Banco de Sabadell S.A purchased a new position in Owens Corning (NYSE:OC) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 6,660 shares of the construction company’s stock, valued at approximately $421,000.
Several other large investors have also bought and sold shares of OC. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new position in shares of Owens Corning during the second quarter worth $127,000. Synovus Financial Corp grew its stake in shares of Owens Corning by 2,016.9% during the second quarter. Synovus Financial Corp now owns 3,133 shares of the construction company’s stock worth $198,000 after purchasing an additional 2,985 shares in the last quarter. Cornerstone Wealth Management LLC acquired a new position in shares of Owens Corning during the second quarter worth $218,000. IFM Investors Pty Ltd acquired a new position in shares of Owens Corning during the second quarter worth $225,000. Finally, Eqis Capital Management Inc. acquired a new position in shares of Owens Corning during the second quarter worth $232,000.
In other news, Director W Howard Morris sold 1,514 shares of the company’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $58.47, for a total value of $88,523.58. Following the completion of the sale, the director now directly owns 36,332 shares of the company’s stock, valued at $2,124,332.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.60% of the stock is currently owned by corporate insiders.
Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, July 25th. The construction company reported $1.17 earnings per share for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.28). Owens Corning had a net margin of 4.47% and a return on equity of 11.72%. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period last year, the firm earned $1.20 earnings per share. Owens Corning’s revenue was up 14.2% on a year-over-year basis. sell-side analysts predict that Owens Corning will post 5.27 earnings per share for the current fiscal year.
OC has been the subject of a number of analyst reports. Northcoast Research reiterated a “buy” rating and set a $81.00 target price on shares of Owens Corning in a research note on Friday, July 27th. Zacks Investment Research upgraded shares of Owens Corning from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a research note on Monday, July 2nd. Zelman & Associates raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research report on Tuesday, June 19th. Stifel Nicolaus reissued a “buy” rating and issued a $75.00 price target on shares of Owens Corning in a research report on Thursday, July 26th. Finally, Seaport Global Securities set a $72.00 price target on shares of Owens Corning and gave the company a “buy” rating in a research report on Wednesday, July 25th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $80.11.
Owens Corning Company Profile
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial 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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