ABN AMRO Bank N.V. purchased a new position in Owens Corning Inc (NYSE:OC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 78,255 shares of the construction company's stock, valued at approximately $12,454,000. ABN AMRO Bank N.V. owned approximately 0.10% of Owens Corning as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Avalon Trust Co purchased a new position in shares of Owens Corning during the 2nd quarter valued at approximately $636,000. Oppenheimer Asset Management Inc. acquired a new stake in Owens Corning in the second quarter valued at $609,000. Merit Financial Group LLC boosted its stake in Owens Corning by 145.7% during the 2nd quarter. Merit Financial Group LLC now owns 11,958 shares of the construction company's stock valued at $1,901,000 after acquiring an additional 7,091 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in Owens Corning by 33.8% during the 2nd quarter. Farther Finance Advisors LLC now owns 4,973 shares of the construction company's stock worth $790,000 after acquiring an additional 1,256 shares in the last quarter. Finally, Ballentine Partners LLC bought a new stake in shares of Owens Corning in the 2nd quarter worth about $282,000. Hedge funds and other institutional investors own 88.40% of the company's stock.
Analysts Set New Price Targets
A number of research analysts have commented on the company. Citigroup increased their target price on Owens Corning from $149.00 to $177.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Wall Street Zen upgraded Owens Corning from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Royal Bank Of Canada upped their price target on Owens Corning from $148.00 to $172.00 and gave the company an "outperform" rating in a research report on Friday, July 10th. Barclays raised their price objective on Owens Corning from $170.00 to $177.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Finally, Evercore reaffirmed an "outperform" rating and issued a $193.00 price objective on shares of Owens Corning in a report on Thursday, July 23rd. One equities 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $163.25.
Get Our Latest Research Report on Owens Corning
Owens Corning Trading Down 0.6%
Owens Corning stock opened at $154.95 on Friday. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.91. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. The firm has a market capitalization of $12.25 billion, a price-to-earnings ratio of -19.23, a PEG ratio of 2.33 and a beta of 1.32. The firm has a 50-day moving average price of $140.25 and a two-hundred day moving average price of $126.27.
Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, beating the consensus estimate 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 company had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same quarter last year, the business earned $4.21 earnings per share. Owens Corning's revenue was up .3% compared to the same quarter last year. Sell-side analysts expect that Owens Corning Inc will post 9.9 earnings per share for the current year.
Owens Corning Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Monday, July 20th were paid a $0.79 dividend. The ex-dividend date of this dividend was Monday, July 20th. This represents a $3.16 annualized dividend and a dividend yield of 2.0%. Owens Corning's dividend payout ratio is presently -39.21%.
Insider Activity
In other news, insider Rachel Barthelemy Marcon sold 700 shares of the firm's stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the transaction, the insider directly owned 15,848 shares of the company's stock, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company's stock.
Owens Corning Profile
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Free Report)
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.
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