Tower Research Capital LLC TRC Has $408,000 Stake in Owens Corning (OC)
Tower Research Capital LLC TRC lifted its holdings in Owens Corning (NYSE:OC) by 50.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,433 shares of the construction company’s stock after purchasing an additional 2,170 shares during the period. Tower Research Capital LLC TRC’s holdings in Owens Corning were worth $408,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Meag Munich Ergo Kapitalanlagegesellschaft MBH purchased a new position in shares of Owens Corning in the 2nd quarter valued at about $127,000. Synovus Financial Corp increased its stake in shares of Owens Corning by 2,016.9% in the 2nd quarter. Synovus Financial Corp now owns 3,133 shares of the construction company’s stock valued at $198,000 after purchasing an additional 2,985 shares in the last quarter. Cornerstone Wealth Management LLC purchased a new position in shares of Owens Corning in the 2nd quarter valued at about $218,000. IFM Investors Pty Ltd purchased a new position in shares of Owens Corning in the 2nd quarter valued at about $225,000. Finally, Eqis Capital Management Inc. purchased a new position in shares of Owens Corning in the 2nd quarter valued at about $232,000.
In other Owens Corning news, Director W Howard Morris sold 1,514 shares of the business’s stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $58.47, for a total transaction of $88,523.58. Following the completion of the sale, the director now directly owns 36,332 shares in the company, valued at approximately $2,124,332.04. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.60% of the stock is currently owned by insiders.
Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, July 25th. The construction company reported $1.17 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.45 by ($0.28). Owens Corning had a return on equity of 11.72% and a net margin of 4.47%. The firm had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter last year, the firm posted $1.20 earnings per share. Owens Corning’s quarterly revenue was up 14.2% on a year-over-year basis. equities research analysts forecast that Owens Corning will post 5.27 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 2nd. Shareholders of record on Tuesday, October 16th will be paid a dividend of $0.21 per share. The ex-dividend date is Monday, October 15th. This represents a $0.84 annualized dividend and a yield of 1.52%. Owens Corning’s dividend payout ratio (DPR) is currently 19.09%.
OC has been the subject of several recent analyst reports. Argus lowered Owens Corning from a “buy” rating to a “hold” rating and lifted their price target for the company from $96.52 to $109.00 in a research note on Friday, June 1st. Longbow Research restated a “buy” rating on shares of Owens Corning in a research note on Monday. Citigroup lifted their price target on Owens Corning from $72.00 to $73.00 and gave the company a “neutral” rating in a research note on Wednesday, June 20th. Wells Fargo & Co restated a “hold” rating on shares of Owens Corning in a research note on Thursday, July 26th. Finally, Royal Bank of Canada restated a “hold” rating and issued a $80.00 price target on shares of Owens Corning in a research note on Thursday, June 28th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $80.11.
Owens Corning Profile
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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