Highland Capital Management LLC Makes New $297,000 Investment in Owens Corning Inc $OC

Highland Capital Management LLC bought a new position in Owens Corning Inc (NYSE:OC - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,158 shares of the construction company's stock, valued at approximately $297,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Owens Corning by 12.0% during the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock worth $1,401,876,000 after buying an additional 1,053,855 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Owens Corning by 67.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock worth $339,930,000 after acquiring an additional 957,295 shares during the last quarter. Nuveen LLC acquired a new position in shares of Owens Corning during the first quarter valued at $91,698,000. Millennium Management LLC boosted its holdings in Owens Corning by 179.0% in the first quarter. Millennium Management LLC now owns 863,230 shares of the construction company's stock valued at $123,287,000 after acquiring an additional 553,864 shares during the last quarter. Finally, 140 Summer Partners LP acquired a new stake in Owens Corning in the first quarter worth about $46,869,000. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Price Performance

Shares of OC stock opened at $138.64 on Monday. The firm has a market capitalization of $11.59 billion, a price-to-earnings ratio of 36.01, a price-to-earnings-growth ratio of 9.97 and a beta of 1.32. Owens Corning Inc has a 12-month low of $123.40 and a 12-month high of $214.53. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The firm has a fifty day moving average of $147.39 and a 200-day moving average of $142.42.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.80 by $0.41. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The firm had revenue of $2.75 billion during the quarter, compared to analysts' expectations of $2.70 billion. During the same period in the previous year, the firm earned $4.64 earnings per share. The company's revenue was up 10.0% on a year-over-year basis. On average, equities research analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be issued a dividend of $0.69 per share. The ex-dividend date is Monday, October 20th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.0%. Owens Corning's dividend payout ratio (DPR) is presently 71.69%.

Wall Street Analyst Weigh In

OC has been the topic of a number of research reports. Barclays upped their target price on shares of Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Evercore ISI boosted their price target on shares of Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research note on Friday, August 8th. Royal Bank Of Canada reduced their price objective on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. UBS Group dropped their target price on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Finally, Wells Fargo & Company lifted their price objective on Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a research note on Thursday, September 11th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $183.55.

Owens Corning Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.