Ameriprise Financial Inc. Sells 9,878 Shares of Owens Corning Inc (OC)
Ameriprise Financial Inc. trimmed its holdings in shares of Owens Corning Inc (NYSE:OC) by 2.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 398,524 shares of the construction company’s stock after selling 9,878 shares during the period. Ameriprise Financial Inc. owned 0.36% of Owens Corning worth $26,663,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in OC. Creative Planning increased its holdings in Owens Corning by 104.3% during the 2nd quarter. Creative Planning now owns 2,043 shares of the construction company’s stock valued at $137,000 after purchasing an additional 1,043 shares in the last quarter. Point72 Asia Hong Kong Ltd increased its holdings in Owens Corning by 457.1% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 2,301 shares of the construction company’s stock valued at $141,000 after purchasing an additional 1,888 shares in the last quarter. Penserra Capital Management LLC increased its holdings in Owens Corning by 11.1% during the 2nd quarter. Penserra Capital Management LLC now owns 2,964 shares of the construction company’s stock valued at $198,000 after purchasing an additional 296 shares in the last quarter. First Bank & Trust increased its holdings in Owens Corning by 3.6% during the 2nd quarter. First Bank & Trust now owns 3,024 shares of the construction company’s stock valued at $202,000 after purchasing an additional 104 shares in the last quarter. Finally, American Trust Investment Advisors LLC acquired a new stake in Owens Corning during the 1st quarter valued at $212,000. 96.78% of the stock is owned by hedge funds and other institutional investors.
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A number of equities research analysts recently weighed in on OC shares. Stifel Nicolaus reaffirmed a “buy” rating and set a $83.00 price target on shares of Owens Corning in a report on Friday, September 1st. Nomura reaffirmed a “neutral” rating and set a $79.00 price target on shares of Owens Corning in a report on Monday, September 11th. Wells Fargo & Company raised Owens Corning from a “market perform” rating to an “outperform” rating and raised their price target for the company from $68.00 to $83.00 in a report on Wednesday, August 30th. SunTrust Banks, Inc. reaffirmed a “hold” rating on shares of Owens Corning in a report on Tuesday, September 12th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $77.00 price target on shares of Owens Corning in a report on Wednesday, July 19th. Eight equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Owens Corning has a consensus rating of “Buy” and a consensus target price of $72.79.
Owens Corning Inc (OC) opened at 77.39 on Thursday. The stock has a 50 day moving average price of $70.76 and a 200 day moving average price of $64.99. The company has a market capitalization of $8.61 billion, a price-to-earnings ratio of 22.23 and a beta of 1.04. Owens Corning Inc has a 52-week low of $46.45 and a 52-week high of $77.69.
Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, July 26th. The construction company reported $1.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.12. The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. Owens Corning’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.29 earnings per share. Analysts anticipate that Owens Corning Inc will post $4.30 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 2nd. Investors of record on Monday, October 16th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Friday, October 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.03%. Owens Corning’s payout ratio is 23.05%.
In related news, VP Kelly Schmidt sold 1,462 shares of the stock in a transaction on Friday, August 25th. The stock was sold at an average price of $70.35, for a total value of $102,851.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Michael H. Thaman sold 130,700 shares of the stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $74.95, for a total value of $9,795,965.00. Following the completion of the sale, the chairman now owns 847,992 shares of the company’s stock, valued at $63,557,000.40. The disclosure for this sale can be found here. Insiders sold 212,866 shares of company stock valued at $15,644,970 over the last 90 days. 1.80% of the stock is currently owned by company insiders.
Owens Corning 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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