Tiverton Asset Management LLC reduced its position in shares of Owens Corning (NYSE:OC) by 10.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,943 shares of the construction company’s stock after selling 459 shares during the period. Tiverton Asset Management LLC’s holdings in Owens Corning were worth $230,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Penserra Capital Management LLC acquired a new stake in shares of Owens Corning during the first quarter valued at about $26,000. First Mercantile Trust Co. acquired a new stake in shares of Owens Corning during the first quarter valued at about $33,000. Quantamental Technologies LLC acquired a new stake in shares of Owens Corning during the second quarter valued at about $33,000. Bremer Bank National Association acquired a new stake in shares of Owens Corning during the first quarter valued at about $58,000. Finally, MUFG Americas Holdings Corp acquired a new stake in shares of Owens Corning during the second quarter valued at about $76,000. Hedge funds and other institutional investors own 97.90% of the company’s stock.
Shares of NYSE:OC traded up $0.18 during trading on Thursday, hitting $59.72. 1,046,707 shares of the company were exchanged, compared to its average volume of 1,530,907. The stock has a market capitalization of $6.48 billion, a P/E ratio of 12.09, a PEG ratio of 1.51 and a beta of 1.27. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.69 and a quick ratio of 0.89. Owens Corning has a 12-month low of $40.64 and a 12-month high of $60.74. The firm’s 50 day moving average price is $56.20 and its 200-day moving average price is $52.42.
Several research analysts have recently commented on OC shares. Nomura reissued a “neutral” rating and issued a $48.00 price objective (down previously from $70.00) on shares of Owens Corning in a research note on Thursday, May 16th. Barclays reissued a “buy” rating and issued a $65.00 price objective on shares of Owens Corning in a research note on Monday, July 1st. Bank of America raised shares of Owens Corning from a “neutral” rating to a “buy” rating and raised their price objective for the company from $58.00 to $72.00 in a research note on Thursday, June 27th. Seaport Global Securities raised shares of Owens Corning from a “sell” rating to a “neutral” rating in a research note on Thursday, June 27th. Finally, ValuEngine lowered shares of Owens Corning from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $58.29.
In other Owens Corning news, insider Michael H. Thaman sold 30,000 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $57.08, for a total value of $1,712,400.00. Following the transaction, the insider now directly owns 827,513 shares of the company’s stock, valued at approximately $47,234,442.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director W Howard Morris sold 2,773 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $54.69, for a total transaction of $151,655.37. Following the completion of the transaction, the director now directly owns 37,090 shares in the company, valued at $2,028,452.10. The disclosure for this sale can be found here. Insiders sold a total of 40,773 shares of company stock worth $2,305,835 over the last ninety days. Corporate insiders own 1.70% of the company’s stock.
Owens Corning Company Profile
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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