Cubist Systematic Strategies LLC Purchases 24,485 Shares of Owens Corning (OC)
Cubist Systematic Strategies LLC boosted its position in Owens Corning (NYSE:OC) by 165.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 39,277 shares of the construction company’s stock after acquiring an additional 24,485 shares during the period. Cubist Systematic Strategies LLC’s holdings in Owens Corning were worth $3,038,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Owens Corning by 1.8% in the second quarter. Vanguard Group Inc. now owns 10,562,420 shares of the construction company’s stock valued at $706,837,000 after buying an additional 190,866 shares during the period. Dimensional Fund Advisors LP lifted its stake in Owens Corning by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,666,185 shares of the construction company’s stock valued at $245,337,000 after buying an additional 27,809 shares during the period. Allianz Asset Management GmbH lifted its stake in Owens Corning by 22.4% in the third 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 period. LSV Asset Management lifted its stake in Owens Corning by 21.2% in the second quarter. LSV Asset Management now owns 1,680,100 shares of the construction company’s stock valued at $112,432,000 after buying an additional 294,400 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its stake in Owens Corning by 1.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,401,027 shares of the construction company’s stock valued at $93,757,000 after buying an additional 17,494 shares during the period. Institutional investors and hedge funds own 94.55% of the company’s stock.
Shares of Owens Corning (NYSE OC) traded down $0.93 during 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 1-year low of $50.77 and a 1-year high of $91.40. The firm has a market cap of $9,779.20, a price-to-earnings ratio of 21.87, a PEG ratio of 1.32 and a beta of 1.09. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.99 and a current ratio of 1.66.
Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.26 by ($0.01). Owens Corning had a net margin of 6.15% and a return on equity of 11.40%. The firm had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the business posted $1.09 EPS. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. analysts anticipate that Owens Corning will post 4.33 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd will be given a $0.21 dividend. 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. This is a positive change from Owens Corning’s previous quarterly dividend of $0.20. Owens Corning’s dividend payout ratio (DPR) is currently 23.88%.
A number of equities research analysts have recently commented on the company. Royal Bank of Canada reaffirmed a “buy” rating on shares of Owens Corning in a research report on Tuesday, October 3rd. Stifel Nicolaus reaffirmed a “buy” rating and set a $83.00 price target on shares of Owens Corning in a research report on Thursday, October 26th. KeyCorp reaffirmed a “buy” rating and set a $84.00 price target on shares of Owens Corning in a research report on Wednesday, September 13th. Citigroup reaffirmed a “sell” rating and set a $69.00 price target (up previously from $49.00) on shares of Owens Corning in a research report on Tuesday, October 3rd. Finally, SunTrust Banks raised their price target on Owens Corning from $66.00 to $75.00 and gave the stock a “hold” rating in a research report on Thursday, October 26th. Nine 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 company has an average rating of “Buy” and an average price target of $81.10.
In other Owens Corning news, Chairman Michael H. Thaman sold 130,700 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $74.95, for a total value of $9,795,965.00. Following the completion of the transaction, the chairman now directly owns 847,992 shares in the company, valued at $63,557,000.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael C. Mcmurray sold 18,000 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $90.78, for a total value of $1,634,040.00. Following the completion of the transaction, the chief financial officer now owns 52,228 shares of the company’s stock, valued at $4,741,257.84. The disclosure for this sale can be found here. In the last three months, insiders sold 260,633 shares of company stock worth $20,992,687. 1.80% of the stock is owned by insiders.
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About Owens Corning
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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