Wells Fargo & Company MN increased its holdings in Owens Corning (NYSE:OC) by 46.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,981,084 shares of the construction company’s stock after purchasing an additional 947,108 shares during the period. Wells Fargo & Company MN owned approximately 2.73% of Owens Corning worth $161,784,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new position in Owens Corning during the second quarter valued at $127,000. Gradient Investments LLC bought a new position in Owens Corning during the third quarter valued at $138,000. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in Owens Corning during the second quarter valued at $163,000. Synovus Financial Corp increased its position in Owens Corning by 2,016.9% during the second quarter. Synovus Financial Corp now owns 3,133 shares of the construction company’s stock valued at $198,000 after acquiring an additional 2,985 shares during the last quarter. Finally, IFM Investors Pty Ltd bought a new position in Owens Corning during the second quarter valued at $225,000. Institutional investors own 94.89% of the company’s stock.
In related news, Director W Howard Morris sold 1,514 shares of the company’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $58.47, for a total value of $88,523.58. Following the completion of the sale, the director now directly owns 36,332 shares of the company’s stock, valued at $2,124,332.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is owned by corporate insiders.
OC has been the topic of a number of analyst reports. Longbow Research reiterated a “buy” rating on shares of Owens Corning in a research report on Monday, September 24th. Seaport Global Securities cut shares of Owens Corning from a “buy” rating to a “neutral” rating in a research report on Wednesday, October 24th. Goldman Sachs Group began coverage on shares of Owens Corning in a report on Tuesday, October 2nd. They issued a “buy” rating and a $75.00 price target on the stock. SunTrust Banks cut their price target on shares of Owens Corning to $45.00 and set a “positive” rating on the stock in a report on Thursday, October 25th. Finally, Credit Suisse Group restated a “neutral” rating and issued a $57.00 price target on shares of Owens Corning in a report on Wednesday, October 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. Owens Corning has an average rating of “Hold” and an average price target of $74.94.
NYSE OC opened at $47.37 on Friday. The company has a current ratio of 1.62, a quick ratio of 0.87 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $5.40 billion, a PE ratio of 10.77, a P/E/G ratio of 0.77 and a beta of 1.14. Owens Corning has a 12 month low of $42.88 and a 12 month high of $96.52.
Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, October 24th. The construction company reported $1.54 EPS for the quarter, missing the Zacks’ consensus estimate of $1.65 by ($0.11). The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.89 billion. Owens Corning had a return on equity of 12.37% and a net margin of 5.33%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.25 earnings per share. As a group, equities research analysts anticipate that Owens Corning will post 4.74 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 2nd. Investors of record on Tuesday, October 16th were paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date was Monday, October 15th. Owens Corning’s dividend payout ratio (DPR) is presently 19.09%.
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About Owens Corning
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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