Oppenheimer & Co. Inc. Cuts Position in Owens Corning (OC)
Oppenheimer & Co. Inc. decreased its holdings in Owens Corning (NYSE:OC) by 18.5% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 43,935 shares of the construction company’s stock after selling 10,001 shares during the period. Oppenheimer & Co. Inc.’s holdings in Owens Corning were worth $4,039,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of OC. Bank of Montreal Can raised its stake in shares of Owens Corning by 1.3% during the fourth quarter. Bank of Montreal Can now owns 2,330,788 shares of the construction company’s stock valued at $214,292,000 after purchasing an additional 28,893 shares during the period. LSV Asset Management raised its stake in shares of Owens Corning by 0.5% during the fourth quarter. LSV Asset Management now owns 1,970,691 shares of the construction company’s stock valued at $181,185,000 after purchasing an additional 9,884 shares during the period. Allianz Asset Management GmbH raised its stake in shares of Owens Corning by 22.4% during the third quarter. Allianz Asset Management GmbH now owns 1,798,466 shares of the construction company’s stock valued at $139,112,000 after purchasing an additional 328,726 shares during the period. Teacher Retirement System of Texas raised its stake in shares of Owens Corning by 10.4% during the third quarter. Teacher Retirement System of Texas now owns 1,002,718 shares of the construction company’s stock valued at $77,560,000 after purchasing an additional 94,659 shares during the period. Finally, Investec Asset Management LTD purchased a new stake in shares of Owens Corning during the third quarter valued at approximately $75,591,000. Hedge funds and other institutional investors own 93.06% of the company’s stock.
A number of research firms have recently issued reports on OC. Wells Fargo & Co reiterated an “outperform” rating on shares of Owens Corning in a research note on Thursday, October 26th. KeyCorp reiterated a “buy” rating and set a $115.00 price objective on shares of Owens Corning in a research note on Friday, January 12th. SunTrust Banks lifted their price objective on shares of Owens Corning from $66.00 to $75.00 and gave the company a “hold” rating in a research note on Thursday, October 26th. Seaport Global Securities lifted their price objective on shares of Owens Corning from $90.00 to $107.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Finally, Zacks Investment Research lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a research note on Friday, January 5th. Nine analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $85.45.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 3rd. Shareholders of record on Friday, March 9th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date is Thursday, March 8th. Owens Corning’s dividend payout ratio is presently 25.07%.
In other Owens Corning news, Director John David Williams sold 3,684 shares of Owens Corning stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $88.64, for a total value of $326,549.76. Following the completion of the transaction, the director now owns 24,762 shares of the company’s stock, valued at $2,194,903.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Michael C. Mcmurray sold 18,000 shares of Owens Corning stock in a transaction on Monday, December 4th. The stock was sold at an average price of $90.78, for a total transaction of $1,634,040.00. Following the completion of the transaction, the chief financial officer now directly owns 52,228 shares of the company’s stock, valued at approximately $4,741,257.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 127,420 shares of company stock valued at $10,990,777. 1.80% of the stock is currently owned by corporate insiders.
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Owens Corning Profile
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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