Intech Investment Management LLC Raises Stock Holdings in Owens Corning (NYSE:OC)

Intech Investment Management LLC boosted its holdings in Owens Corning (NYSE:OC) by 562.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 52,225 shares of the construction company’s stock after buying an additional 44,346 shares during the quarter. Intech Investment Management LLC’s holdings in Owens Corning were worth $8,711,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Pacer Advisors Inc. grew its stake in shares of Owens Corning by 6,116.6% during the 4th quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company’s stock valued at $123,415,000 after purchasing an additional 819,201 shares during the period. Norges Bank bought a new stake in shares of Owens Corning during the 4th quarter valued at about $118,251,000. Nordea Investment Management AB grew its stake in shares of Owens Corning by 74.4% during the 1st quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock valued at $210,040,000 after purchasing an additional 533,910 shares during the period. Bank of Nova Scotia grew its stake in shares of Owens Corning by 9,571.1% during the 4th quarter. Bank of Nova Scotia now owns 143,616 shares of the construction company’s stock valued at $21,287,000 after purchasing an additional 142,131 shares during the period. Finally, Cincinnati Insurance Co. bought a new stake in shares of Owens Corning during the 1st quarter valued at about $21,684,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Insider Transactions at Owens Corning

In other news, VP Mari Doerfler sold 240 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $182.05, for a total transaction of $43,692.00. Following the sale, the vice president now directly owns 4,954 shares of the company’s stock, valued at approximately $901,875.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Marcio A. Sandri sold 9,697 shares of the stock in a transaction on Friday, May 24th. The stock was sold at an average price of $178.00, for a total transaction of $1,726,066.00. Following the sale, the insider now owns 62,895 shares in the company, valued at approximately $11,195,310. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Mari Doerfler sold 240 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $182.05, for a total value of $43,692.00. Following the sale, the vice president now owns 4,954 shares in the company, valued at approximately $901,875.70. The disclosure for this sale can be found here. Insiders have sold 19,360 shares of company stock valued at $3,437,315 in the last ninety days. Corporate insiders own 0.89% of the company’s stock.

Analyst Ratings Changes

OC has been the subject of a number of recent research reports. Evercore ISI boosted their price target on Owens Corning from $172.00 to $188.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. StockNews.com upgraded Owens Corning from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 27th. Barclays cut their price objective on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. Loop Capital boosted their price objective on Owens Corning from $188.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Finally, Argus boosted their price objective on Owens Corning from $175.00 to $182.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $183.92.

Owens Corning Price Performance

Shares of OC traded down $1.61 during mid-day trading on Friday, hitting $172.78. 362,489 shares of the stock were exchanged, compared to its average volume of 735,978. The company has a market cap of $14.97 billion, a PE ratio of 13.99, a price-to-earnings-growth ratio of 5.16 and a beta of 1.42. Owens Corning has a 52-week low of $109.95 and a 52-week high of $184.00. The firm has a 50-day moving average of $175.46 and a two-hundred day moving average of $164.00. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.22 and a current ratio of 1.76.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, April 24th. The construction company reported $3.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.04 by $0.55. The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.28 billion. Owens Corning had a return on equity of 26.52% and a net margin of 11.53%. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.77 EPS. On average, equities analysts predict that Owens Corning will post 15.44 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Monday, July 15th will be issued a dividend of $0.60 per share. The ex-dividend date is Monday, July 15th. This represents a $2.40 annualized dividend and a dividend yield of 1.39%. Owens Corning’s dividend payout ratio (DPR) is 19.43%.

Owens Corning Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.