Benson Investment Management Company Inc. Invests $4.34 Million in Owens Corning Inc $OC

Benson Investment Management Company Inc. acquired a new position in Owens Corning Inc (NYSE:OC) during the 2nd quarter, HoldingsChannel.com reports. The firm acquired 31,535 shares of the construction company’s stock, valued at approximately $4,337,000.

Several other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Owens Corning by 12.0% in the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company’s stock worth $1,401,876,000 after buying an additional 1,053,855 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Owens Corning by 67.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company’s stock valued at $339,930,000 after purchasing an additional 957,295 shares during the period. LSV Asset Management increased its holdings in Owens Corning by 1.9% during the 1st quarter. LSV Asset Management now owns 1,476,067 shares of the construction company’s stock valued at $210,812,000 after purchasing an additional 27,185 shares during the period. Bank of New York Mellon Corp increased its holdings in Owens Corning by 0.7% during the 1st quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company’s stock valued at $123,634,000 after purchasing an additional 5,819 shares during the period. Finally, Millennium Management LLC increased its holdings in Owens Corning by 179.0% during the 1st quarter. Millennium Management LLC now owns 863,230 shares of the construction company’s stock valued at $123,287,000 after purchasing an additional 553,864 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

Owens Corning stock opened at $126.39 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. The stock’s 50 day simple moving average is $146.51 and its two-hundred day simple moving average is $141.94. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The stock has a market cap of $10.57 billion, a price-to-earnings ratio of 32.83, a PEG ratio of 9.32 and a beta of 1.32.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, topping analysts’ consensus estimates of $3.80 by $0.41. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The firm had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.70 billion. During the same period in the previous year, the firm posted $4.64 EPS. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Stockholders of record on Monday, October 20th will be given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Monday, October 20th. Owens Corning’s payout ratio is currently 71.69%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. UBS Group reduced their price target on Owens Corning from $218.00 to $210.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Barclays boosted their price target on Owens Corning from $167.00 to $173.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of Owens Corning in a report on Wednesday. Evercore ISI reduced their price target on Owens Corning from $169.00 to $153.00 and set an “in-line” rating on the stock in a report on Tuesday. Finally, Jefferies Financial Group cut their price objective on Owens Corning from $185.00 to $180.00 and set a “buy” rating on the stock in a research report on Tuesday. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $178.31.

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.