Owens Corning (OC) Stake Boosted by Clark Capital Management Group Inc.
Clark Capital Management Group Inc. lifted its stake in shares of Owens Corning (NYSE:OC) by 2.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 256,726 shares of the construction company’s stock after purchasing an additional 4,951 shares during the period. Clark Capital Management Group Inc.’s holdings in Owens Corning were worth $23,603,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. BlackRock Inc. grew its stake in Owens Corning by 20.9% in the 4th quarter. BlackRock Inc. now owns 7,357,067 shares of the construction company’s stock valued at $676,411,000 after acquiring an additional 1,273,051 shares during the last quarter. Investec Asset Management LTD acquired a new stake in Owens Corning in the 3rd quarter valued at about $75,591,000. Wells Fargo & Company MN grew its stake in Owens Corning by 278.4% in the 4th quarter. Wells Fargo & Company MN now owns 1,155,174 shares of the construction company’s stock valued at $106,206,000 after acquiring an additional 849,871 shares during the last quarter. Allianz Asset Management GmbH grew its stake in Owens Corning by 22.4% in the 3rd quarter. Allianz Asset Management GmbH now owns 1,798,466 shares of the construction company’s stock valued at $139,112,000 after acquiring an additional 328,726 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in Owens Corning by 213.0% in the 3rd quarter. Principal Financial Group Inc. now owns 436,865 shares of the construction company’s stock valued at $33,792,000 after acquiring an additional 297,311 shares during the last quarter. 92.74% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts recently commented on the stock. Royal Bank of Canada set a $102.00 price objective on shares of Owens Corning and gave the company a “buy” rating in a research note on Friday, February 23rd. MKM Partners increased their price objective on shares of Owens Corning to $86.00 and gave the company a “neutral” rating in a research note on Thursday, February 22nd. Credit Suisse Group reissued an “outperform” rating and issued a $110.00 price objective (up from $95.00) on shares of Owens Corning in a research note on Monday, January 22nd. They noted that the move was a valuation call. Zacks Investment Research raised shares of Owens Corning from a “hold” rating to a “buy” rating and set a $105.00 price objective on the stock in a research note on Thursday, January 18th. Finally, KeyCorp reissued a “buy” rating and issued a $115.00 price objective on shares of Owens Corning in a research note on Friday, January 12th. Nine research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $87.95.
Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, February 21st. The construction company reported $1.11 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.04 by $0.07. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.52 billion. Owens Corning had a net margin of 4.53% and a return on equity of 12.26%. The company’s revenue was up 16.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.72 EPS. equities analysts predict that Owens Corning will post 5.66 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 3rd. Stockholders of record on Friday, March 9th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $0.84 annualized dividend and a dividend yield of 1.02%. Owens Corning’s payout ratio is currently 32.94%.
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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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