ClariVest Asset Management LLC increased its stake in Owens Corning (NYSE:OC) by 0.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 723,388 shares of the company’s stock after buying an additional 789 shares during the period. Owens Corning makes up 1.1% of ClariVest Asset Management LLC’s investment portfolio, making the stock its 28th largest position. ClariVest Asset Management LLC’s holdings in Owens Corning were worth $37,269,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Institutional Trust Company N.A. raised its position 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 valued at $173,653,000 after buying an additional 387,963 shares during the period. JPMorgan Chase & Co. raised its position 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 during the last quarter. Geode Capital Management LLC raised its position 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 during the last quarter. Teachers Advisors Inc. raised its position in shares of Owens Corning by 62.9% in the first quarter. Teachers Advisors Inc. now owns 759,296 shares of the company’s stock valued at $35,900,000 after buying an additional 293,113 shares during the last quarter. Finally, Bank of Montreal Can acquired a new position in shares of Owens Corning during the second quarter valued at about $33,777,000.
Owens Corning (NYSE:OC) traded up 0.73% during midday trading on Wednesday, reaching $53.50. 1,340,786 shares of the company’s stock were exchanged. The firm has a market capitalization of $6.14 billion, a price-to-earnings ratio of 15.10 and a beta of 1.41. The firm’s 50 day moving average is $53.42 and its 200 day moving average is $51.51. Owens Corning has a 52 week low of $38.96 and a 52 week high of $58.69.
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, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.43. Owens Corning had a net margin of 7.52% and a return on equity of 10.57%. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the company posted $0.76 earnings per share. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. On average, equities analysts anticipate that Owens Corning will post $3.45 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 2nd. Stockholders of record on Monday, October 17th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, October 13th. This represents a $0.72 annualized dividend and a dividend yield of 1.35%. Owens Corning’s dividend payout ratio (DPR) is currently 20.28%.
Several research analysts recently issued reports on OC shares. Zacks Investment Research upgraded shares of Owens Corning from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research note on Wednesday, September 28th. Wedbush increased their price target on shares of Owens Corning from $52.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 6th. RBC Capital Markets reiterated an “outperform” rating and issued a $62.00 price target (up from $57.00) on shares of Owens Corning in a research note on Thursday, July 28th. Royal Bank Of Canada increased their price target on shares of Owens Corning from $57.00 to $62.00 and gave the stock an “outperform” rating in a research note on Thursday, July 28th. Finally, Wells Fargo & Co. started coverage on shares of Owens Corning in a research note on Thursday, September 29th. They issued a “market perform” rating for the company. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company. Owens Corning currently has an average rating of “Hold” and a consensus target price of $54.75.
In related news, insider Arnaud Genis sold 66,619 shares of the company’s stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $54.68, for a total value of $3,642,726.92. Following the sale, the insider now owns 101,538 shares in the company, valued at $5,552,097.84. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Daniel T. Smith sold 13,700 shares of the company’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $54.00, for a total value of $739,800.00. Following the completion of the sale, the vice president now owns 58,975 shares in the company, valued at approximately $3,184,650. The disclosure for this sale can be found here. 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.
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