Promethos Capital LLC Raises Stock Holdings in Owens Corning (NYSE:OC)

Promethos Capital LLC raised its position in shares of Owens Corning (NYSE:OC) by 83.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,517 shares of the construction company’s stock after buying an additional 14,320 shares during the period. Owens Corning comprises about 2.0% of Promethos Capital LLC’s investment portfolio, making the stock its 17th biggest holding. Promethos Capital LLC’s holdings in Owens Corning were worth $5,475,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. MV Capital Management Inc. raised its holdings in Owens Corning by 112.9% in the 1st quarter. MV Capital Management Inc. now owns 149 shares of the construction company’s stock worth $25,000 after purchasing an additional 79 shares in the last quarter. ST Germain D J Co. Inc. raised its stake in Owens Corning by 794.1% in the second quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock worth $26,000 after buying an additional 135 shares in the last quarter. NBC Securities Inc. bought a new stake in Owens Corning during the 1st quarter valued at approximately $26,000. Riverview Trust Co purchased a new position in shares of Owens Corning during the 1st quarter worth approximately $28,000. Finally, ORG Partners LLC bought a new position in shares of Owens Corning in the 1st quarter worth approximately $31,000. Institutional investors own 88.40% of the company’s stock.

Insider Activity

In other Owens Corning news, CFO Todd W. Fister sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $173.65, for a total transaction of $520,950.00. Following the completion of the sale, the chief financial officer now directly owns 31,626 shares of the company’s stock, valued at $5,491,854.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Todd W. Fister sold 3,000 shares of Owens Corning stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $173.65, for a total transaction of $520,950.00. Following the transaction, the chief financial officer now directly owns 31,626 shares in the company, valued at $5,491,854.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Marcio A. Sandri sold 3,050 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the sale, the insider now directly owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. The disclosure for this sale can be found here. Insiders own 0.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on OC. Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and upped their price target for the stock from $178.00 to $191.00 in a research note on Thursday, July 11th. The Goldman Sachs Group reissued a “neutral” rating and issued a $187.00 price target on shares of Owens Corning in a research report on Monday, June 17th. Barclays lowered their price target on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. Loop Capital upped their target price on shares of Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. Finally, Royal Bank of Canada boosted their price objective on shares of Owens Corning from $211.00 to $213.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Owens Corning presently has a consensus rating of “Moderate Buy” and an average price target of $184.23.

Owens Corning Price Performance

Shares of OC opened at $178.20 on Friday. The firm has a fifty day simple moving average of $167.63 and a two-hundred day simple moving average of $169.18. The firm has a market cap of $15.44 billion, a PE ratio of 14.43, a P/E/G ratio of 3.18 and a beta of 1.41. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91. Owens Corning has a 1-year low of $109.95 and a 1-year high of $191.13.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Tuesday, August 6th. The construction company reported $4.64 EPS for the quarter, beating analysts’ consensus estimates of $4.37 by $0.27. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. Owens Corning’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.22 earnings per share. On average, equities analysts anticipate that Owens Corning will post 15.38 EPS for the current year.

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.