Prospera Financial Services Inc increased its position in Owens Corning (NYSE:OC – Get Rating) by 12.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,557 shares of the construction company’s stock after purchasing an additional 292 shares during the quarter. Prospera Financial Services Inc’s holdings in Owens Corning were worth $190,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of OC. Lindbrook Capital LLC lifted its position in Owens Corning by 66.3% in the second quarter. Lindbrook Capital LLC now owns 414 shares of the construction company’s stock worth $31,000 after purchasing an additional 165 shares during the period. Huntington National Bank lifted its position in Owens Corning by 1,566.7% in the first quarter. Huntington National Bank now owns 350 shares of the construction company’s stock worth $32,000 after purchasing an additional 329 shares during the period. Steward Partners Investment Advisory LLC bought a new position in shares of Owens Corning during the first quarter valued at $37,000. Quadrant Capital Group LLC lifted its holdings in shares of Owens Corning by 32.0% during the first quarter. Quadrant Capital Group LLC now owns 487 shares of the construction company’s stock valued at $44,000 after acquiring an additional 118 shares during the period. Finally, Zions Bancorporation N.A. lifted its holdings in shares of Owens Corning by 611.0% during the first quarter. Zions Bancorporation N.A. now owns 583 shares of the construction company’s stock valued at $53,000 after acquiring an additional 501 shares during the period. 93.64% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of research analysts have issued reports on OC shares. StockNews.com cut Owens Corning from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 19th. Credit Suisse Group cut their price objective on Owens Corning from $98.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, October 27th. Citigroup lifted their price objective on Owens Corning from $90.00 to $91.00 and gave the company a “neutral” rating in a report on Monday, October 10th. Deutsche Bank Aktiengesellschaft cut their price objective on Owens Corning from $103.00 to $99.00 and set a “hold” rating for the company in a report on Thursday, October 20th. Finally, Bank of America raised Owens Corning from an “underperform” rating to a “buy” rating and lifted their price target for the company from $82.00 to $95.00 in a report on Tuesday, October 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $101.79.
Owens Corning Price Performance
Owens Corning (NYSE:OC – Get Rating) last announced its quarterly earnings data on Wednesday, October 26th. The construction company reported $3.57 EPS for the quarter, topping analysts’ consensus estimates of $3.19 by $0.38. The firm had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.55 billion. Owens Corning had a return on equity of 27.52% and a net margin of 13.99%. The company’s revenue was up 14.3% on a year-over-year basis. During the same period last year, the company earned $2.52 earnings per share. Research analysts expect that Owens Corning will post 12.66 EPS for the current year.
Owens Corning Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, November 3rd. Stockholders of record on Monday, October 17th were given a dividend of $0.35 per share. The ex-dividend date was Friday, October 14th. This represents a $1.40 annualized dividend and a dividend yield of 1.52%. Owens Corning’s payout ratio is currently 10.30%.
Insider Transactions at Owens Corning
In other news, Director W Howard Morris sold 401 shares of the business’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $84.01, for a total transaction of $33,688.01. Following the completion of the transaction, the director now directly owns 39,719 shares in the company, valued at approximately $3,336,793.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Brian Chambers sold 7,600 shares of Owens Corning stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $80.80, for a total transaction of $614,080.00. Following the transaction, the chief executive officer now owns 183,384 shares in the company, valued at approximately $14,817,427.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director W Howard Morris sold 401 shares of Owens Corning stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $84.01, for a total value of $33,688.01. Following the transaction, the director now owns 39,719 shares in the company, valued at approximately $3,336,793.19. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,701 shares of company stock worth $872,192. 0.44% of the stock is currently owned by company insiders.
Owens Corning Company Profile
Owens Corning manufactures and markets insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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