Advisors Capital Management LLC Makes New $8.47 Million Investment in Owens Corning Inc $OC

Advisors Capital Management LLC purchased a new stake in Owens Corning Inc (NYSE:OC - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 53,306 shares of the construction company's stock, valued at approximately $8,474,000. Advisors Capital Management LLC owned about 0.07% of Owens Corning as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. HM Payson & Co. raised its position in Owens Corning by 203.6% during the 2nd quarter. HM Payson & Co. now owns 167 shares of the construction company's stock worth $27,000 after purchasing an additional 112 shares during the last quarter. Itau Unibanco Holding S.A. bought a new position in Owens Corning during the fourth quarter worth $29,000. Cassaday & Co Wealth Management LLC bought a new position in shares of Owens Corning during the 1st quarter worth about $30,000. Harbour Investments Inc. grew its stake in Owens Corning by 66.5% in the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock valued at $36,000 after acquiring an additional 129 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Owens Corning in the 4th quarter valued at $37,000. Institutional investors own 88.40% of the company's stock.

Owens Corning Stock Performance

Shares of OC opened at $147.19 on Friday. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The business's fifty day simple moving average is $142.73 and its two-hundred day simple moving average is $127.15. 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 $11.64 billion, a price-to-earnings ratio of -18.26, a P/E/G ratio of 2.28 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last released 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. The firm had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.66 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The business's revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.21 EPS. Research analysts anticipate that Owens Corning Inc will post 9.9 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were paid a dividend of $0.79 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a yield of 2.1%. 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 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 sale, the insider directly owned 15,848 shares of the company's stock, valued at $1,913,012.08. This trade represents a 4.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company boosted their price target on shares of Owens Corning from $150.00 to $165.00 and gave the stock an "overweight" rating in a report on Tuesday, July 14th. Zacks Research raised shares of Owens Corning from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. Evercore restated an "outperform" rating and set a $193.00 target price on shares of Owens Corning in a research report on Thursday, July 23rd. Barclays increased their price target on shares of Owens Corning from $170.00 to $177.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Owens Corning from $136.00 to $165.00 and gave the stock a "buy" rating in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $163.25.

Owens Corning Company 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.

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