Owens Corning (NYSE:OC) Shares Bought by Bank of America Corp DE

Bank of America Corp DE raised its stake in Owens Corning (NYSE:OCGet Rating) by 135.1% in the first quarter, HoldingsChannel.com reports. The fund owned 1,692,633 shares of the construction company’s stock after purchasing an additional 972,789 shares during the quarter. Bank of America Corp DE’s holdings in Owens Corning were worth $154,876,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Quadrant Capital Group LLC raised its holdings in shares of Owens Corning by 32.0% in the first quarter. Quadrant Capital Group LLC now owns 487 shares of the construction company’s stock worth $44,000 after acquiring an additional 118 shares during the last quarter. First Bank & Trust grew its position in shares of Owens Corning by 3.6% in the first quarter. First Bank & Trust now owns 3,461 shares of the construction company’s stock valued at $316,000 after purchasing an additional 121 shares during the period. Convergence Investment Partners LLC grew its position in shares of Owens Corning by 7.6% in the first quarter. Convergence Investment Partners LLC now owns 1,860 shares of the construction company’s stock valued at $170,000 after purchasing an additional 132 shares during the period. CIBC World Markets Inc. grew its position in shares of Owens Corning by 1.0% in the fourth quarter. CIBC World Markets Inc. now owns 15,140 shares of the construction company’s stock valued at $1,370,000 after purchasing an additional 146 shares during the period. Finally, Fifth Third Bancorp grew its position in shares of Owens Corning by 33.7% in the first quarter. Fifth Third Bancorp now owns 663 shares of the construction company’s stock valued at $61,000 after purchasing an additional 167 shares during the period. 93.64% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Owens Corning

In related news, VP Kelly Schmidt sold 1,940 shares of the business’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $91.93, for a total value of $178,344.20. Following the transaction, the vice president now owns 15,083 shares in the company, valued at $1,386,580.19. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, VP Kelly Schmidt sold 1,940 shares of the business’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $91.93, for a total value of $178,344.20. Following the transaction, the vice president now owns 15,083 shares in the company, valued at $1,386,580.19. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director W Howard Morris sold 401 shares of the business’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $84.01, for a total value of $33,688.01. Following the completion of the transaction, the director now owns 39,719 shares in the company, valued at approximately $3,336,793.19. The disclosure for this sale can be found here. Insiders sold 12,641 shares of company stock valued at $1,050,536 over the last quarter. Company insiders own 0.44% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on OC. Bank of America downgraded Owens Corning from a “buy” rating to an “underperform” rating and lowered their price objective for the company from $119.00 to $80.00 in a research report on Friday, June 17th. StockNews.com raised Owens Corning from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, September 13th. UBS Group lowered their price objective on Owens Corning from $137.00 to $128.00 and set a “buy” rating for the company in a research report on Thursday, July 28th. Wells Fargo & Company boosted their price target on Owens Corning from $83.00 to $89.00 and gave the company an “equal weight” rating in a research report on Thursday, July 28th. Finally, Barclays lowered their price target on Owens Corning from $100.00 to $91.00 and set an “equal weight” rating for the company in a research report on Thursday, July 14th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Owens Corning has an average rating of “Hold” and a consensus price target of $102.92.

Owens Corning Price Performance

Shares of NYSE OC opened at $77.08 on Friday. Owens Corning has a 1-year low of $72.97 and a 1-year high of $101.12. The business has a 50-day moving average of $85.59 and a 200-day moving average of $87.35. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.87 and a quick ratio of 1.23. The company has a market capitalization of $7.42 billion, a price-to-earnings ratio of 6.85, a PEG ratio of 0.68 and a beta of 1.53.

Owens Corning (NYSE:OCGet Rating) last issued its earnings results on Wednesday, July 27th. The construction company reported $3.83 earnings per share for the quarter, topping the consensus estimate of $3.31 by $0.52. Owens Corning had a return on equity of 26.22% and a net margin of 12.20%. The company had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.58 billion. During the same quarter in the prior year, the business earned $2.60 earnings per share. The company’s revenue was up 16.2% compared to the same quarter last year. On average, equities analysts anticipate that Owens Corning will post 12.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 3rd. Stockholders of record on Monday, October 17th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.82%. The ex-dividend date is Friday, October 14th. Owens Corning’s payout ratio is 12.44%.

Owens Corning Profile

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Owens Corning manufactures and markets insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

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