Owens Corning Inc (OC) Position Reduced by Dana Investment Advisors Inc.
Dana Investment Advisors Inc. lowered its position in shares of Owens Corning Inc (NYSE:OC) by 5.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 473,556 shares of the construction company’s stock after selling 28,564 shares during the period. Owens Corning accounts for about 1.5% of Dana Investment Advisors Inc.’s holdings, making the stock its 17th biggest position. Dana Investment Advisors Inc. owned 0.43% of Owens Corning worth $31,690,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Owens Corning by 1.8% during the second quarter. Vanguard Group Inc. now owns 10,562,420 shares of the construction company’s stock valued at $706,837,000 after acquiring an additional 190,866 shares in the last quarter. BlackRock Inc. grew its stake in Owens Corning by 4,010.8% during the first quarter. BlackRock Inc. now owns 6,496,203 shares of the construction company’s stock valued at $398,669,000 after acquiring an additional 6,338,177 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Owens Corning by 0.8% during 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 acquiring an additional 27,809 shares in the last quarter. State Street Corp grew its stake in Owens Corning by 0.4% during the first quarter. State Street Corp now owns 2,305,764 shares of the construction company’s stock valued at $141,507,000 after acquiring an additional 8,490 shares in the last quarter. Finally, LSV Asset Management grew its stake in Owens Corning by 21.2% during the second quarter. LSV Asset Management now owns 1,680,100 shares of the construction company’s stock valued at $112,432,000 after acquiring an additional 294,400 shares in the last quarter. 96.84% of the stock is owned by institutional investors.
Shares of Owens Corning Inc (NYSE:OC) traded down 0.25% during midday trading on Thursday, hitting $78.90. 180,360 shares of the stock were exchanged. The firm has a market cap of $8.77 billion, a PE ratio of 22.67 and a beta of 1.05. Owens Corning Inc has a 52-week low of $46.45 and a 52-week high of $79.42. The firm’s 50-day moving average is $73.65 and its 200 day moving average is $66.22.
Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.48 billion. During the same period last year, the firm posted $1.29 earnings per share. Owens Corning’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, analysts forecast that Owens Corning Inc will post $4.32 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 2nd. Investors of record on Monday, October 16th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date is Friday, October 13th. Owens Corning’s dividend payout ratio (DPR) is presently 23.05%.
Several brokerages recently commented on OC. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Owens Corning in a research note on Tuesday. Citigroup Inc. reaffirmed a “sell” rating and set a $69.00 price objective (up previously from $49.00) on shares of Owens Corning in a research note on Tuesday. Stifel Nicolaus reaffirmed a “buy” rating and set a $83.00 price objective on shares of Owens Corning in a research note on Friday, July 28th. Jefferies Group LLC reaffirmed a “buy” rating and set a $82.00 price objective on shares of Owens Corning in a research note on Thursday, July 27th. Finally, BidaskClub raised shares of Owens Corning from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have issued a buy rating to the company. Owens Corning presently has an average rating of “Buy” and an average price target of $72.47.
In related news, CFO Michael C. Mcmurray sold 14,000 shares of the firm’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $76.52, for a total value of $1,071,280.00. Following the completion of the transaction, the chief financial officer now directly owns 40,903 shares of the company’s stock, valued at $3,129,897.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Michael H. Thaman sold 130,700 shares of the firm’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $74.95, for a total transaction of $9,795,965.00. Following the completion of the transaction, the chairman now directly owns 847,992 shares of the company’s stock, valued at $63,557,000.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 212,866 shares of company stock valued at $15,644,970. 1.80% of the stock is currently 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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