Highbridge Capital Management LLC lowered its position in shares of Owens Corning (NYSE:OC) by 88.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,584 shares of the construction company’s stock after selling 104,860 shares during the quarter. Highbridge Capital Management LLC’s holdings in Owens Corning were worth $1,051,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC raised its holdings in shares of Owens Corning by 78.9% during the third quarter. Janus Henderson Group PLC now owns 8,800 shares of the construction company’s stock valued at $681,000 after acquiring an additional 3,880 shares during the period. Caxton Associates LP acquired a new position in Owens Corning in the 3rd quarter valued at approximately $8,122,000. Cornerstone Capital Management Holdings LLC. increased its stake in Owens Corning by 9.9% in the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 280,309 shares of the construction company’s stock valued at $21,681,000 after buying an additional 25,148 shares during the period. First Republic Investment Management Inc. increased its stake in Owens Corning by 28.4% in the 3rd quarter. First Republic Investment Management Inc. now owns 4,336 shares of the construction company’s stock valued at $335,000 after buying an additional 958 shares during the period. Finally, Asset Management One Co. Ltd. increased its stake in Owens Corning by 156.9% in the 3rd quarter. Asset Management One Co. Ltd. now owns 13,181 shares of the construction company’s stock valued at $1,018,000 after buying an additional 8,051 shares during the period. Institutional investors and hedge funds own 94.55% of the company’s stock.
Shares of Owens Corning (NYSE OC) opened at $87.34 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.99. The company has a market cap of $9,544.48, a P/E ratio of 21.34, a price-to-earnings-growth ratio of 1.29 and a beta of 1.09. Owens Corning has a 1 year low of $50.77 and a 1 year high of $91.40.
Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, October 25th. The construction company reported $1.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.26 by ($0.01). The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.63 billion. Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. The business’s revenue was up 12.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.09 earnings per share. sell-side analysts predict that Owens Corning will post 4.33 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Shareholders of record on Tuesday, January 2nd will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 0.96%. This is an increase from Owens Corning’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Friday, December 29th. Owens Corning’s payout ratio is currently 23.88%.
Several research analysts have weighed in on OC shares. Jefferies Group reiterated a “buy” rating and issued a $82.00 price objective on shares of Owens Corning in a research note on Friday, October 6th. Stifel Nicolaus reiterated a “buy” rating and issued a $83.00 price objective on shares of Owens Corning in a research note on Friday, September 1st. Royal Bank of Canada reiterated a “buy” rating on shares of Owens Corning in a research note on Tuesday, October 3rd. KeyCorp reiterated a “buy” rating and issued a $84.00 price objective on shares of Owens Corning in a research note on Wednesday, September 13th. Finally, Bank of America upped their price objective on shares of Owens Corning from $84.00 to $97.00 and gave the company a “buy” rating in a research note on Friday, November 17th. Nine analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Owens Corning presently has an average rating of “Buy” and an average price target of $81.10.
In related news, VP Ava Harter sold 487 shares of the company’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $81.96, for a total transaction of $39,914.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Michael H. Thaman sold 101,600 shares of the company’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $85.33, for a total transaction of $8,669,528.00. Following the sale, the chairman now directly owns 840,370 shares of the company’s stock, valued at $71,708,772.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 129,933 shares of company stock valued at $11,196,722. 1.80% of the stock is owned by 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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