New York State Teachers Retirement System reduced its stake in shares of Owens Corning Inc (NYSE:OC) by 1.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,100 shares of the construction company’s stock after selling 100 shares during the period. New York State Teachers Retirement System’s holdings in Owens Corning were worth $620,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Renaissance Technologies LLC boosted its stake in Owens Corning by 71.7% in the first quarter. Renaissance Technologies LLC now owns 1,169,800 shares of the construction company’s stock valued at $71,791,000 after buying an additional 488,500 shares in the last quarter. Morgan Stanley boosted its stake in Owens Corning by 43.4% in the first quarter. Morgan Stanley now owns 215,505 shares of the construction company’s stock valued at $13,224,000 after buying an additional 65,232 shares in the last quarter. Lazard Asset Management LLC boosted its stake in Owens Corning by 5.3% in the first quarter. Lazard Asset Management LLC now owns 317,501 shares of the construction company’s stock valued at $19,485,000 after buying an additional 16,076 shares in the last quarter. UBS Group AG boosted its stake in Owens Corning by 6.5% in the first quarter. UBS Group AG now owns 102,933 shares of the construction company’s stock valued at $6,317,000 after buying an additional 6,298 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Owens Corning by 8.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,638,376 shares of the construction company’s stock valued at $223,280,000 after buying an additional 280,680 shares in the last quarter.
Shares of Owens Corning Inc (NYSE OC) opened at 68.31 on Friday. The stock has a market capitalization of $7.60 billion, a price-to-earnings ratio of 19.62 and a beta of 1.11. Owens Corning Inc has a 12 month low of $46.45 and a 12 month high of $68.80. The stock’s 50 day moving average price is $66.06 and its 200 day moving average price is $61.47.
Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.12. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.48 billion. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.29 earnings per share. Analysts expect that Owens Corning Inc will post $4.28 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 2nd. Stockholders of record on Monday, July 17th were given a $0.20 dividend. The ex-dividend date was Thursday, July 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.17%. Owens Corning’s dividend payout ratio (DPR) is presently 23.05%.
Several brokerages have commented on OC. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $71.00 price objective (up previously from $67.00) on shares of Owens Corning in a research note on Thursday, April 27th. Jefferies Group LLC increased their target price on shares of Owens Corning from $71.00 to $72.00 and gave the company a “buy” rating in a research report on Friday, April 28th. Nomura started coverage on shares of Owens Corning in a research report on Wednesday, April 12th. They set a “buy” rating and a $74.00 target price for the company. FBR & Co increased their target price on shares of Owens Corning from $63.00 to $70.00 and gave the company a “mkt perform” rating in a research report on Thursday, July 27th. Finally, Credit Suisse Group started coverage on shares of Owens Corning in a research report on Thursday, June 22nd. They set an “outperform” rating and a $75.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company. Owens Corning currently has a consensus rating of “Buy” and an average price target of $70.53.
In other Owens Corning news, insider Arnaud Genis sold 21,544 shares of the company’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $65.44, for a total transaction of $1,409,839.36. Following the transaction, the insider now directly owns 80,143 shares in the company, valued at $5,244,557.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James J. Mcmonagle sold 2,000 shares of the company’s stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $64.60, for a total value of $129,200.00. Following the sale, the director now directly owns 50,906 shares in the company, valued at approximately $3,288,527.60. The disclosure for this sale can be found here. 1.80% of the stock is owned by corporate insiders.
Owens Corning Company Profile
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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