Tower Research Capital LLC TRC grew its stake in Owens Corning (NYSE:OC) by 50.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,433 shares of the construction company’s stock after acquiring an additional 2,170 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Owens Corning were worth $408,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the company. Zacks Investment Management boosted its position in shares of Owens Corning by 4.9% in the 2nd quarter. Zacks Investment Management now owns 18,662 shares of the construction company’s stock worth $1,183,000 after purchasing an additional 880 shares in the last quarter. Vident Investment Advisory LLC boosted its position in shares of Owens Corning by 2.8% in the 2nd quarter. Vident Investment Advisory LLC now owns 37,334 shares of the construction company’s stock worth $2,366,000 after purchasing an additional 1,028 shares in the last quarter. Arrowgrass Capital Partners US LP acquired a new stake in shares of Owens Corning in the 2nd quarter worth $1,584,000. Macquarie Group Ltd. boosted its position in shares of Owens Corning by 324.3% in the 2nd quarter. Macquarie Group Ltd. now owns 136,186 shares of the construction company’s stock worth $8,630,000 after purchasing an additional 104,086 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Owens Corning by 95.8% in the 2nd quarter. Bank of America Corp DE now owns 1,255,463 shares of the construction company’s stock worth $79,559,000 after purchasing an additional 614,241 shares in the last quarter.
In other Owens Corning news, Director W Howard Morris sold 1,514 shares of Owens Corning stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $58.47, for a total transaction of $88,523.58. Following the completion of the sale, the director now owns 36,332 shares of the company’s stock, valued at approximately $2,124,332.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.60% of the company’s stock.
Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, July 25th. The construction company reported $1.17 EPS for the quarter, missing the Zacks’ consensus estimate of $1.45 by ($0.28). Owens Corning had a return on equity of 11.72% and a net margin of 4.47%. The firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period in the prior year, the firm posted $1.20 EPS. The business’s revenue was up 14.2% compared to the same quarter last year. equities research analysts expect that Owens Corning will post 5.27 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 2nd. Shareholders of record on Tuesday, October 16th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Monday, October 15th. This represents a $0.84 dividend on an annualized basis and a yield of 1.52%. Owens Corning’s dividend payout ratio is currently 19.09%.
A number of research firms have recently weighed in on OC. Royal Bank of Canada reissued a “hold” rating and issued a $80.00 price objective on shares of Owens Corning in a research report on Thursday, June 28th. Stifel Nicolaus reissued a “buy” rating and issued a $75.00 price objective on shares of Owens Corning in a research report on Thursday, July 26th. Zacks Investment Research raised Owens Corning from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research report on Monday, July 2nd. Citigroup raised their price objective on Owens Corning from $72.00 to $73.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 20th. Finally, Northcoast Research reissued a “buy” rating and issued a $81.00 price objective on shares of Owens Corning in a research report on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the stock. Owens Corning currently has an average rating of “Hold” and an average target price of $80.11.
About Owens Corning
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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