NewEdge Advisors LLC Acquires 3,801 Shares of Owens Corning (NYSE:OC)

NewEdge Advisors LLC increased its holdings in Owens Corning (NYSE:OC) by 215.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,568 shares of the construction company’s stock after acquiring an additional 3,801 shares during the quarter. NewEdge Advisors LLC’s holdings in Owens Corning were worth $967,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. Pacer Advisors Inc. boosted its holdings in Owens Corning by 38.9% in the second quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock worth $276,655,000 after acquiring an additional 446,073 shares in the last quarter. Nordea Investment Management AB boosted its stake in Owens Corning by 74.4% in the 1st quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock worth $210,040,000 after purchasing an additional 533,910 shares in the last quarter. Point72 Asset Management L.P. grew its position in Owens Corning by 168.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock valued at $128,772,000 after purchasing an additional 464,981 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its stake in Owens Corning by 6.4% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 716,704 shares of the construction company’s stock valued at $124,506,000 after purchasing an additional 43,180 shares in the last quarter. Finally, AustralianSuper Pty Ltd increased its stake in Owens Corning by 2.2% during the 2nd quarter. AustralianSuper Pty Ltd now owns 590,977 shares of the construction company’s stock valued at $102,665,000 after purchasing an additional 12,707 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

NYSE:OC opened at $181.42 on Tuesday. The stock has a 50-day simple moving average of $167.03 and a two-hundred day simple moving average of $170.83. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37. Owens Corning has a 52-week low of $109.95 and a 52-week high of $191.13. The firm has a market capitalization of $15.72 billion, a PE ratio of 14.69, a P/E/G ratio of 3.47 and a beta of 1.41.

Owens Corning (NYSE:OC) last released its earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.37 by $0.27. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The company had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.92 billion. During the same period in the prior year, the firm posted $4.22 EPS. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. Analysts forecast that Owens Corning will post 15.38 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 18th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, October 18th. This represents a $2.40 annualized dividend and a dividend yield of 1.32%. Owens Corning’s payout ratio is 19.43%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on OC shares. Barclays cut their price target on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. Wells Fargo & Company lifted their target price on Owens Corning from $165.00 to $175.00 and gave the stock an “equal weight” rating in a report on Monday. Royal Bank of Canada upped their price target on Owens Corning from $211.00 to $213.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $187.00 price objective on shares of Owens Corning in a report on Monday, June 17th. Finally, StockNews.com downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, October 1st. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Owens Corning has an average rating of “Hold” and a consensus target price of $186.69.

Insider Activity at Owens Corning

In related news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the sale, the insider now directly owns 60,130 shares in the company, valued at approximately $10,222,100. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the transaction, the insider now directly owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.89% of the stock is owned by corporate insiders.

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.