Keybank National Association OH Makes New Investment in Owens Corning (NYSE:OC)

Keybank National Association OH bought a new position in Owens Corning (NYSE:OC) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 9,137 shares of the construction company’s stock, valued at approximately $532,000.

Other large investors also recently bought and sold shares of the company. Penserra Capital Management LLC bought a new stake in Owens Corning in the 1st quarter worth approximately $26,000. First Mercantile Trust Co. bought a new stake in shares of Owens Corning during the 1st quarter valued at $33,000. Bremer Bank National Association bought a new stake in shares of Owens Corning during the 1st quarter valued at $58,000. NEXT Financial Group Inc grew its position in shares of Owens Corning by 105.1% during the 2nd quarter. NEXT Financial Group Inc now owns 1,641 shares of the construction company’s stock valued at $96,000 after acquiring an additional 841 shares during the period. Finally, Meeder Asset Management Inc. bought a new stake in shares of Owens Corning during the 1st quarter valued at $89,000. 93.33% of the stock is owned by institutional investors and hedge funds.

OC has been the subject of a number of recent research reports. Nomura reissued a “neutral” rating and set a $48.00 price objective (down previously from $70.00) on shares of Owens Corning in a research report on Thursday, May 16th. SunTrust Banks boosted their price objective on shares of Owens Corning to $58.00 and gave the company a “hold” rating in a research report on Thursday, July 25th. Bank of America raised shares of Owens Corning from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $58.00 to $72.00 in a research report on Thursday, June 27th. Royal Bank of Canada boosted their price objective on shares of Owens Corning to $65.00 and gave the company an “outperform” rating in a research report on Monday, July 8th. Finally, Seaport Global Securities raised shares of Owens Corning from a “sell” rating to a “neutral” rating in a research report on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $58.29.

In other Owens Corning news, Director W Howard Morris sold 2,773 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $54.69, for a total value of $151,655.37. Following the sale, the director now owns 37,090 shares in the company, valued at approximately $2,028,452.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Michael H. Thaman sold 30,000 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $51.49, for a total transaction of $1,544,700.00. Following the completion of the sale, the insider now owns 856,240 shares in the company, valued at approximately $44,087,797.60. The disclosure for this sale can be found here. Insiders sold a total of 43,211 shares of company stock valued at $2,267,423 in the last ninety days. 1.70% of the stock is currently owned by insiders.

Shares of Owens Corning stock opened at $56.23 on Wednesday. The company has a market capitalization of $6.02 billion, a P/E ratio of 11.38, a P/E/G ratio of 1.44 and a beta of 1.27. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.89 and a current ratio of 1.69. The company has a fifty day moving average of $56.09 and a 200 day moving average of $52.04. Owens Corning has a fifty-two week low of $40.64 and a fifty-two week high of $61.53.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, July 24th. The construction company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.18. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.83 billion. Owens Corning had a net margin of 7.21% and a return on equity of 12.18%. Owens Corning’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.17 EPS. Analysts forecast that Owens Corning will post 4.68 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Tuesday, July 16th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend was Monday, July 15th. Owens Corning’s dividend payout ratio is currently 17.81%.

Owens Corning Profile

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial 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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Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

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