Envestnet Asset Management Inc. Buys 71,164 Shares of Owens Corning (NYSE:OC)

Envestnet Asset Management Inc. grew its stake in Owens Corning (NYSE:OC) by 60.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 189,309 shares of the construction company’s stock after acquiring an additional 71,164 shares during the period. Envestnet Asset Management Inc. owned 0.22% of Owens Corning worth $32,887,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. GAMMA Investing LLC raised its stake in shares of Owens Corning by 7.5% in the first quarter. GAMMA Investing LLC now owns 1,104 shares of the construction company’s stock worth $184,000 after acquiring an additional 77 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of Owens Corning by 24.9% during 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 last quarter. MV Capital Management Inc. raised its stake in shares of Owens Corning by 112.9% during 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 last quarter. Tobam raised its stake in shares of Owens Corning by 115.7% during the second quarter. Tobam now owns 192 shares of the construction company’s stock worth $33,000 after buying an additional 103 shares during the last quarter. Finally, Atlas Capital Advisors LLC raised its stake 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 worth $783,000 after buying an additional 112 shares during the last quarter. 88.40% of the stock is owned by institutional investors.

Owens Corning Stock Down 2.2 %

Owens Corning stock opened at $174.28 on Friday. Owens Corning has a twelve month low of $109.95 and a twelve month high of $191.13. The company has a 50 day moving average of $167.69 and a 200-day moving average of $169.24. The stock has a market capitalization of $15.10 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 3.18 and a beta of 1.41. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 EPS for the quarter, topping the consensus estimate of $4.37 by $0.27. The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.92 billion. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the previous year, the firm posted $4.22 EPS. On average, equities research analysts anticipate that Owens Corning will post 15.38 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Friday, October 18th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.38%. The ex-dividend date of this dividend is Friday, October 18th. Owens Corning’s dividend payout ratio (DPR) is 19.43%.

Analyst Upgrades and Downgrades

OC has been the subject of several recent analyst reports. Citigroup raised shares of Owens Corning from a “neutral” rating to a “buy” rating and upped their target price for the company from $178.00 to $191.00 in a research note on Thursday, July 11th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Evercore ISI lowered their target price on shares of Owens Corning from $188.00 to $175.00 and set an “in-line” rating for the company in a research note on Wednesday, August 7th. UBS Group upped their target price on shares of Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Finally, Loop Capital upped their target price on shares of Owens Corning from $188.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $184.23.

Insider Transactions at Owens Corning

In related news, CFO Todd W. Fister sold 3,000 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now directly owns 31,626 shares in the company, valued at $5,491,854.90. The sale was disclosed in a filing with the SEC, which is available through this link. In other Owens Corning news, CFO Todd W. Fister sold 3,000 shares of the business’s stock in a transaction that occurred 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 owns 31,626 shares of the company’s stock, valued at $5,491,854.90. The sale was disclosed in a document filed with the SEC, which is available through 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 shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the sale, the insider now directly owns 60,130 shares of the company’s stock, valued at $10,222,100. The disclosure for this sale can be found here. Company insiders own 0.89% of the company’s stock.

About Owens Corning

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.