Sandbar Asset Management LLP grew its holdings in shares of Owens Corning (NYSE:OC – Free Report) by 59.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,839 shares of the construction company’s stock after buying an additional 3,661 shares during the period. Owens Corning accounts for 3.5% of Sandbar Asset Management LLP’s portfolio, making the stock its 11th biggest position. Sandbar Asset Management LLP’s holdings in Owens Corning were worth $1,284,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sigma Planning Corp raised its holdings in Owens Corning by 4.3% in the 1st quarter. Sigma Planning Corp now owns 3,543 shares of the construction company’s stock worth $339,000 after purchasing an additional 145 shares in the last quarter. Prime Capital Investment Advisors LLC bought a new stake in Owens Corning during the 1st quarter valued at approximately $232,000. Private Trust Co. NA grew its holdings in shares of Owens Corning by 20.5% during the 2nd quarter. Private Trust Co. NA now owns 982 shares of the construction company’s stock worth $128,000 after acquiring an additional 167 shares during the period. Clearstead Advisors LLC grew its holdings in shares of Owens Corning by 13.0% during the 1st quarter. Clearstead Advisors LLC now owns 3,485 shares of the construction company’s stock worth $334,000 after acquiring an additional 400 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Owens Corning in the 1st quarter worth approximately $265,000. Institutional investors own 90.22% of the company’s stock.
Analyst Ratings Changes
OC has been the topic of several recent research reports. JPMorgan Chase & Co. raised Owens Corning from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $95.00 to $133.00 in a research note on Friday, July 28th. Jefferies Financial Group decreased their price target on shares of Owens Corning from $180.00 to $170.00 in a research note on Thursday, October 12th. Wells Fargo & Company assumed coverage on shares of Owens Corning in a research note on Tuesday, October 17th. They set an “equal weight” rating and a $143.00 price objective on the stock. Argus lifted their target price on shares of Owens Corning from $120.00 to $155.00 and gave the company a “buy” rating in a report on Tuesday, August 1st. Finally, The Goldman Sachs Group upgraded Owens Corning from a “sell” rating to a “neutral” rating and upped their price target for the stock from $113.00 to $150.00 in a research note on Thursday, September 7th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $138.00.
Insider Buying and Selling
In other news, insider Todd W. Fister sold 5,375 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $136.23, for a total transaction of $732,236.25. Following the completion of the sale, the insider now owns 26,067 shares of the company’s stock, valued at approximately $3,551,107.41. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Owens Corning news, insider Todd W. Fister sold 5,375 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $136.23, for a total transaction of $732,236.25. Following the sale, the insider now owns 26,067 shares in the company, valued at approximately $3,551,107.41. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director W Howard Morris sold 350 shares of Owens Corning stock in a transaction on Monday, November 6th. The shares were sold at an average price of $122.05, for a total transaction of $42,717.50. Following the transaction, the director now owns 41,045 shares in the company, valued at approximately $5,009,542.25. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by insiders.
Owens Corning Stock Performance
Shares of OC stock remained flat at $130.72 during trading hours on Tuesday. 190,220 shares of the stock were exchanged, compared to its average volume of 846,009. The company has a current ratio of 2.16, a quick ratio of 1.49 and a debt-to-equity ratio of 0.59. The business has a 50 day moving average of $128.31 and a two-hundred day moving average of $127.89. Owens Corning has a 52-week low of $83.98 and a 52-week high of $147.00. The firm has a market capitalization of $11.62 billion, a price-to-earnings ratio of 10.07, a PEG ratio of 1.20 and a beta of 1.49.
Owens Corning (NYSE:OC – Get Free Report) last posted its earnings results on Wednesday, October 25th. The construction company reported $4.15 EPS for the quarter, topping analysts’ consensus estimates of $3.89 by $0.26. The business had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.54 billion. Owens Corning had a net margin of 12.31% and a return on equity of 25.59%. The firm’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.57 EPS. Equities research analysts forecast that Owens Corning will post 13.75 EPS for the current year.
Owens Corning Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 3rd. Stockholders of record on Monday, October 16th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 1.59%. The ex-dividend date was Friday, October 13th. Owens Corning’s dividend payout ratio (DPR) is presently 16.02%.
About Owens Corning
Owens Corning engages in manufacture and sale of insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, Latin America, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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