Mackay Shields LLC Buys 136,128 Shares of Owens Corning (NYSE:OC)

Mackay Shields LLC boosted its stake in shares of Owens Corning (NYSE:OC) by 633.5% during the third quarter, Holdings Channel.com reports. The firm owned 157,616 shares of the construction company’s stock after purchasing an additional 136,128 shares during the quarter. Mackay Shields LLC’s holdings in Owens Corning were worth $9,961,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Quantamental Technologies LLC acquired a new stake in Owens Corning in the second quarter worth about $33,000. Private Capital Group LLC boosted its stake in shares of Owens Corning by 95.8% in the second quarter. Private Capital Group LLC now owns 793 shares of the construction company’s stock worth $50,000 after acquiring an additional 388 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Owens Corning by 103.9% in the third quarter. Quadrant Capital Group LLC now owns 1,052 shares of the construction company’s stock worth $65,000 after acquiring an additional 536 shares during the last quarter. MUFG Americas Holdings Corp acquired a new stake in shares of Owens Corning in the second quarter worth approximately $76,000. Finally, NEXT Financial Group Inc boosted its stake in shares of Owens Corning by 105.1% in the second quarter. NEXT Financial Group Inc now owns 1,641 shares of the construction company’s stock worth $96,000 after acquiring an additional 841 shares during the last quarter. 98.68% of the stock is currently owned by institutional investors.

A number of analysts have recently issued reports on the company. Exane BNP Paribas assumed coverage on Owens Corning in a research note on Wednesday, October 9th. They issued an “outperform” rating on the stock. BNP Paribas assumed coverage on Owens Corning in a research note on Wednesday, October 9th. They issued an “outperform” rating on the stock. Barclays lifted their price target on Owens Corning from $65.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. SunTrust Banks lifted their price target on Owens Corning from $58.00 to $62.00 and gave the stock a “hold” rating in a research note on Friday, October 25th. Finally, Buckingham Research raised Owens Corning from a “neutral” rating to a “buy” rating in a research note on Tuesday, October 22nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $59.68.

NYSE OC traded up $0.11 on Friday, reaching $62.53. 1,218 shares of the company were exchanged, compared to its average volume of 1,650,027. The business’s fifty day moving average price is $61.90 and its 200 day moving average price is $55.94. The stock has a market capitalization of $6.87 billion, a P/E ratio of 12.68, a price-to-earnings-growth ratio of 1.71 and a beta of 1.24. The company has a current ratio of 1.69, a quick ratio of 0.87 and a debt-to-equity ratio of 0.73. Owens Corning has a fifty-two week low of $40.64 and a fifty-two week high of $65.22.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, October 23rd. The construction company reported $1.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.50 by $0.13. The company had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.86 billion. Owens Corning had a return on equity of 12.14% and a net margin of 6.99%. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.54 earnings per share. Equities research analysts forecast that Owens Corning will post 4.61 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Tuesday, October 15th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date was Friday, October 11th. Owens Corning’s dividend payout ratio (DPR) is currently 17.81%.

In other news, VP Kelly Schmidt sold 1,589 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $60.53, for a total transaction of $96,182.17. Following the completion of the transaction, the vice president now directly owns 15,264 shares in the company, valued at approximately $923,929.92. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Ava Harter sold 2,000 shares of the stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $54.84, for a total value of $109,680.00. Following the transaction, the vice president now owns 43,388 shares of the company’s stock, valued at $2,379,397.92. The disclosure for this sale can be found here. Insiders have sold 92,362 shares of company stock worth $5,502,018 in the last three months. 1.70% of the stock is currently owned by corporate insiders.

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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Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

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