Great Lakes Advisors LLC Sells 6,667 Shares of Owens Corning (NYSE:OC)

Great Lakes Advisors LLC decreased its position in Owens Corning (NYSE:OC) by 2.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 250,501 shares of the construction company’s stock after selling 6,667 shares during the period. Great Lakes Advisors LLC owned 0.29% of Owens Corning worth $43,517,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OC. MV Capital Management Inc. grew its position in shares of Owens Corning by 112.9% during the 1st quarter. MV Capital Management Inc. now owns 149 shares of the construction company’s stock worth $25,000 after buying an additional 79 shares during the period. ST Germain D J Co. Inc. raised its position in shares of Owens Corning by 794.1% during the 2nd quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock valued at $26,000 after acquiring an additional 135 shares during the last quarter. NBC Securities Inc. acquired a new position in shares of Owens Corning in the 1st quarter valued at $26,000. Riverview Trust Co acquired a new stake in shares of Owens Corning during the first quarter worth $28,000. Finally, ORG Partners LLC bought a new stake in Owens Corning in the first quarter valued at about $31,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Benchmark restated a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. StockNews.com raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday. Barclays decreased their price target on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a report on Friday, July 12th. Evercore ISI dropped their price objective on Owens Corning from $188.00 to $175.00 and set an “in-line” rating on the stock in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group initiated coverage on Owens Corning in a research note on Wednesday, May 22nd. They issued a “buy” rating and a $215.00 target price for the company. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $184.23.

Owens Corning Stock Down 1.1 %

Shares of NYSE OC traded down $1.79 during midday trading on Friday, reaching $157.15. The company’s stock had a trading volume of 689,124 shares, compared to its average volume of 670,554. The stock has a 50 day simple moving average of $168.14 and a 200-day simple moving average of $168.09. Owens Corning has a fifty-two week low of $109.95 and a fifty-two week high of $191.13. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $13.62 billion, a price-to-earnings ratio of 12.73, a PEG ratio of 3.35 and a beta of 1.41.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, beating analysts’ consensus estimates of $4.37 by $0.27. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.92 billion. During the same period last year, the company earned $4.22 earnings per share. The business’s revenue was up 8.8% compared to the same quarter last year. Equities research analysts predict that Owens Corning will post 15.38 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 15th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend was Monday, July 15th. Owens Corning’s dividend payout ratio (DPR) is currently 19.43%.

Insider Activity

In other news, CFO Todd W. Fister sold 3,000 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $180.85, for a total value of $542,550.00. Following the sale, the chief financial officer now directly owns 34,626 shares of the company’s stock, valued at approximately $6,262,112.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Owens Corning news, VP Mari Doerfler sold 240 shares of Owens Corning stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $182.05, for a total transaction of $43,692.00. Following the completion of the transaction, the vice president now directly owns 4,954 shares of the company’s stock, valued at $901,875.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Todd W. Fister sold 3,000 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $180.85, for a total transaction of $542,550.00. Following the completion of the transaction, the chief financial officer now owns 34,626 shares in the company, valued at $6,262,112.10. The disclosure for this sale can be found here. Insiders sold a total of 6,240 shares of company stock valued at $1,107,192 in the last quarter. Company insiders own 0.89% of the company’s stock.

Owens Corning Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.