Ajo LP lowered its position in Owens Corning Inc (NYSE:OC) by 23.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,202,918 shares of the construction company’s stock after selling 967,693 shares during the quarter. Owens Corning comprises about 0.9% of Ajo LP’s portfolio, making the stock its 29th largest position. Ajo LP owned 2.88% of Owens Corning worth $214,339,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vantage Financial Partners Ltd. Inc. purchased a new position in Owens Corning in the 2nd quarter worth about $228,000. Creative Planning increased its stake in Owens Corning by 104.3% in the 2nd quarter. Creative Planning now owns 2,043 shares of the construction company’s stock worth $137,000 after buying an additional 1,043 shares during the period. Point72 Asia Hong Kong Ltd increased its stake in Owens Corning by 457.1% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 2,301 shares of the construction company’s stock worth $141,000 after buying an additional 1,888 shares during the period. Penserra Capital Management LLC increased its stake in Owens Corning by 9.5% in the 1st quarter. Penserra Capital Management LLC now owns 2,668 shares of the construction company’s stock worth $163,000 after buying an additional 232 shares during the period. Finally, First Bank & Trust increased its stake in Owens Corning by 3.6% in the 2nd quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock worth $202,000 after buying an additional 104 shares during the period. 96.78% of the stock is currently owned by institutional investors and hedge funds.
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Several research firms recently commented on OC. Stifel Nicolaus reaffirmed a “buy” rating and issued a $83.00 price target on shares of Owens Corning in a research note on Friday, July 28th. BidaskClub raised shares of Owens Corning from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. Jefferies Group LLC reiterated a “buy” rating and set a $82.00 target price on shares of Owens Corning in a report on Thursday, July 27th. Royal Bank Of Canada reiterated a “buy” rating and set a $79.00 target price on shares of Owens Corning in a report on Friday, July 28th. Finally, Macquarie upgraded shares of Owens Corning from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $54.00 to $68.00 in a report on Tuesday, June 20th. Seven research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $71.15.
Owens Corning Inc (NYSE:OC) traded down 5.6513% during trading on Monday, reaching $72.4598. 991,400 shares of the company’s stock were exchanged. The stock has a market capitalization of $8.06 billion, a PE ratio of 20.8158 and a beta of 1.04. The stock has a 50-day moving average of $69.13 and a 200-day moving average of $64.17. Owens Corning Inc has a 52 week low of $46.45 and a 52 week high of $76.84.
Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.12. The firm had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.29 earnings per share. On average, equities research analysts anticipate that Owens Corning Inc will post $4.28 EPS for the current year.
In related news, insider Julian Francis sold 2,679 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $74.12, for a total value of $198,567.48. Following the completion of the transaction, the insider now directly owns 25,643 shares of the company’s stock, valued at $1,900,659.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Arnaud Genis sold 21,544 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $65.44, for a total value of $1,409,839.36. Following the completion of the transaction, the insider now directly owns 80,143 shares of the company’s stock, valued at $5,244,557.92. The disclosure for this sale can be found here. Insiders sold 91,710 shares of company stock valued at $6,316,765 over the last ninety days. 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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