SG Americas Securities LLC Raises Position in Owens Corning (NYSE:OC)

SG Americas Securities LLC grew its position in shares of Owens Corning (NYSE:OC) by 526.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 69,014 shares of the construction company’s stock after buying an additional 58,002 shares during the quarter. SG Americas Securities LLC owned 0.08% of Owens Corning worth $9,006,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Owens Corning during the 4th quarter valued at about $111,343,000. Empower Advisory Group LLC bought a new stake in Owens Corning in the 1st quarter worth approximately $55,005,000. Envestnet Asset Management Inc. raised its stake in Owens Corning by 878.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 623,176 shares of the construction company’s stock valued at $5,861,000 after buying an additional 559,459 shares during the last quarter. Sarasin & Partners LLP bought a new position in shares of Owens Corning during the 1st quarter valued at $42,129,000. Finally, AQR Capital Management LLC boosted its stake in shares of Owens Corning by 25.1% in the 1st quarter. AQR Capital Management LLC now owns 2,233,829 shares of the construction company’s stock worth $209,578,000 after buying an additional 448,175 shares during the last quarter. 90.22% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Price Performance

Owens Corning stock opened at $136.79 on Friday. Owens Corning has a 52-week low of $74.22 and a 52-week high of $147.00. The company has a market cap of $12.29 billion, a price-to-earnings ratio of 9.69, a PEG ratio of 1.31 and a beta of 1.49. The firm’s fifty day moving average is $138.57 and its 200 day moving average is $117.76. The company has a quick ratio of 1.37, a current ratio of 2.07 and a debt-to-equity ratio of 0.60.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, July 26th. The construction company reported $4.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.25 by $0.97. Owens Corning had a net margin of 13.62% and a return on equity of 25.59%. The firm had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the prior year, the company earned $3.83 EPS. The business’s revenue was down 1.5% compared to the same quarter last year. Sell-side analysts forecast that Owens Corning will post 13.6 EPS for the current fiscal year.

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 3rd. Stockholders of record on Monday, October 16th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Friday, October 13th. Owens Corning’s dividend payout ratio (DPR) is 14.74%.

Insider Activity

In other Owens Corning news, Director W Howard Morris sold 1,033 shares of Owens Corning stock in a transaction on Monday, August 7th. The shares were sold at an average price of $141.63, for a total transaction of $146,303.79. Following the completion of the transaction, the director now directly owns 40,889 shares of the company’s stock, valued at $5,791,109.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director W Howard Morris sold 1,033 shares of the stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $141.63, for a total value of $146,303.79. Following the sale, the director now directly owns 40,889 shares of the company’s stock, valued at approximately $5,791,109.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Todd W. Fister sold 5,375 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $136.23, for a total value of $732,236.25. Following the transaction, the insider now owns 26,067 shares of the company’s stock, valued at approximately $3,551,107.41. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Argus increased their target price on Owens Corning from $120.00 to $155.00 and gave the company a “buy” rating in a report on Tuesday, August 1st. Royal Bank of Canada upgraded shares of Owens Corning from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $135.00 to $168.00 in a research report on Thursday, July 27th. Loop Capital increased their price target on shares of Owens Corning from $138.00 to $157.00 in a research report on Thursday, July 27th. Bank of America boosted their price objective on shares of Owens Corning from $127.00 to $152.00 in a research report on Friday, July 14th. Finally, StockNews.com cut Owens Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, August 28th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Owens Corning currently has an average rating of “Moderate Buy” and an average price target of $141.57.

Owens Corning Profile

Owens Corning engages in manufacture and sale of insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, Latin America, 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.