Owens Corning Inc (OC) Position Raised by State Board of Administration of Florida Retirement System
State Board of Administration of Florida Retirement System boosted its stake in shares of Owens Corning Inc (NYSE:OC) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 168,976 shares of the construction company’s stock after buying an additional 719 shares during the period. State Board of Administration of Florida Retirement System owned 0.15% of Owens Corning worth $11,308,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently made changes to their positions in the stock. Janney Montgomery Scott LLC increased its stake in shares of Owens Corning by 77.7% in the first quarter. Janney Montgomery Scott LLC now owns 10,356 shares of the construction company’s stock valued at $636,000 after buying an additional 4,528 shares during the last quarter. IFP Advisors Inc increased its stake in shares of Owens Corning by 45.3% in the first quarter. IFP Advisors Inc now owns 2,558 shares of the construction company’s stock valued at $157,000 after buying an additional 798 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Owens Corning by 18.2% in the first quarter. Canada Pension Plan Investment Board now owns 177,280 shares of the construction company’s stock worth $10,880,000 after buying an additional 27,300 shares in the last quarter. Geneva Advisors LLC bought a new stake in shares of Owens Corning during the first quarter worth about $600,000. Finally, Commerzbank Aktiengesellschaft FI increased its stake in shares of Owens Corning by 13.3% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 10,027 shares of the construction company’s stock worth $615,000 after buying an additional 1,180 shares in the last quarter. Hedge funds and other institutional investors own 96.79% of the company’s stock.
Owens Corning Inc (NYSE OC) opened at 70.19 on Wednesday. Owens Corning Inc has a 1-year low of $46.45 and a 1-year high of $70.65. The stock has a market capitalization of $7.80 billion, a PE ratio of 20.16 and a beta of 1.11. The company’s 50 day moving average is $66.95 and its 200-day moving average is $63.01.
Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.12. Owens Corning had a net margin of 6.61% and a return on equity of 11.12%. The firm had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the previous year, the company posted $1.29 EPS. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. Analysts forecast that Owens Corning Inc will post $4.28 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 2nd. Investors of record on Monday, July 17th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend was Thursday, July 13th. Owens Corning’s payout ratio is 23.05%.
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A number of analysts have issued reports on the stock. BidaskClub upgraded shares of Owens Corning from a “sell” rating to a “hold” rating in a report on Friday, August 25th. MKM Partners upgraded shares of Owens Corning from a “sell” rating to a “neutral” rating and lifted their price target for the company from $47.00 to $62.00 in a report on Thursday, July 27th. FBR & Co lifted their price target on shares of Owens Corning from $63.00 to $70.00 and gave the company a “mkt perform” rating in a report on Thursday, July 27th. Jefferies Group LLC reiterated a “buy” rating and issued a $82.00 price target on shares of Owens Corning in a report on Thursday, July 27th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $83.00 price target on shares of Owens Corning in a report on Friday, July 28th. Seven investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $70.53.
In related news, insider Brian Chambers sold 16,600 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $67.18, for a total value of $1,115,188.00. Following the completion of the transaction, the insider now owns 39,957 shares of the company’s stock, valued at approximately $2,684,311.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James J. Mcmonagle sold 2,000 shares of the business’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $64.60, for a total transaction of $129,200.00. Following the completion of the transaction, the director now directly owns 50,906 shares of the company’s stock, valued at approximately $3,288,527.60. The disclosure for this sale can be found here. Insiders sold a total of 89,031 shares of company stock valued at $6,118,197 in the last three months. 1.80% of the stock is currently owned by corporate insiders.
Owens Corning Company 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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