Fisher Asset Management LLC boosted its stake in Owens Corning (NYSE:OC) by 3.3% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 387,142 shares of the company’s stock after buying an additional 12,398 shares during the period. Fisher Asset Management LLC’s holdings in Owens Corning were worth $20,670,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Tower Research Capital LLC TRC bought a new position in Owens Corning during the second quarter valued at $171,000. Societe Generale bought a new position in Owens Corning during the second quarter valued at $208,000. Ingalls & Snyder LLC bought a new position in Owens Corning during the second quarter valued at $224,000. Kalos Management Inc. bought a new position in Owens Corning during the second quarter valued at $256,000. Finally, Advisor Group Inc. bought a new position in Owens Corning during the second quarter valued at $257,000.
Owens Corning (NYSE:OC) traded up 1.47% during midday trading on Friday, reaching $53.71. The company’s stock had a trading volume of 317,437 shares. Owens Corning has a 1-year low of $38.96 and a 1-year high of $58.69. The stock’s 50-day moving average price is $50.75 and its 200 day moving average price is $52.06. The firm has a market capitalization of $6.09 billion, a PE ratio of 15.04 and a beta of 1.15.
Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, October 26th. The company reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.10. Owens Corning had a return on equity of 10.77% and a net margin of 7.44%. The business earned $1.52 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the previous year, the firm posted $0.96 earnings per share. The company’s revenue was up 4.0% on a year-over-year basis. Equities analysts anticipate that Owens Corning will post $3.51 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 2nd. Stockholders of record on Monday, October 17th were paid a $0.18 dividend. The ex-dividend date was Thursday, October 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.34%. Owens Corning’s payout ratio is presently 20.17%.
Several research firms have recently weighed in on OC. Zacks Investment Research downgraded Owens Corning from a “buy” rating to a “hold” rating in a research report on Saturday. Vertical Group raised Owens Corning from a “hold” rating to a “buy” rating and set a $56.00 price objective on the stock in a research report on Thursday, October 27th. Jefferies Group reaffirmed a “buy” rating and issued a $60.00 price objective (down previously from $63.00) on shares of Owens Corning in a research report on Friday, October 28th. Credit Suisse Group AG began coverage on Owens Corning in a research report on Thursday, August 11th. They issued an “underperform” rating and a $51.00 price objective on the stock. Finally, FBR & Co upped their price objective on Owens Corning from $53.00 to $57.00 and gave the company a “market perform” rating in a research report on Friday, July 29th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $55.24.
In other news, insider Arnaud Genis sold 66,619 shares of Owens Corning stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $54.68, for a total value of $3,642,726.92. Following the completion of the sale, the insider now directly owns 101,538 shares of the company’s stock, valued at $5,552,097.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.00% of the stock is owned by insiders.
Owens Corning Company Profile
Owens Corning is a holding company, which is engaged in the business of composite and building materials systems. 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.