Great Lakes Advisors LLC Makes New Investment in Owens Corning Inc $OC

Great Lakes Advisors LLC purchased a new position in Owens Corning Inc (NYSE:OC) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 181,829 shares of the construction company’s stock, valued at approximately $28,903,000.

Several other institutional investors and hedge funds have also made changes to their positions in OC. Vanguard Group Inc. boosted its stake in shares of Owens Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company’s stock valued at $1,092,883,000 after acquiring an additional 84,096 shares during the last quarter. BlackRock Inc. acquired a new position in Owens Corning in the 2nd quarter valued at about $1,401,161,000. State Street Corp lifted its holdings in Owens Corning by 2.3% in the 3rd quarter. State Street Corp now owns 3,634,987 shares of the construction company’s stock valued at $514,205,000 after purchasing an additional 81,133 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Owens Corning by 7.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock valued at $299,167,000 after purchasing an additional 188,211 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Owens Corning by 9.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,594,229 shares of the construction company’s stock worth $290,321,000 after purchasing an additional 231,871 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider owned 15,848 shares in the company, valued at $1,913,012.08. This represents a 4.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by insiders.

Owens Corning Stock Performance

Shares of OC stock opened at $150.78 on Wednesday. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The company has a market cap of $11.92 billion, a PE ratio of -18.71, a P/E/G ratio of 2.33 and a beta of 1.32. The company’s fifty day simple moving average is $141.49 and its 200-day simple moving average is $126.73. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, topping analysts’ consensus estimates of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The firm had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.66 billion. During the same period in the prior year, the company earned $4.21 EPS. The firm’s revenue was up .3% on a year-over-year basis. As a group, equities research analysts anticipate that Owens Corning Inc will post 9.9 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Monday, July 20th. Owens Corning’s payout ratio is currently -39.21%.

Wall Street Analysts Forecast Growth

OC has been the subject of a number of recent research reports. Royal Bank Of Canada lifted their price target on shares of Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a report on Friday, July 10th. Wall Street Zen raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Weiss Ratings raised shares of Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 24th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a report on Wednesday, July 15th. Finally, Zacks Research raised Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $163.25.

Owens Corning Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.