First Trust Advisors LP lessened its stake in Owens Corning (NYSE:OC) by 1.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 140,089 shares of the construction company’s stock after selling 2,146 shares during the period. First Trust Advisors LP owned 0.13% of Owens Corning worth $6,601,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Penserra Capital Management LLC purchased a new stake in shares of Owens Corning during the 1st quarter worth approximately $26,000. Great West Life Assurance Co. Can lifted its stake in Owens Corning by 82.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 55,930 shares of the construction company’s stock valued at $2,629,000 after buying an additional 25,218 shares in the last quarter. Commerce Bank lifted its stake in Owens Corning by 14.7% in the 1st quarter. Commerce Bank now owns 5,501 shares of the construction company’s stock valued at $259,000 after buying an additional 706 shares in the last quarter. US Bancorp DE lifted its stake in Owens Corning by 11.6% in the 1st quarter. US Bancorp DE now owns 23,623 shares of the construction company’s stock valued at $1,114,000 after buying an additional 2,452 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Owens Corning by 126.1% in the 1st quarter. JPMorgan Chase & Co. now owns 1,091,190 shares of the construction company’s stock valued at $51,417,000 after buying an additional 608,528 shares in the last quarter. Hedge funds and other institutional investors own 96.23% of the company’s stock.
In related news, VP Kelly Schmidt sold 2,438 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $53.03, for a total value of $129,287.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Julian Francis sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $51.51, for a total transaction of $30,906.00. Following the completion of the transaction, the insider now directly owns 76,662 shares of the company’s stock, valued at approximately $3,948,859.62. The disclosure for this sale can be found here. Insiders have sold 40,938 shares of company stock valued at $2,114,034 over the last 90 days. 1.70% of the stock is currently owned by insiders.
Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, April 24th. The construction company reported $0.54 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.02). The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.68 billion. Owens Corning had a return on equity of 12.10% and a net margin of 7.07%. The company’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.80 earnings per share. As a group, equities analysts predict that Owens Corning will post 4.67 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Tuesday, July 16th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date is Monday, July 15th. Owens Corning’s payout ratio is 17.81%.
Several research analysts have weighed in on the company. ValuEngine upgraded Owens Corning from a “strong sell” rating to a “sell” rating in a report on Thursday, May 23rd. Seaport Global Securities upgraded Owens Corning from a “sell” rating to a “neutral” rating in a report on Thursday. Bank of America upgraded Owens Corning from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $58.00 to $72.00 in a report on Thursday. Stifel Nicolaus downgraded Owens Corning from a “buy” rating to a “hold” rating and set a $52.45 price objective for the company. in a report on Wednesday, April 24th. Finally, Nomura restated a “neutral” rating and set a $48.00 price objective (down from $70.00) on shares of Owens Corning in a report on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $57.79.
Owens Corning Profile
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.
See Also: Institutional Investors
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