Nationwide Fund Advisors Boosts Position in Owens Corning Inc (OC)
Nationwide Fund Advisors boosted its position in shares of Owens Corning Inc (NYSE:OC) by 92.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 376,228 shares of the construction company’s stock after acquiring an additional 181,026 shares during the quarter. Nationwide Fund Advisors owned 0.34% of Owens Corning worth $29,101,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of OC. Vantage Financial Partners Ltd. Inc. purchased a new stake in Owens Corning in the second quarter worth about $228,000. Creative Planning increased its position 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 buying an additional 1,043 shares in the last quarter. Penserra Capital Management LLC increased its position in Owens Corning by 11.1% in the second quarter. Penserra Capital Management LLC now owns 2,964 shares of the construction company’s stock worth $198,000 after buying an additional 296 shares in the last quarter. First Bank & Trust increased its position in Owens Corning by 3.6% in the second quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock worth $202,000 after buying an additional 104 shares in the last quarter. Finally, Meridian Wealth Management LLC purchased a new stake in Owens Corning in the second quarter worth about $227,000. Institutional investors own 95.58% of the company’s stock.
In related news, VP Daniel T. Smith sold 41,425 shares of the stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $70.89, for a total transaction of $2,936,618.25. Following the completion of the transaction, the vice president now directly owns 60,708 shares of the company’s stock, valued at $4,303,590.12. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Michael H. Thaman sold 101,600 shares of the stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $85.33, for a total value of $8,669,528.00. Following the transaction, the chairman now directly owns 840,370 shares of the company’s stock, valued at $71,708,772.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 298,917 shares of company stock valued at $23,302,404. 1.80% of the stock is owned by corporate insiders.
A number of analysts have commented on the company. Bank of America Corporation upped their price target on Owens Corning from $84.00 to $97.00 and gave the stock a “buy” rating in a research report on Friday, November 17th. Citigroup Inc. restated a “sell” rating and issued a $69.00 price target (up previously from $49.00) on shares of Owens Corning in a research report on Tuesday, October 3rd. BidaskClub raised Owens Corning from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. SunTrust Banks, Inc. upped their price objective on Owens Corning to $85.00 and gave the stock a “hold” rating in a research note on Tuesday, November 21st. Finally, Credit Suisse Group set a $90.00 price objective on Owens Corning and gave the stock an “outperform” rating in a research note on Tuesday, October 17th. Eight equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $78.70.
Owens Corning Inc (OC) opened at $87.62 on Friday. Owens Corning Inc has a one year low of $50.77 and a one year high of $88.36. The company has a market capitalization of $9,746.94, a P/E ratio of 21.80, a P/E/G ratio of 1.32 and a beta of 1.08. 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 quarterly earnings results on Wednesday, October 25th. The construction company reported $1.25 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the company posted $1.09 earnings per share. Owens Corning’s quarterly revenue was up 12.2% on a year-over-year basis. equities analysts anticipate that Owens Corning Inc will post 4.33 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 2nd. Investors of record on Monday, October 16th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date was Friday, October 13th. Owens Corning’s payout ratio is presently 23.88%.
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Owens Corning Profile
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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