123,188 Shares in Owens Corning Inc $OC Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management acquired 123,188 Owens Corning shares worth approximately $19.6 million, giving it a 0.15% stake. Institutional investors collectively own 88.4% of the company.
• Owens Corning exceeded quarterly expectations, reporting $3.93 EPS versus the $3.09 consensus and $2.76 billion in revenue versus $2.66 billion expected. Analysts project about $9.90 in full-year EPS.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $163.25 price target. The company also pays a quarterly dividend of $0.79, or $3.16 annually, yielding about 2.1%.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Owens Corning Inc (NYSE:OC - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 123,188 shares of the construction company's stock, valued at approximately $19,582,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.15% of Owens Corning as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System acquired a new position in shares of Owens Corning during the first quarter valued at about $2,576,000. BNP Paribas Financial Markets lifted its stake in shares of Owens Corning by 178.2% in the fourth quarter. BNP Paribas Financial Markets now owns 186,652 shares of the construction company's stock valued at $20,888,000 after buying an additional 119,566 shares during the period. Raiffeisen Bank International AG grew its position in Owens Corning by 12.4% during the fourth quarter. Raiffeisen Bank International AG now owns 353,302 shares of the construction company's stock worth $39,976,000 after buying an additional 38,885 shares in the last quarter. Systematic Financial Management LP grew its position in Owens Corning by 10.8% during the fourth quarter. Systematic Financial Management LP now owns 244,437 shares of the construction company's stock worth $27,355,000 after buying an additional 23,873 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Owens Corning by 1,243.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 39,134 shares of the construction company's stock valued at $4,379,000 after acquiring an additional 36,222 shares during the period. 88.40% of the stock is owned by institutional investors.

Owens Corning Price Performance

Shares of OC stock opened at $147.19 on Friday. The stock's fifty day moving average is $142.73 and its 200-day moving average is $127.15. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16. The stock has a market capitalization of $11.64 billion, a PE ratio of -18.26, a PEG ratio of 2.28 and a beta of 1.32. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.09 by $0.84. The business had revenue of $2.76 billion during 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 firm's revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the business posted $4.21 earnings per share. Equities research analysts expect that Owens Corning Inc will post 9.9 EPS for the current fiscal year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.1%. The ex-dividend date was Monday, July 20th. Owens Corning's dividend payout ratio (DPR) is presently -39.21%.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the business's stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider directly owned 15,848 shares of the company's stock, valued at approximately $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. The Goldman Sachs Group raised their price objective on Owens Corning from $141.00 to $159.00 and gave the stock a "neutral" rating in a research report on Friday, July 10th. Zacks Research upgraded Owens Corning from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. Wells Fargo & Company upped their target price on Owens Corning from $150.00 to $165.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. Barclays raised their target price on Owens Corning from $170.00 to $177.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Finally, Citigroup lifted their price target on shares of Owens Corning from $149.00 to $177.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus 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.

Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning Inc (NYSE:OC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source