First Dallas Securities Inc. bought a new position in Owens Corning (NYSE:OC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 7,575 shares of the company’s stock, valued at approximately $390,000.
Several other hedge funds have also made changes to their positions in the company. BlackRock Institutional Trust Company N.A. raised its stake in shares of Owens Corning by 11.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,672,860 shares of the company’s stock worth $173,653,000 after buying an additional 387,963 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Owens Corning by 6.7% in the first quarter. TIAA CREF Investment Management LLC now owns 3,397,227 shares of the company’s stock valued at $160,621,000 after buying an additional 212,441 shares in the last quarter. Norges Bank purchased a new stake in shares of Owens Corning during the fourth quarter valued at $47,282,000. JPMorgan Chase & Co. raised its stake in shares of Owens Corning by 22.1% in the first quarter. JPMorgan Chase & Co. now owns 928,052 shares of the company’s stock valued at $43,878,000 after buying an additional 168,241 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Owens Corning by 19.4% in the first quarter. Geode Capital Management LLC now owns 820,853 shares of the company’s stock valued at $38,809,000 after buying an additional 133,178 shares in the last quarter.
Shares of Owens Corning (NYSE:OC) traded up 0.69% during mid-day trading on Tuesday, reaching $53.85. 1,082,896 shares of the company’s stock traded hands. The company’s 50 day moving average is $53.56 and its 200-day moving average is $51.19. Owens Corning has a 52 week low of $38.95 and a 52 week high of $58.69. The firm has a market cap of $6.18 billion, a price-to-earnings ratio of 15.20 and a beta of 1.60.
Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $1.29 EPS for the quarter, beating the consensus estimate of $0.86 by $0.43. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.46 billion. Owens Corning had a net margin of 7.52% and a return on equity of 10.57%. The firm’s revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.76 EPS. Equities analysts expect that Owens Corning will post $3.45 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 2nd. Shareholders of record on Monday, October 17th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $0.72 annualized dividend and a yield of 1.34%. Owens Corning’s payout ratio is currently 20.28%.
OC has been the subject of several research analyst reports. Zacks Investment Research raised Owens Corning from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Wednesday, June 29th. Citigroup Inc. boosted their price objective on Owens Corning from $41.00 to $43.00 and gave the company a “sell” rating in a report on Friday, July 29th. FBR & Co boosted their price objective on Owens Corning from $53.00 to $57.00 and gave the company a “market perform” rating in a report on Friday, July 29th. Credit Suisse Group AG started coverage on Owens Corning in a report on Thursday, August 11th. They set an “underperform” rating and a $51.00 target price for the company. Finally, Jefferies Group reaffirmed a “buy” rating on shares of Owens Corning in a report on Wednesday, July 6th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $54.44.
In other Owens Corning news, Director W Howard Morris sold 4,000 shares of Owens Corning stock in a transaction on Friday, July 29th. The shares were sold at an average price of $53.25, for a total value of $213,000.00. Following the sale, the director now directly owns 38,769 shares in the company, valued at approximately $2,064,449.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Arnaud Genis sold 66,619 shares of Owens Corning stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $54.68, for a total transaction of $3,642,726.92. Following the completion of the sale, the insider now owns 101,538 shares in the company, valued at $5,552,097.84. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.
Owens Corning Company Profile
Owens Corning is a holding company, which is engaged in the business of composite and building materials systems. 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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