Great Lakes Advisors LLC Has $43.52 Million Stake in Owens Corning (NYSE:OC)

Great Lakes Advisors LLC cut its holdings in shares of Owens Corning (NYSE:OC) by 2.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 250,501 shares of the construction company’s stock after selling 6,667 shares during the quarter. Great Lakes Advisors LLC’s holdings in Owens Corning were worth $43,517,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. MV Capital Management Inc. lifted its holdings in shares of Owens Corning by 112.9% during the 1st quarter. MV Capital Management Inc. now owns 149 shares of the construction company’s stock worth $25,000 after acquiring an additional 79 shares during the period. NBC Securities Inc. bought a new position in Owens Corning in the first quarter valued at about $26,000. ST Germain D J Co. Inc. raised its stake in Owens Corning by 794.1% during the second quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock worth $26,000 after acquiring an additional 135 shares in the last quarter. Riverview Trust Co bought a new position in shares of Owens Corning in the first quarter worth about $28,000. Finally, ORG Partners LLC acquired a new stake in shares of Owens Corning in the 1st quarter valued at approximately $31,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Owens Corning

In other Owens Corning news, VP Mari Doerfler sold 240 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $182.05, for a total value of $43,692.00. Following the completion of the sale, the vice president now owns 4,954 shares of the company’s stock, valued at $901,875.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Mari Doerfler sold 240 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $182.05, for a total transaction of $43,692.00. Following the completion of the sale, the vice president now directly owns 4,954 shares of the company’s stock, valued at $901,875.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Todd W. Fister sold 3,000 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $180.85, for a total transaction of $542,550.00. Following the completion of the transaction, the chief financial officer now directly owns 34,626 shares in the company, valued at approximately $6,262,112.10. The disclosure for this sale can be found here. Insiders sold 6,240 shares of company stock valued at $1,107,192 in the last three months. Corporate insiders own 0.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Evercore ISI dropped their price objective on shares of Owens Corning from $188.00 to $175.00 and set an “in-line” rating for the company in a research note on Wednesday, August 7th. Jefferies Financial Group initiated coverage on Owens Corning in a report on Wednesday, May 22nd. They set a “buy” rating and a $215.00 price objective on the stock. UBS Group upped their target price on Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. The Goldman Sachs Group reissued a “neutral” rating and set a $187.00 price target on shares of Owens Corning in a research note on Monday, June 17th. Finally, Citigroup upgraded shares of Owens Corning from a “neutral” rating to a “buy” rating and raised their price objective for the company from $178.00 to $191.00 in a report on Thursday, July 11th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $184.23.

Owens Corning Trading Down 1.1 %

Shares of Owens Corning stock traded down $1.79 on Friday, hitting $157.15. 689,124 shares of the company’s stock traded hands, compared to its average volume of 670,554. The company has a fifty day moving average of $168.14 and a two-hundred day moving average of $168.09. Owens Corning has a one year low of $109.95 and a one year high of $191.13. The company has a market capitalization of $13.62 billion, a price-to-earnings ratio of 12.73, a price-to-earnings-growth ratio of 3.35 and a beta of 1.41. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.37 and a quick ratio of 0.79.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Tuesday, August 6th. The construction company reported $4.64 EPS for the quarter, topping the consensus estimate of $4.37 by $0.27. The company had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.92 billion. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the firm posted $4.22 EPS. As a group, sell-side analysts expect that Owens Corning will post 15.38 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 15th were paid a $0.60 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $2.40 annualized dividend and a dividend yield of 1.53%. Owens Corning’s dividend payout ratio is presently 19.43%.

Owens Corning Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.