BlackRock Inc. Purchases Shares of 8,814,550 Owens Corning Inc $OC

BlackRock Inc. acquired a new stake in Owens Corning Inc (NYSE:OC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 8,814,550 shares of the construction company's stock, valued at approximately $1,401,161,000. BlackRock Inc. owned approximately 10.95% of Owens Corning as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Louisiana State Employees Retirement System bought a new stake in Owens Corning in the first quarter valued at $2,576,000. BNP Paribas Financial Markets lifted its holdings in shares of Owens Corning by 178.2% during the fourth quarter. BNP Paribas Financial Markets now owns 186,652 shares of the construction company's stock valued at $20,888,000 after acquiring an additional 119,566 shares during the period. Raiffeisen Bank International AG boosted its stake in shares of Owens Corning by 12.4% in the 4th quarter. Raiffeisen Bank International AG now owns 353,302 shares of the construction company's stock valued at $39,976,000 after purchasing an additional 38,885 shares in the last quarter. Systematic Financial Management LP grew its holdings in shares of Owens Corning by 10.8% in the 4th quarter. Systematic Financial Management LP now owns 244,437 shares of the construction company's stock worth $27,355,000 after purchasing an additional 23,873 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Owens Corning by 1,243.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 39,134 shares of the construction company's stock worth $4,379,000 after purchasing an additional 36,222 shares during the last quarter. 88.40% of the stock is owned by institutional investors.

Insider Transactions at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the business's 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 directly owned 15,848 shares in the company, valued at approximately $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 hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on OC. Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a research note on Wednesday, July 15th. The Goldman Sachs Group lifted their target price on shares of Owens Corning from $141.00 to $159.00 and gave the company a "neutral" rating in a research note on Friday, July 10th. Wall Street Zen raised Owens Corning from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Evercore restated an "outperform" rating and set a $193.00 price target on shares of Owens Corning in a research report on Thursday, July 23rd. Finally, Wells Fargo & Company lifted their price objective on Owens Corning from $150.00 to $165.00 and gave the company an "overweight" rating in a research report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $163.25.

Owens Corning Stock Performance

Shares of NYSE:OC opened at $147.19 on Friday. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.91. The stock has a market capitalization of $11.64 billion, a P/E ratio of -18.26, a P/E/G ratio of 2.28 and a beta of 1.32. The business has a 50-day moving average price of $142.73 and a two-hundred day moving average price of $127.15.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the previous year, the firm posted $4.21 earnings per share. Owens Corning's revenue for the quarter was up .3% compared to the same quarter last year. Equities analysts predict that Owens Corning Inc will post 9.9 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently announced 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 of this dividend was Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.1%. Owens Corning's dividend payout ratio is presently -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.

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