Federated Investors Inc. PA cut its holdings in Owens Corning (NYSE:OC) by 29.4% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 145,558 shares of the construction company’s stock after selling 60,645 shares during the quarter. Federated Investors Inc. PA’s holdings in Owens Corning were worth $9,224,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Meag Munich Ergo Kapitalanlagegesellschaft MBH purchased a new stake in shares of Owens Corning in the 2nd quarter worth about $127,000. Synovus Financial Corp boosted its position in shares of Owens Corning by 2,016.9% in the 2nd quarter. Synovus Financial Corp now owns 3,133 shares of the construction company’s stock worth $198,000 after buying an additional 2,985 shares in the last quarter. Cornerstone Wealth Management LLC purchased a new stake in shares of Owens Corning in the 2nd quarter worth about $218,000. IFM Investors Pty Ltd purchased a new position in Owens Corning in the 2nd quarter valued at about $225,000. Finally, Eqis Capital Management Inc. purchased a new position in Owens Corning in the 2nd quarter valued at about $232,000.
A number of research firms have issued reports on OC. Citigroup upped their target price on shares of Owens Corning from $72.00 to $73.00 and gave the company a “neutral” rating in a report on Wednesday, June 20th. Wells Fargo & Co lowered shares of Owens Corning from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $96.52 to $59.96 in a report on Monday, May 14th. ValuEngine lowered shares of Owens Corning from a “hold” rating to a “sell” rating in a report on Monday, May 14th. Zelman & Associates upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Tuesday, June 19th. Finally, Zacks Investment Research lowered shares of Owens Corning from a “buy” rating to a “sell” rating in a report on Monday, July 9th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $80.05.
In other news, Director W Howard Morris sold 1,514 shares of the stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $58.47, for a total transaction of $88,523.58. Following the transaction, the director now directly owns 36,332 shares in the company, valued at approximately $2,124,332.04. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.60% of the company’s stock.
Shares of OC stock opened at $57.14 on Friday. The stock has a market cap of $6.28 billion, a PE ratio of 12.99, a P/E/G ratio of 0.65 and a beta of 0.97. Owens Corning has a 1-year low of $55.39 and a 1-year high of $96.52. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.88 and a current ratio of 1.59.
Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, July 25th. The construction company reported $1.17 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.45 by ($0.28). The company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.86 billion. Owens Corning had a return on equity of 11.72% and a net margin of 4.47%. The company’s revenue was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.20 earnings per share. analysts forecast that Owens Corning will post 5.27 earnings per share for the current fiscal year.
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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