State of Michigan Retirement System Has $4.50 Million Position in Owens Corning (NYSE:OC)

State of Michigan Retirement System grew its holdings in Owens Corning (NYSE:OC) by 1.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 26,988 shares of the construction company’s stock after purchasing an additional 500 shares during the quarter. State of Michigan Retirement System’s holdings in Owens Corning were worth $4,502,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of OC. Pacer Advisors Inc. boosted its stake in Owens Corning by 6,116.6% in the fourth quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company’s stock worth $123,415,000 after purchasing an additional 819,201 shares in the last quarter. Norges Bank acquired a new position in Owens Corning in the fourth quarter worth $118,251,000. Bank of Nova Scotia boosted its stake in Owens Corning by 9,571.1% in the fourth quarter. Bank of Nova Scotia now owns 143,616 shares of the construction company’s stock worth $21,287,000 after purchasing an additional 142,131 shares in the last quarter. Nordea Investment Management AB boosted its stake in Owens Corning by 15.1% in the fourth quarter. Nordea Investment Management AB now owns 717,743 shares of the construction company’s stock worth $106,556,000 after purchasing an additional 94,185 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its stake in Owens Corning by 66.0% in the fourth quarter. Hsbc Holdings PLC now owns 213,643 shares of the construction company’s stock worth $31,692,000 after purchasing an additional 84,958 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Insider Transactions at Owens Corning

In other news, VP Mari Doerfler sold 240 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $182.05, for a total transaction of $43,692.00. Following the completion of the transaction, the vice president now directly owns 4,954 shares of the company’s stock, valued at $901,875.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Mari Doerfler sold 240 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $182.05, for a total transaction of $43,692.00. Following the completion of the transaction, the vice president now directly owns 4,954 shares of the company’s stock, valued at $901,875.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Todd W. Fister sold 3,000 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $180.85, for a total value of $542,550.00. Following the transaction, the chief financial officer now directly owns 34,626 shares of the company’s stock, valued at $6,262,112.10. The disclosure for this sale can be found here. Insiders sold 19,360 shares of company stock valued at $3,437,315 over the last three months. Company insiders own 0.90% of the company’s stock.

Owens Corning Stock Up 0.5 %

Shares of Owens Corning stock opened at $168.37 on Wednesday. Owens Corning has a 1 year low of $109.95 and a 1 year high of $184.00. The business has a 50-day moving average of $175.56 and a two-hundred day moving average of $162.00. The company has a market capitalization of $14.59 billion, a P/E ratio of 13.63, a price-to-earnings-growth ratio of 5.17 and a beta of 1.42. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.76 and a quick ratio of 1.22.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.04 by $0.55. Owens Corning had a return on equity of 26.52% and a net margin of 11.53%. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the prior year, the company earned $2.77 earnings per share. The company’s revenue for the quarter was down 1.3% compared to the same quarter last year. As a group, equities analysts predict that Owens Corning will post 15.48 EPS for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Monday, July 15th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $2.40 annualized dividend and a dividend yield of 1.43%. Owens Corning’s dividend payout ratio is currently 19.43%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. UBS Group boosted their target price on Owens Corning from $169.00 to $192.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Jefferies Financial Group assumed coverage on Owens Corning in a research report on Wednesday, May 22nd. They set a “buy” rating and a $215.00 target price for the company. Argus boosted their target price on Owens Corning from $175.00 to $182.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Barclays boosted their target price on Owens Corning from $160.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Monday, June 3rd. Finally, Loop Capital boosted 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. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $179.00.

Owens Corning Company 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.