MainStreet Investment Advisors LLC purchased a new position in Owens Corning (NYSE:OC) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,247 shares of the construction company’s stock, valued at approximately $574,000.
Several other hedge funds and other institutional investors have also modified their holdings of OC. BlackRock Inc. grew its holdings in shares of Owens Corning by 20.9% during the fourth quarter. BlackRock Inc. now owns 7,357,067 shares of the construction company’s stock valued at $676,411,000 after buying an additional 1,273,051 shares during the last quarter. Investec Asset Management LTD acquired a new position in shares of Owens Corning during the third quarter valued at about $75,591,000. Wells Fargo & Company MN grew its holdings in shares of Owens Corning by 278.4% during the fourth quarter. Wells Fargo & Company MN now owns 1,155,174 shares of the construction company’s stock valued at $106,206,000 after buying an additional 849,871 shares during the last quarter. Allianz Asset Management GmbH grew its holdings 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 buying an additional 328,726 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Owens Corning by 213.0% during the third quarter. Principal Financial Group Inc. now owns 436,865 shares of the construction company’s stock valued at $33,792,000 after buying an additional 297,311 shares during the last quarter. Hedge funds and other institutional investors own 92.61% of the company’s stock.
A number of research analysts recently weighed in on OC shares. Zacks Investment Research raised shares of Owens Corning from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Wednesday, December 27th. Royal Bank of Canada set a $102.00 price target on shares of Owens Corning and gave the company a “buy” rating in a research report on Friday, February 23rd. KeyCorp reissued a “buy” rating and set a $115.00 price target on shares of Owens Corning in a research report on Friday, January 12th. Seaport Global Securities raised their price target on shares of Owens Corning from $90.00 to $107.00 and gave the company a “buy” rating in a research report on Thursday, January 11th. Finally, Zelman & Associates lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Friday, January 5th. Eleven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Owens Corning presently has a consensus rating of “Buy” and a consensus target price of $87.81.
OC stock traded down $0.65 during mid-day trading on Friday, hitting $80.89. The company had a trading volume of 1,156,677 shares, compared to its average volume of 1,084,338. The firm has a market cap of $9,039.21, a price-to-earnings ratio of 18.38, a P/E/G ratio of 0.79 and a beta of 1.09. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.89 and a current ratio of 1.55. Owens Corning has a 12 month low of $59.26 and a 12 month high of $96.52.
Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, February 21st. The construction company reported $1.11 EPS for the quarter, topping the consensus estimate of $1.04 by $0.07. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.52 billion. Owens Corning had a net margin of 4.53% and a return on equity of 12.26%. The company’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.72 earnings per share. analysts forecast that Owens Corning will post 5.74 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 3rd. Stockholders of record on Friday, March 9th were paid a $0.21 dividend. The ex-dividend date was Thursday, March 8th. This represents a $0.84 annualized dividend and a dividend yield of 1.04%. Owens Corning’s payout ratio is 19.09%.
In other news, VP Ava Harter sold 1,100 shares of Owens Corning stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $84.00, for a total value of $92,400.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Arnaud Genis sold 59,541 shares of Owens Corning stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $81.32, for a total transaction of $4,841,874.12. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.
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About Owens Corning
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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