Pacer Advisors Inc. Has $276.66 Million Position in Owens Corning (NYSE:OC)

Pacer Advisors Inc. raised its stake in Owens Corning (NYSE:OC) by 38.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,592,536 shares of the construction company’s stock after buying an additional 446,073 shares during the quarter. Pacer Advisors Inc. owned 1.84% of Owens Corning worth $276,655,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB raised its stake in shares of Owens Corning by 74.4% during the 1st quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock worth $210,040,000 after purchasing an additional 533,910 shares in the last quarter. Allianz Asset Management GmbH lifted its stake in Owens Corning by 7.7% in the fourth quarter. Allianz Asset Management GmbH now owns 1,057,518 shares of the construction company’s stock valued at $156,756,000 after acquiring an additional 75,594 shares during the last quarter. Norges Bank acquired a new stake in Owens Corning in the fourth quarter valued at approximately $118,251,000. Skandinaviska Enskilda Banken AB publ grew its position in Owens Corning by 6.4% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 716,704 shares of the construction company’s stock worth $124,506,000 after acquiring an additional 43,180 shares in the last quarter. Finally, AustralianSuper Pty Ltd increased its stake in shares of Owens Corning by 2.2% during the 2nd quarter. AustralianSuper Pty Ltd now owns 590,977 shares of the construction company’s stock worth $102,665,000 after purchasing an additional 12,707 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

NYSE OC opened at $174.28 on Friday. The company’s fifty day moving average is $167.63 and its two-hundred day moving average is $169.39. Owens Corning has a 52-week low of $109.95 and a 52-week high of $191.13. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.37 and a quick ratio of 0.79. The firm has a market capitalization of $15.10 billion, a price-to-earnings ratio of 14.11, a P/E/G ratio of 3.18 and a beta of 1.41.

Owens Corning (NYSE:OC) last released its earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, topping analysts’ consensus estimates of $4.37 by $0.27. The business had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period last year, the business earned $4.22 earnings per share. Equities research analysts forecast that Owens Corning will post 15.38 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Friday, October 18th will be paid a $0.60 dividend. The ex-dividend date is Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.38%. Owens Corning’s payout ratio is 19.43%.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on OC shares. Evercore ISI decreased 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 report on Wednesday, August 7th. Barclays decreased their price target on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. Benchmark reissued a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Loop Capital upped their target price on Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a research report on Friday, June 21st. Finally, 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. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Owens Corning has an average rating of “Moderate Buy” and an average target price of $184.23.

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.