Lindenwold Advisors purchased a new position in Owens Corning (NYSE:OC – Get Rating) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,728 shares of the construction company’s stock, valued at approximately $250,000.
Other hedge funds have also recently modified their holdings of the company. Joseph Group Capital Management bought a new position in shares of Owens Corning during the 4th quarter worth approximately $1,246,000. Sageworth Trust Co of South Dakota bought a new position in shares of Owens Corning during the 4th quarter worth approximately $33,000. UMB Bank N A MO bought a new position in shares of Owens Corning during the 4th quarter worth approximately $35,000. Steward Partners Investment Advisory LLC bought a new position in shares of Owens Corning during the 1st quarter worth approximately $37,000. Finally, Confluence Wealth Services Inc. bought a new position in shares of Owens Corning during the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 92.55% of the company’s stock.
Insider Buying and Selling at Owens Corning
In other Owens Corning news, VP Kelly Schmidt sold 1,940 shares of Owens Corning stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $91.93, for a total transaction of $178,344.20. Following the completion of the sale, the vice president now directly owns 15,083 shares in the company, valued at $1,386,580.19. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.44% of the company’s stock.
Owens Corning Stock Performance
Owens Corning (NYSE:OC – Get Rating) last issued its earnings results on Wednesday, July 27th. The construction company reported $3.83 EPS for the quarter, beating analysts’ consensus estimates of $3.31 by $0.52. The business had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.58 billion. Owens Corning had a net margin of 12.20% and a return on equity of 26.22%. The company’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.60 earnings per share. Equities analysts anticipate that Owens Corning will post 12.41 earnings per share for the current fiscal year.
Owens Corning Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 4th. Investors of record on Monday, July 18th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend was Friday, July 15th. Owens Corning’s payout ratio is currently 12.44%.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on OC shares. UBS Group cut their price target on shares of Owens Corning from $137.00 to $128.00 and set a “buy” rating on the stock in a research note on Thursday, July 28th. Wells Fargo & Company upped their price target 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. The Goldman Sachs Group cut their price target on shares of Owens Corning from $90.00 to $77.00 and set a “sell” rating on the stock in a research note on Thursday, June 23rd. Loop Capital cut their price target on shares of Owens Corning from $120.00 to $105.00 and set a “buy” rating on the stock in a research note on Friday, April 8th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Owens Corning from $102.00 to $86.00 in a research note on Friday, July 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Owens Corning presently has an average rating of “Hold” and an average price target of $102.92.
About Owens Corning
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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