Dana Investment Advisors Inc. increased its position in shares of Owens Corning (NYSE:OC) by 4.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 496,736 shares of the construction company’s stock after acquiring an additional 23,180 shares during the period. Owens Corning comprises about 1.8% of Dana Investment Advisors Inc.’s portfolio, making the stock its 5th biggest position. Dana Investment Advisors Inc. owned about 0.45% of Owens Corning worth $38,423,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OC. Investec Asset Management LTD bought a new stake in shares of Owens Corning in the 3rd quarter valued at about $75,591,000. Boston Partners bought a new stake in shares of Owens Corning in the 2nd quarter valued at about $26,195,000. Allianz Asset Management GmbH grew its position in shares of Owens Corning by 22.4% in the 3rd quarter. Allianz Asset Management GmbH now owns 1,798,466 shares of the construction company’s stock valued at $139,112,000 after buying an additional 328,726 shares during the last quarter. FMR LLC grew its position in shares of Owens Corning by 118.4% in the 2nd quarter. FMR LLC now owns 572,911 shares of the construction company’s stock valued at $38,339,000 after buying an additional 310,559 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Owens Corning by 213.0% in the 3rd quarter. Principal Financial Group Inc. now owns 436,865 shares of the construction company’s stock valued at $33,792,000 after buying an additional 297,311 shares during the last quarter. Hedge funds and other institutional investors own 94.55% of the company’s stock.
Several brokerages recently commented on OC. Royal Bank of Canada restated a “buy” rating on shares of Owens Corning in a research report on Tuesday, October 3rd. Stifel Nicolaus restated a “buy” rating and set a $83.00 target price on shares of Owens Corning in a research report on Thursday, October 26th. KeyCorp restated a “buy” rating and set a $84.00 target price on shares of Owens Corning in a research report on Wednesday, September 13th. Citigroup restated a “sell” rating and set a $69.00 target price (up previously from $49.00) on shares of Owens Corning in a research report on Tuesday, October 3rd. Finally, SunTrust Banks upped their target price on Owens Corning from $66.00 to $75.00 and gave the company a “hold” rating in a research report on Thursday, October 26th. Nine equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $81.10.
In other news, CFO Michael C. Mcmurray sold 18,000 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $90.78, for a total value of $1,634,040.00. Following the completion of the sale, the chief financial officer now directly owns 52,228 shares of the company’s stock, valued at $4,741,257.84. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Ava Harter sold 487 shares of the stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $81.96, for a total value of $39,914.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 260,633 shares of company stock worth $20,992,687. 1.80% of the stock is owned by company insiders.
Owens Corning (NYSE OC) traded down $0.93 during mid-day trading on Wednesday, reaching $86.98. The company had a trading volume of 910,300 shares, compared to its average volume of 1,056,711. Owens Corning has a fifty-two week low of $50.77 and a fifty-two week high of $91.40. The company has a current ratio of 1.66, a quick ratio of 0.99 and a debt-to-equity ratio of 0.62. The firm has a market cap of $9,779.20, a P/E ratio of 21.87, a P/E/G ratio of 1.32 and a beta of 1.09.
Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.01). Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. The firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the company posted $1.09 earnings per share. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. equities analysts predict that Owens Corning will post 4.33 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd will be paid a dividend of $0.21 per share. This is an increase from Owens Corning’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date of this dividend is Friday, December 29th. Owens Corning’s dividend payout ratio is 23.88%.
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Owens Corning Profile
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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