Owens Corning Inc (OC) VP Sells $2,936,618.25 in Stock
Owens Corning Inc (NYSE:OC) VP Daniel T. Smith sold 41,425 shares of the stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $70.89, for a total transaction of $2,936,618.25. Following the transaction, the vice president now owns 60,708 shares in the company, valued at $4,303,590.12. The sale was disclosed in a filing with the SEC, which is available through the SEC website.
Owens Corning Inc (OC) traded down 0.30% during trading on Tuesday, reaching $70.19. 928,154 shares of the company’s stock were exchanged. Owens Corning Inc has a 52-week low of $46.45 and a 52-week high of $70.65. The company has a market capitalization of $7.80 billion, a price-to-earnings ratio of 20.16 and a beta of 1.11. The stock’s 50-day moving average price is $66.95 and its 200-day moving average price is $63.01.
Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.12. The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period last year, the firm posted $1.29 EPS. Equities analysts expect that Owens Corning Inc will post $4.28 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 2nd. Investors of record on Monday, July 17th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $0.80 annualized dividend and a yield of 1.14%. Owens Corning’s payout ratio is currently 23.05%.
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OC has been the topic of several research reports. BidaskClub upgraded shares of Owens Corning from a “sell” rating to a “hold” rating in a report on Friday. Stifel Nicolaus restated a “buy” rating and issued a $83.00 price target on shares of Owens Corning in a report on Friday, July 28th. Jefferies Group LLC restated a “buy” rating and issued a $82.00 price target on shares of Owens Corning in a report on Thursday, July 27th. Royal Bank Of Canada restated a “buy” rating and issued a $79.00 price target on shares of Owens Corning in a report on Friday, July 28th. Finally, Macquarie upgraded shares of Owens Corning from an “underperform” rating to a “neutral” rating and raised their price target for the company from $54.00 to $68.00 in a report on Tuesday, June 20th. Seven analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $70.53.
A number of hedge funds have recently added to or reduced their stakes in OC. Public Employees Retirement System of Ohio boosted its stake in Owens Corning by 97.6% in the second quarter. Public Employees Retirement System of Ohio now owns 101,402 shares of the construction company’s stock valued at $6,786,000 after buying an additional 50,091 shares during the last quarter. Castleark Management LLC boosted its stake in Owens Corning by 27.5% in the second quarter. Castleark Management LLC now owns 71,235 shares of the construction company’s stock valued at $4,767,000 after buying an additional 15,375 shares during the last quarter. Nomura Holdings Inc. boosted its stake in Owens Corning by 184.1% in the second quarter. Nomura Holdings Inc. now owns 11,226 shares of the construction company’s stock valued at $751,000 after buying an additional 7,275 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Owens Corning by 9.0% in the second quarter. The Manufacturers Life Insurance Company now owns 3,689 shares of the construction company’s stock valued at $247,000 after buying an additional 304 shares during the last quarter. Finally, Cubist Systematic Strategies LLC boosted its stake in Owens Corning by 32.4% in the second quarter. Cubist Systematic Strategies LLC now owns 14,792 shares of the construction company’s stock valued at $990,000 after buying an additional 3,622 shares during the last quarter. 96.79% of the stock is owned by institutional investors and hedge funds.
Owens Corning Company Profile
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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