New Mexico Educational Retirement Board lessened its stake in shares of Owens Corning (NYSE:OC – Get Rating) by 29.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,300 shares of the construction company's stock after selling 6,500 shares during the quarter. New Mexico Educational Retirement Board's holdings in Owens Corning were worth $1,137,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the stock. Huntington National Bank raised its stake in Owens Corning by 1,566.7% in the 1st quarter. Huntington National Bank now owns 350 shares of the construction company's stock valued at $32,000 after purchasing an additional 329 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new position in shares of Owens Corning during the first quarter valued at approximately $37,000. Quadrant Capital Group LLC boosted its position in Owens Corning by 32.0% during the first quarter. Quadrant Capital Group LLC now owns 487 shares of the construction company's stock worth $44,000 after acquiring an additional 118 shares during the last quarter. Quent Capital LLC purchased a new stake in Owens Corning in the 4th quarter worth approximately $48,000. Finally, Zions Bancorporation N.A. raised its holdings in Owens Corning by 611.0% in the 1st quarter. Zions Bancorporation N.A. now owns 583 shares of the construction company's stock valued at $53,000 after acquiring an additional 501 shares during the last quarter. 93.64% of the stock is owned by institutional investors and hedge funds.
Get Owens Corning alerts:Owens Corning Stock Up 4.1 %
Shares of NYSE:OC opened at $81.84 on Tuesday. Owens Corning has a 12-month low of $72.97 and a 12-month high of $101.12. The company has a current ratio of 1.87, a quick ratio of 1.23 and a debt-to-equity ratio of 0.66. The firm has a market cap of $7.88 billion, a PE ratio of 7.27, a price-to-earnings-growth ratio of 0.66 and a beta of 1.46. The company has a fifty day simple moving average of $84.96 and a 200 day simple moving average of $86.63.
Owens Corning (NYSE:OC – Get Rating) last issued its quarterly earnings results on Wednesday, July 27th. The construction company reported $3.83 EPS for the quarter, topping the consensus estimate of $3.32 by $0.51. The business had revenue of $2.60 billion for the quarter, compared to analysts' expectations of $2.58 billion. Owens Corning had a net margin of 12.20% and a return on equity of 26.22%. The company's quarterly revenue was up 16.2% compared to the same quarter last year. During the same quarter last year, the company posted $2.60 earnings per share. On average, equities research analysts anticipate that Owens Corning will post 12.49 EPS for the current fiscal year.Owens Corning Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 3rd. Investors of record on Monday, October 17th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, October 14th. This represents a $1.40 annualized dividend and a yield of 1.71%. Owens Corning's dividend payout ratio (DPR) is 12.44%.
Wall Street Analysts Forecast Growth
Several research firms recently commented on OC. Bank of America lowered Owens Corning from a "buy" rating to an "underperform" rating and dropped their target price for the company from $119.00 to $80.00 in a research note on Friday, June 17th. Wells Fargo & Company upped their price target on shares of Owens Corning from $83.00 to $89.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 28th. Deutsche Bank Aktiengesellschaft started coverage on shares of Owens Corning in a report on Wednesday, August 17th. They issued a "hold" rating and a $103.00 price target on the stock. JPMorgan Chase & Co. dropped their price objective on Owens Corning from $102.00 to $86.00 in a report on Friday, July 15th. Finally, Barclays lowered their price target on Owens Corning from $100.00 to $91.00 and set an "equal weight" rating for the company in a research report on Thursday, July 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $102.92.
Insider Buying and Selling at Owens Corning
In related news, CEO Brian Chambers sold 7,600 shares of the firm's stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $80.80, for a total value of $614,080.00. Following the sale, the chief executive officer now owns 183,384 shares of the company's stock, valued at approximately $14,817,427.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Owens Corning news, VP Kelly Schmidt sold 1,940 shares of the company's stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $91.93, for a total value of $178,344.20. Following the completion of the transaction, the vice president now owns 15,083 shares in the company, valued at approximately $1,386,580.19. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Brian Chambers sold 7,600 shares of Owens Corning stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $80.80, for a total value of $614,080.00. Following the sale, the chief executive officer now directly owns 183,384 shares in the company, valued at approximately $14,817,427.20. The disclosure for this sale can be found here. Insiders sold a total of 12,641 shares of company stock worth $1,050,536 over the last ninety days. Company insiders own 0.44% of the company's stock.
Owens Corning Profile
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Owens Corning manufactures and markets insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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