Taylor Asset Management Inc. purchased a new stake in shares of Owens Corning (NYSE:OC) during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 7,400 shares of the company’s stock, valued at approximately $381,000. Owens Corning comprises about 0.1% of Taylor Asset Management Inc.’s investment portfolio, making the stock its 29th largest position.
Other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Owens Corning during the fourth quarter worth $47,282,000. Bank of Montreal Can acquired a new stake in shares of Owens Corning during the second quarter worth $33,777,000. BlackRock Institutional Trust Company N.A. raised its stake 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 worth $173,653,000 after buying an additional 387,963 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Owens Corning during the first quarter worth $17,924,000. Finally, Teachers Advisors Inc. raised its stake 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 worth $35,900,000 after buying an additional 293,113 shares in the last quarter.
Owens Corning (NYSE:OC) traded up 1.69% during mid-day trading on Monday, hitting $51.89. The stock had a trading volume of 747,158 shares. The stock has a market cap of $5.95 billion, a PE ratio of 14.65 and a beta of 1.60. Owens Corning has a one year low of $38.95 and a one year high of $58.69. The firm’s 50-day moving average is $53.72 and its 200 day moving average is $50.93.
Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, July 27th. The company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.43. The company earned $1.55 billion during the quarter, compared to analyst estimates of $1.46 billion. Owens Corning had a net margin of 7.52% and a return on equity of 10.57%. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter last year, the business posted $0.76 EPS. Equities research analysts expect that Owens Corning will post $3.45 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 2nd. Shareholders of record on Monday, October 17th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date is Thursday, October 13th. Owens Corning’s dividend payout ratio (DPR) is currently 20.28%.
A number of equities research analysts have weighed in on the company. Zacks Investment Research lowered Owens Corning from a “buy” rating to a “hold” rating in a report on Friday, August 12th. Credit Suisse Group AG began coverage on Owens Corning in a report on Thursday, August 11th. They issued an “underperform” rating and a $51.00 price objective on the stock. Citigroup Inc. boosted their price target on Owens Corning from $41.00 to $43.00 and gave the stock a “sell” rating in a research note on Friday, July 29th. FBR & Co boosted their price target on Owens Corning from $53.00 to $57.00 and gave the stock a “market perform” rating in a research note on Friday, July 29th. Finally, MKM Partners reissued a “sell” rating on shares of Owens Corning in a research note on Thursday, July 28th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $54.13.
In other news, Chairman Michael H. Thaman sold 150,000 shares of the firm’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $53.19, for a total transaction of $7,978,500.00. Following the transaction, the chairman now owns 835,189 shares in the company, valued at approximately $44,423,702.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director W Howard Morris sold 4,000 shares of the firm’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $53.25, for a total transaction of $213,000.00. Following the transaction, the director now owns 38,769 shares in the company, valued at approximately $2,064,449.25. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.
About Owens Corning
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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