63,629 Shares in Owens Corning Inc $OC Acquired by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company acquired 63,629 Owens Corning shares worth approximately $10.1 million, while institutional investors and hedge funds collectively own 88.4% of the company.
• Analysts remain broadly positive, with Owens Corning holding a “Moderate Buy” consensus rating and a $165.31 average price target; recent targets range from $159 to $193.
• Owens Corning exceeded quarterly earnings expectations, reporting $3.93 in EPS versus the $3.09 consensus and $2.76 billion in revenue. The company also maintains a quarterly dividend of $0.79, equivalent to a 2.2% annual yield.

The Manufacturers Life Insurance Company acquired a new stake in Owens Corning Inc (NYSE:OC - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 63,629 shares of the construction company's stock, valued at approximately $10,114,000. The Manufacturers Life Insurance Company owned about 0.08% of Owens Corning at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Owens Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company's stock worth $1,092,883,000 after purchasing an additional 84,096 shares during the last quarter. BlackRock Inc. purchased a new position in Owens Corning in the second quarter valued at $1,401,161,000. State Street Corp raised its stake in Owens Corning by 2.3% in the third quarter. State Street Corp now owns 3,634,987 shares of the construction company's stock valued at $514,205,000 after buying an additional 81,133 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Owens Corning by 7.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company's stock valued at $299,167,000 after buying an additional 188,211 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in 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 buying an additional 231,871 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Evercore reiterated an "outperform" rating and issued a $193.00 price objective on shares of Owens Corning in a report on Thursday, July 23rd. The Goldman Sachs Group boosted their target price on Owens Corning from $141.00 to $159.00 and gave the stock a "neutral" rating in a research note on Friday, July 10th. Weiss Ratings upgraded shares of Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, June 24th. DA Davidson started coverage on shares of Owens Corning in a report on Monday, August 24th. They set a "buy" rating and a $190.00 price objective on the stock. Finally, Citigroup boosted their price objective on shares of Owens Corning from $149.00 to $177.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Owens Corning presently has a consensus rating of "Moderate Buy" and a consensus price target of $165.31.

Owens Corning Stock Down 0.3%

OC opened at $143.27 on Friday. The business's 50-day simple moving average is $145.16 and its 200-day simple moving average is $127.84. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.91. The stock has a market capitalization of $11.33 billion, a P/E ratio of -17.78, a price-to-earnings-growth ratio of 2.15 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last announced its 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 firm 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 business's revenue was up .3% on a year-over-year basis. During the same period in the prior year, the firm earned $4.21 EPS. Analysts anticipate that Owens Corning Inc will post 9.9 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were paid a $0.79 dividend. The ex-dividend date was Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a yield of 2.2%. Owens Corning's payout ratio is currently -39.21%.

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