HAP Trading LLC Acquires New Holdings in Owens Corning Inc (OC)
HAP Trading LLC acquired a new stake in Owens Corning Inc (NYSE:OC) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 10,850 shares of the construction company’s stock, valued at approximately $839,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in OC. FMR LLC raised its holdings in Owens Corning by 33.6% in the first quarter. FMR LLC now owns 262,352 shares of the construction company’s stock worth $16,100,000 after purchasing an additional 66,027 shares during the period. Morgan Stanley raised its holdings in Owens Corning by 43.4% in the first quarter. Morgan Stanley now owns 215,505 shares of the construction company’s stock worth $13,224,000 after purchasing an additional 65,232 shares during the period. HighTower Advisors LLC acquired a new stake in Owens Corning in the first quarter worth $230,000. Creative Planning raised its holdings in Owens Corning by 104.3% in the second quarter. Creative Planning now owns 2,043 shares of the construction company’s stock worth $137,000 after purchasing an additional 1,043 shares during the period. Finally, James Investment Research Inc. acquired a new stake in Owens Corning in the second quarter worth $1,375,000. Institutional investors and hedge funds own 97.61% of the company’s stock.
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In other Owens Corning news, insider Arnaud Genis sold 6,000 shares of the stock in a transaction on Monday, August 28th. The shares were sold at an average price of $70.75, for a total value of $424,500.00. Following the completion of the sale, the insider now owns 58,374 shares in the company, valued at $4,129,960.50. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Ava Harter sold 487 shares of the stock in a transaction on Friday, November 10th. The shares were sold at an average price of $81.96, for a total transaction of $39,914.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 198,779 shares of company stock valued at $14,735,728. Corporate insiders own 1.80% of the company’s stock.
Owens Corning Inc (OC) traded up $1.72 during trading on Friday, reaching $85.51. 993,777 shares of the company were exchanged, compared to its average volume of 1,009,909. The company has a market capitalization of $9,142.90, a P/E ratio of 20.44, a P/E/G ratio of 1.44 and a beta of 1.08. Owens Corning Inc has a 1-year low of $50.77 and a 1-year high of $84.85. The company has a current ratio of 1.66, a quick ratio of 0.99 and a debt-to-equity ratio of 0.62.
Owens Corning (NYSE:OC) last released its earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.01). The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.63 billion. Owens Corning had a net margin of 6.15% and a return on equity of 11.40%. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period last year, the business posted $1.09 EPS. analysts predict that Owens Corning Inc will post 4.32 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 2nd. Shareholders of record on Monday, October 16th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date was Friday, October 13th. Owens Corning’s dividend payout ratio is currently 23.88%.
Several equities research analysts have weighed in on OC shares. Royal Bank Of Canada reiterated a “buy” rating and issued a $79.00 target price on shares of Owens Corning in a report on Friday, July 28th. Stifel Nicolaus reiterated a “buy” rating and issued a $83.00 target price on shares of Owens Corning in a report on Friday, July 28th. Jefferies Group LLC reiterated a “buy” rating and issued a $82.00 target price on shares of Owens Corning in a report on Thursday, July 27th. KeyCorp reiterated a “buy” rating and issued a $84.00 target price on shares of Owens Corning in a report on Wednesday, September 13th. Finally, SunTrust Banks, Inc. reissued a “hold” rating on shares of Owens Corning in a research report on Tuesday, September 12th. Eight analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $76.95.
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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