Foster & Motley Inc. Purchases Shares of 29,520 Owens Corning Inc $OC

Foster & Motley Inc. acquired a new position in shares of Owens Corning Inc (NYSE:OC) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 29,520 shares of the construction company’s stock, valued at approximately $4,692,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geneos Wealth Management Inc. boosted its stake in Owens Corning by 61.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock valued at $69,000 after purchasing an additional 184 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in Owens Corning during the 2nd quarter worth approximately $277,000. EverSource Wealth Advisors LLC raised its stake in shares of Owens Corning by 1,433.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company’s stock worth $175,000 after purchasing an additional 1,190 shares during the last quarter. Cerity Partners LLC raised its stake in shares of Owens Corning by 294.3% in the second quarter. Cerity Partners LLC now owns 17,372 shares of the construction company’s stock worth $2,389,000 after purchasing an additional 12,966 shares during the last quarter. Finally, Bank of Nova Scotia lifted its holdings in shares of Owens Corning by 12.2% in the second quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company’s stock valued at $421,000 after purchasing an additional 333 shares in the last quarter. 88.40% of the stock is owned by institutional investors.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $150.78 on Wednesday. The business’s fifty day simple moving average is $141.49 and its 200 day simple moving average is $126.73. The firm has a market capitalization of $11.92 billion, a P/E ratio of -18.71, a price-to-earnings-growth ratio of 2.33 and a beta of 1.32. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10.

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

Owens Corning Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Wells Fargo & Company upped their price target on Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. Evercore restated an “outperform” rating and set a $193.00 price objective on shares of Owens Corning in a research note on Thursday, July 23rd. Royal Bank Of Canada lifted their price objective 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. Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Finally, Benchmark reiterated a “hold” rating on shares of Owens Corning in a report on Wednesday, July 15th. One investment 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, Owens Corning has a consensus rating of “Moderate Buy” and an average target price of $163.25.

Insider Buying and Selling at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the transaction, the insider owned 15,848 shares in the company, valued at approximately $1,913,012.08. This represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company’s stock.

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.