the last quarter. 1.80% of the stock is currently owned by corporate insiders.
Shares of Owens Corning Inc (NYSE:OC) opened at 80.11 on Friday. The stock has a 50 day moving average price of $77.14 and a 200 day moving average price of $67.75. Owens Corning Inc has a 12 month low of $46.45 and a 12 month high of $80.56. The stock has a market cap of $8.91 billion, a P/E ratio of 23.01 and a beta of 1.05.
Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, July 26th. The construction company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.29 earnings per share. Equities analysts anticipate that Owens Corning Inc will post $4.32 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 2nd. Stockholders of record on Monday, October 16th will be paid a $0.20 dividend. The ex-dividend date is Friday, October 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.00%. Owens Corning’s payout ratio is presently 23.05%.
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Several equities analysts recently commented on the company. FBR & Co upped their target price on Owens Corning from $63.00 to $70.00 and gave the company a “mkt perform” rating in a research note on Thursday, July 27th. Citigroup Inc. upgraded Owens Corning from a “sell” rating to a “neutral” rating and set a $80.00 target price for the company in a research note on Friday. Royal Bank Of Canada restated a “buy” rating and set a $79.00 price target on shares of Owens Corning in a research note on Friday, July 28th. BidaskClub lowered Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. Finally, KeyCorp restated an “overweight” rating and set a $75.00 price target (up from $70.00) on shares of Owens Corning in a research note on Monday, June 26th. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $74.89.
About Owens Corning
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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