Rhumbline Advisers Has $6.96 Million Holdings in Owens Corning (OC)
Rhumbline Advisers decreased its position in shares of Owens Corning (NYSE:OC) by 6.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 109,746 shares of the construction company’s stock after selling 6,950 shares during the quarter. Rhumbline Advisers owned about 0.10% of Owens Corning worth $6,955,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in OC. Boston Partners grew its position in shares of Owens Corning by 3,089.6% during the 2nd quarter. Boston Partners now owns 5,655,318 shares of the construction company’s stock worth $358,378,000 after buying an additional 5,478,011 shares during the period. Iridian Asset Management LLC CT grew its position in shares of Owens Corning by 44.2% during the 2nd quarter. Iridian Asset Management LLC CT now owns 4,220,826 shares of the construction company’s stock worth $267,474,000 after buying an additional 1,293,828 shares during the period. Victory Capital Management Inc. grew its position in shares of Owens Corning by 47.8% during the 2nd quarter. Victory Capital Management Inc. now owns 2,931,929 shares of the construction company’s stock worth $185,795,000 after buying an additional 947,917 shares during the period. Wells Fargo & Company MN grew its position in shares of Owens Corning by 22.9% during the 2nd quarter. Wells Fargo & Company MN now owns 2,033,976 shares of the construction company’s stock worth $128,892,000 after buying an additional 378,414 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Owens Corning during the 2nd quarter worth approximately $83,947,000.
NYSE OC opened at $57.21 on Wednesday. Owens Corning has a 12-month low of $56.25 and a 12-month high of $96.52. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.59 and a quick ratio of 0.88. The firm has a market capitalization of $6.37 billion, a P/E ratio of 13.00, a price-to-earnings-growth ratio of 0.66 and a beta of 1.04.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 2nd. Investors of record on Tuesday, July 17th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.47%. The ex-dividend date was Monday, July 16th. Owens Corning’s payout ratio is currently 19.09%.
Several analysts have recently commented on the stock. Northcoast Research reaffirmed a “buy” rating and set a $81.00 price objective on shares of Owens Corning in a research report on Friday, July 27th. ValuEngine downgraded shares of Owens Corning from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 26th. Stifel Nicolaus reaffirmed a “buy” rating and set a $75.00 price objective on shares of Owens Corning in a research report on Thursday, July 26th. Credit Suisse Group reduced their price objective on shares of Owens Corning from $84.00 to $72.00 and set an “outperform” rating for the company in a research report on Thursday, July 26th. Finally, Bank of America downgraded shares of Owens Corning from a “buy” rating to a “neutral” rating and reduced their price target for the company from $90.00 to $75.00 in a research report on Thursday, July 26th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the stock. Owens Corning presently has an average rating of “Hold” and an average price target of $80.31.
In other Owens Corning news, Director W Howard Morris sold 1,514 shares of Owens Corning stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $58.47, for a total transaction of $88,523.58. Following the transaction, the director now directly owns 36,332 shares of the company’s stock, valued at approximately $2,124,332.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.60% of the company’s stock.
About Owens Corning
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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