Bank of New York Mellon Corp Purchases Shares of 577,688 Owens Corning Inc $OC

Bank of New York Mellon Corp bought a new position in Owens Corning Inc (NYSE:OC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 577,688 shares of the construction company's stock, valued at approximately $91,829,000. Bank of New York Mellon Corp owned about 0.72% of Owens Corning as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. HM Payson & Co. lifted its holdings in Owens Corning by 203.6% in the second quarter. HM Payson & Co. now owns 167 shares of the construction company's stock valued at $27,000 after buying an additional 112 shares during the period. Itau Unibanco Holding S.A. bought a new stake in Owens Corning in the fourth quarter valued at approximately $29,000. Cassaday & Co Wealth Management LLC bought a new position in Owens Corning during the first quarter worth about $30,000. Harbour Investments Inc. raised its position in shares of Owens Corning by 66.5% during the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock worth $36,000 after purchasing an additional 129 shares during the period. Finally, Measured Wealth Private Client Group LLC bought a new position in Owens Corning in the third quarter valued at approximately $42,000. 88.40% of the stock is owned by institutional investors.

Owens Corning Price Performance

Shares of NYSE OC opened at $147.13 on Tuesday. 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 firm's 50-day moving average price is $143.74 and its 200-day moving average price is $127.48. The firm has a market capitalization of $11.63 billion, a P/E ratio of -18.25, a P/E/G ratio of 2.23 and a beta of 1.32. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.91.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating 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 negative net margin of 6.81% and a positive return on equity of 20.52%. The firm's revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter last year, the firm earned $4.21 EPS. Equities 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 announced a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were issued 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 payout ratio is presently -39.21%.

Analyst Ratings Changes

Several research firms have recently commented on OC. Royal Bank Of Canada increased their price objective on Owens Corning from $148.00 to $172.00 and gave the company an "outperform" rating in a report on Friday, July 10th. Evercore restated an "outperform" rating and issued a $193.00 price target on shares of Owens Corning in a research note on Thursday, July 23rd. Barclays upped their price objective on shares of Owens Corning from $170.00 to $177.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. The Goldman Sachs Group increased their price target on shares of Owens Corning from $141.00 to $159.00 and gave the company a "neutral" rating in a report on Friday, July 10th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Owens Corning from $136.00 to $165.00 and gave the company a "buy" rating in a research note on Tuesday, June 30th. One research 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 issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $165.31.

Insider Activity

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction dated Thursday, May 28th. The stock was 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 of the company's stock, valued at $1,913,012.08. The trade was a 4.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by corporate insiders.

About Owens Corning

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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