Weiss Multi Strategy Advisers LLC purchased a new stake in shares of Owens Corning (NYSE:OC) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 57,400 shares of the construction company’s stock, valued at approximately $2,524,000. Weiss Multi Strategy Advisers LLC owned approximately 0.05% of Owens Corning at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in OC. Oregon Public Employees Retirement Fund grew its stake in shares of Owens Corning by 5,667.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,135,185 shares of the construction company’s stock worth $49,000 after acquiring an additional 2,098,162 shares in the last quarter. Fairpointe Capital LLC purchased a new stake in Owens Corning during the third quarter valued at about $61,008,000. Park Presidio Capital LLC purchased a new stake in Owens Corning during the fourth quarter valued at about $45,167,000. Morgan Stanley lifted its holdings in Owens Corning by 360.0% during the third quarter. Morgan Stanley now owns 1,151,400 shares of the construction company’s stock valued at $62,487,000 after purchasing an additional 901,083 shares during the last quarter. Finally, TIAA CREF Investment Management LLC lifted its holdings in Owens Corning by 22.8% during the third quarter. TIAA CREF Investment Management LLC now owns 2,043,039 shares of the construction company’s stock valued at $110,876,000 after purchasing an additional 379,529 shares during the last quarter. Institutional investors and hedge funds own 93.15% of the company’s stock.
In related news, VP Daniel T. Smith sold 18,681 shares of the firm’s stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $50.75, for a total value of $948,060.75. Following the sale, the vice president now directly owns 74,891 shares of the company’s stock, valued at $3,800,718.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marcio A. Sandri sold 3,700 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $47.01, for a total transaction of $173,937.00. Following the completion of the sale, the insider now directly owns 42,005 shares in the company, valued at $1,974,655.05. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.
Shares of Owens Corning stock traded down $0.40 on Wednesday, reaching $46.83. The stock had a trading volume of 73,682 shares, compared to its average volume of 1,767,948. Owens Corning has a 1 year low of $40.64 and a 1 year high of $83.99. The company has a market cap of $5.18 billion, a price-to-earnings ratio of 9.48, a PEG ratio of 0.95 and a beta of 1.20. The company has a current ratio of 1.58, a quick ratio of 0.74 and a debt-to-equity ratio of 0.78.
Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, February 20th. The construction company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.09. Owens Corning had a net margin of 7.72% and a return on equity of 12.92%. The firm had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the prior year, the firm posted $1.11 earnings per share. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, sell-side analysts predict that Owens Corning will post 5.01 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 2nd. Investors of record on Friday, March 8th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Thursday, March 7th. Owens Corning’s dividend payout ratio is currently 17.81%.
OC has been the topic of several recent research reports. Northcoast Research upped their price objective on shares of Owens Corning to $64.00 and gave the company a “buy” rating in a report on Tuesday, November 27th. Zacks Investment Research raised shares of Owens Corning from a “sell” rating to a “buy” rating and set a $46.00 price objective on the stock in a report on Monday, December 31st. Buckingham Research initiated coverage on shares of Owens Corning in a report on Friday, February 1st. They set a “neutral” rating and a $54.00 price objective on the stock. Barclays set a $58.00 price objective on shares of Owens Corning and gave the company a “buy” rating in a report on Tuesday, February 5th. Finally, TheStreet raised shares of Owens Corning from a “c+” rating to a “b-” rating in a report on Thursday, February 14th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. Owens Corning presently has a consensus rating of “Hold” and a consensus target price of $69.12.
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Owens Corning Company Profile
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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