Prudential Financial Inc. increased its holdings in shares of Owens Corning (NYSE:OC) by 370.9% during the third quarter, Holdings Channel reports. The fund owned 86,685 shares of the construction company’s stock after buying an additional 68,277 shares during the period. Prudential Financial Inc.’s holdings in Owens Corning were worth $4,704,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Gradient Investments LLC acquired a new position in Owens Corning in the 3rd quarter valued at about $138,000. Pendal Group Ltd acquired a new position in Owens Corning in the 3rd quarter valued at about $145,000. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new position in Owens Corning in the 2nd quarter valued at about $163,000. Cornerstone Wealth Management LLC acquired a new position in Owens Corning in the 2nd quarter valued at about $218,000. Finally, Yorktown Management & Research Co Inc acquired a new position in Owens Corning in the 2nd quarter valued at about $253,000. Institutional investors own 94.02% of the company’s stock.
A number of equities research analysts have recently issued reports on the stock. Longbow Research reissued a “buy” rating on shares of Owens Corning in a research note on Monday, September 24th. Seaport Global Securities downgraded shares of Owens Corning from a “buy” rating to a “neutral” rating in a research note on Wednesday, October 24th. Goldman Sachs Group assumed coverage on shares of Owens Corning in a research note on Tuesday, October 2nd. They issued a “buy” rating and a $75.00 price target on the stock. SunTrust Banks reduced their price target on shares of Owens Corning to $45.00 and set a “positive” rating on the stock in a research note on Thursday, October 25th. Finally, Northcoast Research boosted their price target on shares of Owens Corning to $64.00 and gave the company a “buy” rating in a research note on Tuesday, November 27th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $73.87.
Shares of OC opened at $47.57 on Tuesday. Owens Corning has a fifty-two week low of $42.88 and a fifty-two week high of $96.52. The company has a market cap of $5.36 billion, a P/E ratio of 10.81, a price-to-earnings-growth ratio of 0.77 and a beta of 1.13. The company has a current ratio of 1.62, a quick ratio of 0.87 and a debt-to-equity ratio of 0.87.
Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, October 24th. The construction company reported $1.54 earnings per share for the quarter, missing the consensus estimate of $1.65 by ($0.11). Owens Corning had a return on equity of 12.37% and a net margin of 5.33%. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the previous year, the company earned $1.25 earnings per share. Owens Corning’s quarterly revenue was up 6.8% on a year-over-year basis. On average, research analysts forecast that Owens Corning will post 4.74 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 18th. Investors of record on Thursday, January 3rd will be paid a dividend of $0.22 per share. This is an increase from Owens Corning’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 1.85%. The ex-dividend date of this dividend is Wednesday, January 2nd. Owens Corning’s dividend payout ratio is presently 19.09%.
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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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