Highland Capital Management LLC Buys New Shares in Owens Corning Inc $OC

Highland Capital Management LLC purchased a new stake in Owens Corning Inc (NYSE:OC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 2,158 shares of the construction company’s stock, valued at approximately $297,000.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Owens Corning by 12.0% in the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company’s stock valued at $1,401,876,000 after acquiring an additional 1,053,855 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Owens Corning by 67.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company’s stock valued at $339,930,000 after acquiring an additional 957,295 shares during the period. Nuveen LLC acquired a new position in shares of Owens Corning during the 1st quarter worth about $91,698,000. Millennium Management LLC raised its holdings in shares of Owens Corning by 179.0% in the 1st quarter. Millennium Management LLC now owns 863,230 shares of the construction company’s stock valued at $123,287,000 after purchasing an additional 553,864 shares during the period. Finally, 140 Summer Partners LP acquired a new stake in Owens Corning in the 1st quarter valued at about $46,869,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Stock Performance

Owens Corning stock opened at $138.64 on Monday. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The stock has a market cap of $11.59 billion, a PE ratio of 36.01, a P/E/G ratio of 9.97 and a beta of 1.32. Owens Corning Inc has a 12-month low of $123.40 and a 12-month high of $214.53. The business’s 50-day moving average price is $147.39 and its two-hundred day moving average price is $142.42.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating analysts’ consensus estimates of $3.80 by $0.41. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The firm’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period last year, the company posted $4.64 EPS. As a group, analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, October 20th. Owens Corning’s payout ratio is presently 71.69%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on OC shares. Evercore ISI boosted their price target on Owens Corning from $165.00 to $169.00 and gave the stock an “in-line” rating in a research report on Friday, August 8th. Royal Bank Of Canada dropped their price objective on shares of Owens Corning from $184.00 to $180.00 and set an “outperform” rating on the stock in a research report on Thursday, August 7th. Wells Fargo & Company increased their price objective on Owens Corning from $170.00 to $175.00 and gave the stock an “overweight” rating in a research report on Thursday, September 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Owens Corning in a research note on Saturday, September 27th. Finally, UBS Group dropped their price target on Owens Corning from $218.00 to $210.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. Nine equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $183.55.

Owens Corning Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.