Owens Corning Inc $OC Stake Raised by Swedbank AB

Key Points

• Swedbank AB increased its stake in Owens Corning Inc. by 0.7%, now owning approximately 317,049 shares valued at about $43.6 million.
• Owens Corning reported Q2 earnings of $4.21 EPS, surpassing estimates of $3.80, with revenue of $2.75 billion, which is 10% higher year-over-year.
• The company announced a quarterly dividend of $0.69 per share, scheduled for payment on November 6th, with an annualized yield of around 1.9%.

Swedbank AB lifted its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 0.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 317,049 shares of the construction company's stock after acquiring an additional 2,308 shares during the period. Swedbank AB owned about 0.37% of Owens Corning worth $43,601,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Owens Corning by 12.0% in the first 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 during the period. Price T Rowe Associates Inc. MD increased its holdings 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 valued at $339,930,000 after purchasing an additional 957,295 shares during the period. LSV Asset Management increased its holdings in shares of Owens Corning by 1.9% during the first quarter. LSV Asset Management now owns 1,476,067 shares of the construction company's stock valued at $210,812,000 after purchasing an additional 27,185 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Owens Corning by 0.7% during the first quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock valued at $123,634,000 after purchasing an additional 5,819 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of Owens Corning by 179.0% during the first quarter. Millennium Management LLC now owns 863,230 shares of the construction company's stock valued at $123,287,000 after purchasing an additional 553,864 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently commented on OC shares. Evercore ISI raised their price target on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a report on Friday, August 8th. Wells Fargo & Company raised their price target on Owens Corning from $170.00 to $175.00 and gave the company an "overweight" rating in a report on Thursday, September 11th. UBS Group lowered their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Barclays raised their target price on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada decreased their target price on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Owens Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $185.10.

Owens Corning Trading Up 0.7%

Shares of NYSE:OC traded up $1.08 during midday trading on Tuesday, reaching $144.58. The company had a trading volume of 85,582 shares, compared to its average volume of 931,866. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. Owens Corning Inc has a 1-year low of $123.40 and a 1-year high of $214.53. The firm has a market cap of $12.09 billion, a price-to-earnings ratio of 37.66, a price-to-earnings-growth ratio of 10.31 and a beta of 1.32. The company has a fifty day simple moving average of $147.55 and a two-hundred day simple moving average of $142.52.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share 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 business had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.70 billion. During the same quarter last year, the company posted $4.64 EPS. Owens Corning's revenue for the quarter was up 10.0% on a year-over-year basis. Research analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Monday, October 20th. Owens Corning's dividend payout ratio is currently 71.69%.

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.