Virginia Retirement Systems ET AL acquired a new stake in shares of Owens Corning (NYSE:OC) during the second quarter, Holdings Channel reports. The firm acquired 11,400 shares of the company’s stock, valued at approximately $587,000.
Other institutional investors also recently made changes to their positions in the company. Acrospire Investment Management LLC acquired a new position in Owens Corning during the first quarter worth about $109,000. NN Investment Partners Holdings N.V. acquired a new position in Owens Corning during the first quarter worth about $179,000. Societe Generale acquired a new position in Owens Corning during the second quarter worth about $208,000. Kalos Management Inc. acquired a new position in Owens Corning during the second quarter worth about $256,000. Finally, Raymond James Trust N.A. raised its position in Owens Corning by 1.0% in the second quarter. Raymond James Trust N.A. now owns 5,122 shares of the company’s stock worth $264,000 after buying an additional 53 shares in the last quarter.
Shares of Owens Corning (NYSE:OC) opened at 53.11 on Wednesday. The firm has a market cap of $6.09 billion, a PE ratio of 14.99 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 earnings results on Wednesday, July 27th. The company reported $1.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.43. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.46 billion. Owens Corning had a return on equity of 10.57% and a net margin of 7.52%. Owens Corning’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.76 earnings per share. Equities research analysts forecast that Owens Corning will post $3.45 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 2nd. Shareholders of record on Monday, October 17th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.36%. The ex-dividend date is Thursday, October 13th. Owens Corning’s dividend payout ratio (DPR) is 20.28%.
A number of equities analysts have issued reports on OC shares. Jefferies Group reissued a “buy” rating on shares of Owens Corning in a research report on Wednesday, July 6th. Zacks Investment Research raised shares of Owens Corning from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a report on Wednesday, June 29th. Stifel Nicolaus lifted their target price on shares of Owens Corning from $55.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, July 28th. FBR & Co lifted their target price on shares of Owens Corning from $53.00 to $57.00 and gave the company a “market perform” rating in a report on Friday, July 29th. Finally, Wells Fargo & Co. initiated coverage on shares of Owens Corning in a report on Thursday, September 29th. They set a “market perform” rating for the company. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $54.75.
In other Owens Corning news, insider Arnaud Genis sold 66,619 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $5,552,097.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Michael H. Thaman sold 150,000 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $53.19, for a total value of $7,978,500.00. Following the completion of the sale, the chairman now directly owns 835,189 shares in the company, valued at approximately $44,423,702.91. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.
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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