Putnam Investments LLC raised its position in Owens Corning (NYSE:OC) by 4.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,260 shares of the construction company’s stock after purchasing an additional 1,600 shares during the quarter. Putnam Investments LLC’s holdings in Owens Corning were worth $2,227,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Long Pond Capital LP bought a new stake in shares of Owens Corning during the 1st quarter worth about $151,179,000. JPMorgan Chase & Co. boosted its stake in shares of Owens Corning by 126.1% during the 1st quarter. JPMorgan Chase & Co. now owns 1,091,190 shares of the construction company’s stock worth $51,417,000 after acquiring an additional 608,528 shares in the last quarter. FMR LLC boosted its stake in shares of Owens Corning by 509.6% during the 1st quarter. FMR LLC now owns 693,589 shares of the construction company’s stock worth $32,682,000 after acquiring an additional 579,805 shares in the last quarter. Delek Group Ltd. bought a new stake in shares of Owens Corning during the 1st quarter worth about $23,542,000. Finally, Scout Investments Inc. bought a new stake in shares of Owens Corning during the 2nd quarter worth about $17,004,000. Hedge funds and other institutional investors own 97.84% of the company’s stock.
NYSE:OC traded down $0.71 during mid-day trading on Tuesday, hitting $59.86. 673,658 shares of the company’s stock traded hands, compared to its average volume of 2,716,947. The firm has a 50 day moving average of $56.83 and a two-hundred day moving average of $52.99. Owens Corning has a 12 month low of $40.64 and a 12 month high of $61.26. The firm has a market capitalization of $6.64 billion, a price-to-earnings ratio of 12.12, a price-to-earnings-growth ratio of 1.59 and a beta of 1.27. The company has a current ratio of 1.69, a quick ratio of 0.89 and a debt-to-equity ratio of 0.80.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Tuesday, October 15th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.88 annualized dividend and a yield of 1.47%. Owens Corning’s payout ratio is 17.81%.
Several research firms have recently issued reports on OC. Seaport Global Securities upgraded Owens Corning from a “sell” rating to a “neutral” rating in a research note on Thursday, June 27th. Barclays reiterated a “buy” rating and set a $65.00 price target on shares of Owens Corning in a research note on Monday, July 1st. SunTrust Banks upped their price target on Owens Corning to $58.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Royal Bank of Canada upped their price target on Owens Corning to $65.00 and gave the stock an “outperform” rating in a research note on Monday, July 8th. Finally, Bank of America upgraded Owens Corning from a “neutral” rating to a “buy” rating and upped their price target for the stock from $58.00 to $72.00 in a research note on Thursday, June 27th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $58.29.
In other Owens Corning news, Director W Howard Morris sold 2,773 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $54.69, for a total value of $151,655.37. Following the completion of the transaction, the director now owns 37,090 shares of the company’s stock, valued at approximately $2,028,452.10. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Marcio A. Sandri sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $55.35, for a total value of $332,100.00. Following the completion of the transaction, the insider now directly owns 48,646 shares of the company’s stock, valued at approximately $2,692,556.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,362 shares of company stock valued at $2,402,018. 1.70% of the stock is owned by corporate insiders.
Owens Corning 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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