Ingalls & Snyder LLC Boosts Stake in Owens Corning Inc (OC)
Ingalls & Snyder LLC raised its stake in Owens Corning Inc (NYSE:OC) by 7.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,550 shares of the construction company’s stock after buying an additional 300 shares during the period. Ingalls & Snyder LLC’s holdings in Owens Corning were worth $304,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Glen Harbor Capital Management LLC boosted its stake in shares of Owens Corning by 12.4% in the first quarter. Glen Harbor Capital Management LLC now owns 103,180 shares of the construction company’s stock valued at $6,332,000 after buying an additional 11,368 shares during the last quarter. Northpointe Capital LLC bought a new stake in shares of Owens Corning during the first quarter valued at $2,367,000. Personal Capital Advisors Corp bought a new stake in shares of Owens Corning during the first quarter valued at $227,000. CAPROCK Group Inc. bought a new stake in shares of Owens Corning during the first quarter valued at $294,000. Finally, V Wealth Management LLC boosted its stake in shares of Owens Corning by 3.9% in the first quarter. V Wealth Management LLC now owns 36,543 shares of the construction company’s stock valued at $2,234,000 after buying an additional 1,364 shares during the last quarter.
Owens Corning Inc (OC) traded up 0.40% during midday trading on Friday, hitting $67.10. The stock had a trading volume of 855,127 shares. The company has a market capitalization of $7.46 billion, a PE ratio of 19.28 and a beta of 1.11. The stock’s 50-day moving average is $66.65 and its 200-day moving average is $62.53. Owens Corning Inc has a 1-year low of $46.45 and a 1-year high of $68.88.
Owens Corning (NYSE:OC) last released its earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.12. The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.48 billion. Owens Corning had a net margin of 6.61% and a return on equity of 11.12%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.29 EPS. Equities research analysts forecast that Owens Corning Inc will post $4.28 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 2nd. Stockholders of record on Monday, July 17th were issued a $0.20 dividend. The ex-dividend date was Thursday, July 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.19%. Owens Corning’s payout ratio is 23.05%.
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OC has been the topic of a number of recent research reports. Royal Bank Of Canada reiterated an “outperform” rating and set a $71.00 price target (up from $67.00) on shares of Owens Corning in a report on Thursday, April 27th. Jefferies Group LLC reiterated a “buy” rating and set a $72.00 price target on shares of Owens Corning in a report on Sunday, July 9th. BidaskClub lowered Owens Corning from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Instinet restated a “buy” rating and issued a $74.00 target price on shares of Owens Corning in a research note on Thursday, June 1st. Finally, KeyCorp restated an “overweight” rating and issued a $75.00 target price (up from $70.00) on shares of Owens Corning in a research note on Monday, June 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have assigned a buy rating to the company. Owens Corning presently has an average rating of “Buy” and a consensus target price of $70.53.
In other Owens Corning news, Director James J. Mcmonagle sold 2,000 shares of the firm’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $64.60, for a total transaction of $129,200.00. Following the transaction, the director now directly owns 50,906 shares of the company’s stock, valued at approximately $3,288,527.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Arnaud Genis sold 21,544 shares of the firm’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $65.44, for a total transaction of $1,409,839.36. Following the transaction, the insider now directly owns 80,143 shares in the company, valued at $5,244,557.92. The disclosure for this sale can be found here. Insiders sold a total of 40,144 shares of company stock worth $2,654,227 over the last 90 days. Company insiders own 1.80% of the company’s stock.
About Owens Corning
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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