BlackRock Inc. Buys 107,823 Shares of Owens Corning (NYSE:OC)

BlackRock Inc. raised its stake in Owens Corning (NYSE:OC) by 1.7% during the 2nd quarter, Holdings Channel reports. The fund owned 6,413,270 shares of the construction company’s stock after acquiring an additional 107,823 shares during the period. BlackRock Inc. owned approximately 0.06% of Owens Corning worth $373,253,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Comerica Bank raised its holdings in Owens Corning by 5.6% in the 2nd quarter. Comerica Bank now owns 5,407 shares of the construction company’s stock valued at $303,000 after acquiring an additional 289 shares during the period. ETRADE Capital Management LLC raised its holdings in Owens Corning by 5.8% in the 2nd quarter. ETRADE Capital Management LLC now owns 5,759 shares of the construction company’s stock valued at $335,000 after acquiring an additional 317 shares during the period. MBM Wealth Consultants LLC raised its holdings in Owens Corning by 4.2% in the 2nd quarter. MBM Wealth Consultants LLC now owns 7,994 shares of the construction company’s stock valued at $465,000 after acquiring an additional 323 shares during the period. IFM Investors Pty Ltd raised its holdings in Owens Corning by 6.8% in the 2nd quarter. IFM Investors Pty Ltd now owns 5,532 shares of the construction company’s stock valued at $322,000 after acquiring an additional 350 shares during the period. Finally, Private Capital Group LLC raised its holdings in Owens Corning by 95.8% in the 2nd quarter. Private Capital Group LLC now owns 793 shares of the construction company’s stock valued at $50,000 after acquiring an additional 388 shares during the period. 99.37% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:OC opened at $64.98 on Thursday. The company has a quick ratio of 0.87, a current ratio of 1.69 and a debt-to-equity ratio of 0.73. The firm has a market cap of $6.81 billion, a PE ratio of 13.15, a PEG ratio of 1.69 and a beta of 1.24. The company’s 50 day moving average price is $62.15 and its two-hundred day moving average price is $56.17. Owens Corning has a 12-month low of $40.64 and a 12-month high of $65.22.

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

The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Tuesday, October 15th were given a dividend of $0.22 per share. The ex-dividend date was Friday, October 11th. This represents a $0.88 annualized dividend and a dividend yield of 1.35%. Owens Corning’s dividend payout ratio is 17.81%.

OC has been the topic of a number of analyst reports. Buckingham Research upgraded shares of Owens Corning from a “neutral” rating to a “buy” rating in a research report on Tuesday, October 22nd. Exane BNP Paribas initiated coverage on shares of Owens Corning in a research report on Wednesday, October 9th. They set an “outperform” rating on the stock. Argus upgraded shares of Owens Corning from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a research report on Tuesday, October 29th. Barclays increased their target price on shares of Owens Corning from $65.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Finally, SunTrust Banks increased their target price on shares of Owens Corning from $58.00 to $62.00 and gave the stock a “hold” rating in a research report on Friday, October 25th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $59.68.

In related news, insider Michael H. Thaman sold 30,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $57.08, for a total transaction of $1,712,400.00. Following the sale, the insider now owns 827,513 shares in the company, valued at approximately $47,234,442.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Ava Harter sold 5,000 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $63.25, for a total transaction of $316,250.00. Following the sale, the vice president now owns 38,425 shares in the company, valued at approximately $2,430,381.25. The disclosure for this sale can be found here. Insiders have sold a total of 92,589 shares of company stock worth $5,556,932 in the last quarter. 1.70% of the stock is currently owned by company 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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