Kestra Investment Management LLC Purchases New Stake in Owens Corning (NYSE:OC)

Kestra Investment Management LLC acquired a new position in shares of Owens Corning (NYSE:OC) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 1,890 shares of the construction company’s stock, valued at approximately $328,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in shares of Owens Corning by 7.5% during the 1st quarter. GAMMA Investing LLC now owns 1,104 shares of the construction company’s stock worth $184,000 after purchasing an additional 77 shares during the period. Bessemer Group Inc. increased its position in Owens Corning by 24.9% in the first quarter. Bessemer Group Inc. now owns 391 shares of the construction company’s stock worth $65,000 after buying an additional 78 shares during the period. MV Capital Management Inc. increased its position in Owens Corning by 112.9% in the first quarter. MV Capital Management Inc. now owns 149 shares of the construction company’s stock worth $25,000 after buying an additional 79 shares during the period. Tobam lifted its stake in Owens Corning by 115.7% in the second quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after buying an additional 103 shares during the last quarter. Finally, Atlas Capital Advisors LLC boosted its holdings in shares of Owens Corning by 2.5% during the second quarter. Atlas Capital Advisors LLC now owns 4,508 shares of the construction company’s stock valued at $783,000 after acquiring an additional 112 shares during the period. Institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Up 1.1 %

OC stock opened at $176.30 on Tuesday. The firm has a market cap of $15.28 billion, a PE ratio of 14.28, a P/E/G ratio of 3.47 and a beta of 1.41. Owens Corning has a 12 month low of $109.95 and a 12 month 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 50 day simple moving average of $167.42 and a 200 day simple moving average of $170.34.

Owens Corning (NYSE:OC) last announced 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 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 company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.22 EPS. Equities research analysts forecast that Owens Corning will post 15.38 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently declared 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 of this dividend is Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a yield of 1.36%. Owens Corning’s dividend payout ratio is currently 19.43%.

Wall Street Analyst Weigh In

OC has been the topic of several recent research reports. Royal Bank of Canada lifted their price objective on shares of Owens Corning from $211.00 to $213.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $178.00 to $191.00 in a report on Thursday, July 11th. StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, September 7th. Finally, Loop Capital increased their price target on Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $184.23.

Insiders Place Their Bets

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the transaction, the insider now directly owns 57,079 shares in the company, valued at $10,074,443.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the completion of the sale, the insider now directly owns 60,130 shares in the company, valued at approximately $10,222,100. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company’s stock.

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.