Elk Creek Partners LLC raised its stake in Owens Corning Inc (NYSE:OC) by 21.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 80,284 shares of the construction company’s stock after buying an additional 14,096 shares during the period. Elk Creek Partners LLC owned about 0.07% of Owens Corning worth $5,373,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OC. Comerica Bank grew its position in shares of Owens Corning by 26.2% in the 1st quarter. Comerica Bank now owns 6,865 shares of the construction company’s stock valued at $417,000 after buying an additional 1,426 shares during the last quarter. World Asset Management Inc grew its position in shares of Owens Corning by 1.1% in the 1st quarter. World Asset Management Inc now owns 4,941 shares of the construction company’s stock valued at $303,000 after buying an additional 52 shares during the last quarter. UBS Asset Management Americas Inc. grew its position in shares of Owens Corning by 7.6% in the 1st quarter. UBS Asset Management Americas Inc. now owns 73,900 shares of the construction company’s stock valued at $4,535,000 after buying an additional 5,196 shares during the last quarter. Oxford Asset Management bought a new stake in shares of Owens Corning in the 1st quarter valued at about $1,990,000. Finally, Hancock Holding Co. grew its position in shares of Owens Corning by 22.4% in the 1st quarter. Hancock Holding Co. now owns 21,114 shares of the construction company’s stock valued at $1,296,000 after buying an additional 3,868 shares during the last quarter. Hedge funds and other institutional investors own 96.78% of the company’s stock.
In other news, Chairman Michael H. Thaman sold 130,700 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $74.95, for a total value of $9,795,965.00. Following the sale, the chairman now directly owns 847,992 shares of the company’s stock, valued at approximately $63,557,000.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Arnaud Genis sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $70.75, for a total value of $424,500.00. Following the completion of the sale, the insider now directly owns 58,374 shares in the company, valued at $4,129,960.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 212,866 shares of company stock worth $15,644,970. Insiders own 1.80% of the company’s stock.
Shares of Owens Corning Inc (OC) opened at 75.56 on Monday. The stock has a market capitalization of $8.40 billion, a P/E ratio of 21.71 and a beta of 1.04. Owens Corning Inc has a 52 week low of $46.45 and a 52 week high of $76.84. The stock has a 50 day moving average price of $70.31 and a 200 day moving average price of $64.69.
Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, July 26th. The construction company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.12. Owens Corning had a return on equity of 11.12% and a net margin of 6.61%. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the firm posted $1.29 EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, equities research analysts expect that Owens Corning Inc will post $4.30 EPS for the current year.
OC has been the topic of several research analyst reports. Instinet restated a “buy” rating and set a $74.00 target price on shares of Owens Corning in a research report on Thursday, June 1st. Royal Bank Of Canada restated a “buy” rating and set a $71.00 target price on shares of Owens Corning in a research report on Monday, June 19th. Macquarie upgraded Owens Corning from an “underperform” rating to a “neutral” rating and upped their target price for the company from $54.00 to $68.00 in a research report on Tuesday, June 20th. Credit Suisse Group initiated coverage on Owens Corning in a research report on Thursday, June 22nd. They set an “outperform” rating and a $75.00 target price on the stock. Finally, BidaskClub upgraded Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. Nine analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $72.10.
About Owens Corning
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. 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.
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