Vaughan Nelson Investment Management L.P. Acquires New Shares in Owens Corning Inc $OC

Vaughan Nelson Investment Management L.P. acquired a new position in Owens Corning Inc (NYSE:OC) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 423,790 shares of the construction company’s stock, valued at approximately $45,863,000. Vaughan Nelson Investment Management L.P. owned approximately 0.53% of Owens Corning at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its position in shares of Owens Corning by 99.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 911,334 shares of the construction company’s stock worth $128,917,000 after purchasing an additional 454,382 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Owens Corning by 6.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,930,632 shares of the construction company’s stock worth $273,101,000 after buying an additional 110,452 shares in the last quarter. Boothbay Fund Management LLC increased its holdings in Owens Corning by 130.5% in the 3rd quarter. Boothbay Fund Management LLC now owns 81,295 shares of the construction company’s stock valued at $11,500,000 after buying an additional 46,022 shares during the period. Banque Pictet & Cie SA raised its stake in shares of Owens Corning by 5.0% in the 4th quarter. Banque Pictet & Cie SA now owns 412,579 shares of the construction company’s stock valued at $46,172,000 after buying an additional 19,553 shares in the last quarter. Finally, Highland Peak Capital LLC acquired a new position in shares of Owens Corning in the 3rd quarter valued at $31,959,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OC has been the topic of several recent research reports. Bank of America decreased their target price on shares of Owens Corning from $140.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Weiss Ratings lowered shares of Owens Corning from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, May 18th. JPMorgan Chase & Co. raised their price target on shares of Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a research note on Friday, May 8th. Zacks Research raised Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Finally, Wells Fargo & Company upped their price objective on Owens Corning from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $144.82.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $128.12 on Monday. The stock’s fifty day simple moving average is $120.67 and its 200 day simple moving average is $118.47. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.42. The company has a market capitalization of $10.32 billion, a PE ratio of -19.38, a PEG ratio of 2.32 and a beta of 1.34. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.21. The company had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The company’s quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.97 EPS. On average, research analysts predict that Owens Corning Inc will post 9.53 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 6th. Shareholders of record on Monday, July 20th will be paid a $0.79 dividend. The ex-dividend date is Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.5%. Owens Corning’s dividend payout ratio is currently -47.81%.

Insider Buying and Selling

In other news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the transaction, the insider directly owned 15,848 shares in the company, valued at approximately $1,913,012.08. The trade was a 4.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $120.92, for a total value of $232,891.92. Following the completion of the transaction, the vice president directly owned 3,093 shares in the company, valued at approximately $374,005.56. This represents a 38.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.92% of the company’s stock.

Owens Corning Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.