Advisors Asset Management Inc. Sells 499 Shares of Owens Corning (NYSE:OC)

Advisors Asset Management Inc. reduced its position in shares of Owens Corning (NYSE:OCGet Rating) by 8.6% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 5,276 shares of the construction company’s stock after selling 499 shares during the quarter. Advisors Asset Management Inc.’s holdings in Owens Corning were worth $392,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Oppenheimer Asset Management Inc. acquired a new position in Owens Corning during the 2nd quarter valued at $225,000. Quent Capital LLC raised its stake in Owens Corning by 23.3% during the 2nd quarter. Quent Capital LLC now owns 5,303 shares of the construction company’s stock valued at $394,000 after purchasing an additional 1,001 shares during the last quarter. ING Groep NV raised its stake in Owens Corning by 143.9% during the 2nd quarter. ING Groep NV now owns 40,000 shares of the construction company’s stock valued at $2,972,000 after purchasing an additional 23,600 shares during the last quarter. Prospera Financial Services Inc raised its stake in Owens Corning by 12.9% during the 2nd quarter. Prospera Financial Services Inc now owns 2,557 shares of the construction company’s stock valued at $190,000 after purchasing an additional 292 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in Owens Corning during the 2nd quarter valued at $938,000. 93.64% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on OC shares. Citigroup upped their target price on shares of Owens Corning from $90.00 to $91.00 and gave the company a “neutral” rating in a research note on Monday, October 10th. Wells Fargo & Company increased their price objective on shares of Owens Corning from $83.00 to $89.00 and gave the company an “equal weight” rating in a research note on Thursday, July 28th. Bank of America upgraded shares of Owens Corning from an “underperform” rating to a “buy” rating and increased their price objective for the company from $82.00 to $95.00 in a research note on Tuesday, October 18th. Credit Suisse Group dropped their price objective on shares of Owens Corning from $98.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, October 27th. Finally, StockNews.com cut shares of Owens Corning from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Owens Corning has a consensus rating of “Hold” and an average price target of $101.79.

Owens Corning Trading Up 0.8 %

Shares of Owens Corning stock opened at $90.06 on Friday. The stock has a market capitalization of $8.42 billion, a P/E ratio of 6.63, a price-to-earnings-growth ratio of 0.64 and a beta of 1.45. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.64. The company has a 50-day simple moving average of $84.30 and a 200 day simple moving average of $85.70. Owens Corning has a 12-month low of $72.97 and a 12-month high of $101.12.

Owens Corning (NYSE:OCGet Rating) last issued its quarterly earnings data on Wednesday, October 26th. The construction company reported $3.57 EPS for the quarter, topping analysts’ consensus estimates of $3.19 by $0.38. Owens Corning had a net margin of 13.99% and a return on equity of 27.52%. The firm had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the prior year, the firm earned $2.52 EPS. The company’s revenue was up 14.3% on a year-over-year basis. Research analysts expect that Owens Corning will post 12.67 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, November 3rd. Shareholders of record on Monday, October 17th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date was Friday, October 14th. Owens Corning’s dividend payout ratio is currently 10.30%.

Insiders Place Their Bets

In other Owens Corning news, Director W Howard Morris sold 401 shares of the stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $84.01, for a total transaction of $33,688.01. Following the sale, the director now owns 39,719 shares of the company’s stock, valued at approximately $3,336,793.19. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director W Howard Morris sold 401 shares of the firm’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $84.01, for a total value of $33,688.01. Following the transaction, the director now owns 39,719 shares of the company’s stock, valued at approximately $3,336,793.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gunner Smith sold 2,700 shares of the firm’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $83.12, for a total transaction of $224,424.00. Following the completion of the transaction, the insider now directly owns 24,460 shares in the company, valued at approximately $2,033,115.20. The disclosure for this sale can be found here. Insiders have sold a total of 10,701 shares of company stock valued at $872,192 in the last 90 days. 0.44% of the stock is currently owned by insiders.

Owens Corning Company Profile

(Get Rating)

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.

See Also

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

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