NN Investment Partners Holdings N.V. grew its position in Owens Corning (NYSE:OC) by 23.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 19,884 shares of the construction company’s stock after buying an additional 3,791 shares during the period. NN Investment Partners Holdings N.V.’s holdings in Owens Corning were worth $1,109,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp grew its stake in shares of Owens Corning by 4.2% during the first quarter. State Street Corp now owns 4,593,647 shares of the construction company’s stock worth $179,342,000 after purchasing an additional 183,081 shares during the period. Victory Capital Management Inc. grew its stake in shares of Owens Corning by 15.8% during the first quarter. Victory Capital Management Inc. now owns 3,958,379 shares of the construction company’s stock worth $153,625,000 after purchasing an additional 539,295 shares during the period. Nuveen Asset Management LLC grew its stake in shares of Owens Corning by 26.4% during the first quarter. Nuveen Asset Management LLC now owns 3,150,784 shares of the construction company’s stock worth $122,282,000 after purchasing an additional 658,970 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Owens Corning by 1.5% during the first quarter. Bank of New York Mellon Corp now owns 1,886,640 shares of the construction company’s stock worth $73,220,000 after purchasing an additional 28,189 shares during the period. Finally, AQR Capital Management LLC grew its stake in shares of Owens Corning by 1.3% during the first quarter. AQR Capital Management LLC now owns 1,811,310 shares of the construction company’s stock worth $70,297,000 after purchasing an additional 23,445 shares during the period. 95.05% of the stock is owned by institutional investors.
A number of equities research analysts recently commented on the company. TheStreet raised Owens Corning from a “d+” rating to a “c-” rating in a research note on Monday, June 22nd. Stifel Nicolaus boosted their target price on Owens Corning from $37.00 to $48.00 and gave the company a “hold” rating in a research note on Thursday, April 30th. Zelman & Associates cut Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Royal Bank of Canada boosted their target price on Owens Corning from $56.00 to $60.00 and gave the company a “sector perform” rating in a research note on Thursday. Finally, Citigroup boosted their target price on Owens Corning from $43.00 to $64.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $62.05.
Shares of Owens Corning stock opened at $60.47 on Friday. The firm has a market cap of $6.52 billion, a price-to-earnings ratio of -10.93, a price-to-earnings-growth ratio of 4.89 and a beta of 1.53. The stock’s 50-day moving average is $56.74 and its 200-day moving average is $51.88. Owens Corning has a one year low of $28.56 and a one year high of $68.72. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.87 and a quick ratio of 0.89.
Owens Corning (NYSE:OC) last released its earnings results on Wednesday, July 29th. The construction company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.62. Owens Corning had a positive return on equity of 11.35% and a negative net margin of 8.79%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the company posted $1.31 earnings per share. Owens Corning’s revenue was down 15.3% on a year-over-year basis. On average, equities analysts expect that Owens Corning will post 3.04 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Investors of record on Thursday, July 16th will be issued a dividend of $0.24 per share. The ex-dividend date is Wednesday, July 15th. This represents a $0.96 annualized dividend and a yield of 1.59%. Owens Corning’s payout ratio is presently 21.15%.
About Owens Corning
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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