William Blair Investment Management LLC Acquires Shares of 100,127 Owens Corning Inc $OC

William Blair Investment Management LLC acquired a new position in shares of Owens Corning Inc (NYSE:OC) during the second quarter, HoldingsChannel.com reports. The fund acquired 100,127 shares of the construction company’s stock, valued at approximately $15,916,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Owens Corning in the second quarter valued at about $1,401,161,000. Arrowstreet Capital Limited Partnership lifted its position in Owens Corning by 460.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock worth $146,940,000 after acquiring an additional 1,078,877 shares in the last quarter. Norges Bank purchased a new position in Owens Corning in the 4th quarter worth approximately $119,748,000. Allspring Global Investments Holdings LLC boosted its holdings in Owens Corning by 721.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock worth $125,513,000 after acquiring an additional 1,027,800 shares during the period. Finally, Gendell Jeffrey L grew its position in Owens Corning by 349.3% in the fourth quarter. Gendell Jeffrey L now owns 922,063 shares of the construction company’s stock valued at $103,188,000 after acquiring an additional 716,839 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on OC. Citigroup lifted their price objective on shares of Owens Corning from $149.00 to $177.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Weiss Ratings upgraded shares of Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 24th. Wells Fargo & Company raised their price target on shares of Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research note on Wednesday, July 15th. Finally, Evercore reiterated an “outperform” rating and issued a $193.00 price objective on shares of Owens Corning in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $163.25.

Insider Buying and Selling

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction on Thursday, May 28th. The shares were 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 of the company’s stock, valued at $1,913,012.08. This trade represents a 4.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.

Owens Corning Price Performance

OC stock opened at $147.92 on Friday. The stock’s 50 day moving average is $143.26 and its two-hundred day moving average is $127.29. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.91. The company has a market capitalization of $11.69 billion, a PE ratio of -18.35, a P/E/G ratio of 2.23 and a beta of 1.32. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, beating the consensus estimate of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The company had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.66 billion. During the same period in the prior year, the business posted $4.21 EPS. The business’s revenue was up .3% on a year-over-year basis. Analysts predict that Owens Corning Inc will post 9.9 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Monday, July 20th. Owens Corning’s dividend payout ratio is -39.21%.

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.