Tower Research Capital LLC TRC bought a new stake in shares of Owens Corning (NYSE:OC) during the second quarter, according to its most recent filing with the SEC. The institutional investor bought 3,319 shares of the company’s stock, valued at approximately $171,000.
A number of other large investors have also recently modified their holdings of OC. Virginia Retirement Systems ET AL bought a new position in Owens Corning during the second quarter valued at $587,000. Vanguard Group Inc. boosted its position in Owens Corning by 2.1% in the second quarter. Vanguard Group Inc. now owns 9,327,924 shares of the company’s stock valued at $480,575,000 after buying an additional 194,406 shares during the period. Principal Financial Group Inc. boosted its position in Owens Corning by 44.8% in the second quarter. Principal Financial Group Inc. now owns 1,622,646 shares of the company’s stock valued at $83,599,000 after buying an additional 502,161 shares during the period. AJO LP boosted its position in Owens Corning by 50.0% in the second quarter. AJO LP now owns 1,008,031 shares of the company’s stock valued at $51,934,000 after buying an additional 335,901 shares during the period. Finally, Hancock Holding Co. bought a new position in Owens Corning during the second quarter valued at $858,000.
Owens Corning (NYSE:OC) opened at 53.11 on Wednesday. The company has a market capitalization of $6.09 billion, a price-to-earnings ratio of 14.99 and a beta of 1.41. Owens Corning has a 52-week low of $38.96 and a 52-week high of $58.69. The company’s 50-day moving average is $53.42 and its 200-day moving average is $51.51.
Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $1.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.43. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.46 billion. Owens Corning had a net margin of 7.52% and a return on equity of 10.57%. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.76 EPS. On average, analysts expect that Owens Corning will post $3.45 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 2nd. Shareholders of record on Monday, October 17th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date is Thursday, October 13th. Owens Corning’s dividend payout ratio is 20.28%.
OC has been the subject of several recent research reports. Zacks Investment Research cut shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Wednesday. Wells Fargo & Co. initiated coverage on shares of Owens Corning in a report on Thursday, September 29th. They set a “market perform” rating for the company. Bank of America Corp. initiated coverage on shares of Owens Corning in a report on Friday, September 23rd. They set a “neutral” rating and a $59.00 target price for the company. Credit Suisse Group AG initiated coverage on shares of Owens Corning in a report on Thursday, August 11th. They set an “underperform” rating and a $51.00 target price for the company. Finally, Citigroup Inc. increased their target price on shares of Owens Corning from $41.00 to $43.00 and gave the stock a “sell” rating in a report on Friday, July 29th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. Owens Corning presently has an average rating of “Hold” and an average price target of $54.75.
In related news, insider Arnaud Genis sold 66,619 shares of the business’s stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $54.68, for a total value of $3,642,726.92. Following the transaction, the insider now directly owns 101,538 shares of the company’s stock, valued at approximately $5,552,097.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Daniel T. Smith sold 13,700 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $54.00, for a total transaction of $739,800.00. Following the completion of the transaction, the vice president now directly owns 58,975 shares in the company, valued at $3,184,650. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.
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.
Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning (NYSE:OC).
Receive News & Ratings for Owens Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning and related companies with MarketBeat.com's FREE daily email newsletter.