Shell Asset Management Co. purchased a new stake in Owens Corning (NYSE:OC) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 51,343 shares of the construction company’s stock, valued at approximately $4,720,000.
A number of other hedge funds also recently bought and sold shares of the business. Bank of Montreal Can increased its stake in shares of Owens Corning by 1.3% in the 4th 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 last quarter. LSV Asset Management lifted its holdings in Owens Corning by 0.5% during the 4th quarter. LSV Asset Management now owns 1,970,691 shares of the construction company’s stock worth $181,185,000 after buying an additional 9,884 shares during the period. Allianz Asset Management GmbH lifted its holdings in Owens Corning by 22.4% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,798,466 shares of the construction company’s stock worth $139,112,000 after buying an additional 328,726 shares during the period. Wells Fargo & Company MN lifted its holdings in Owens Corning by 278.4% during the 4th quarter. Wells Fargo & Company MN now owns 1,155,174 shares of the construction company’s stock worth $106,206,000 after buying an additional 849,871 shares during the period. Finally, Teacher Retirement System of Texas lifted its holdings in Owens Corning by 10.4% during the 3rd quarter. Teacher Retirement System of Texas now owns 1,002,718 shares of the construction company’s stock worth $77,560,000 after buying an additional 94,659 shares during the period. Hedge funds and other institutional investors own 92.74% of the company’s stock.
Owens Corning (OC) traded down $1.45 during trading hours on Wednesday, reaching $81.94. 745,337 shares of the company’s stock were exchanged, compared to its average volume of 1,030,548. Owens Corning has a fifty-two week low of $59.26 and a fifty-two week high of $96.52. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.89 and a current ratio of 1.55. The company has a market cap of $9,200.00, a P/E ratio of 24.91, a PEG ratio of 0.83 and a beta of 1.08.
Owens Corning (NYSE:OC) last released its earnings results on Wednesday, February 21st. The construction company reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.07. The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Owens Corning had a net margin of 4.53% and a return on equity of 12.26%. Owens Corning’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.72 EPS. equities analysts predict that Owens Corning will post 5.66 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 3rd. Stockholders of record on Friday, March 9th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.03%. The ex-dividend date is Thursday, March 8th. Owens Corning’s dividend payout ratio is 25.53%.
A number of brokerages have recently issued reports on OC. Royal Bank of Canada set a $102.00 price objective on Owens Corning and gave the company a “buy” rating in a research note on Friday, February 23rd. MKM Partners boosted their price objective on Owens Corning to $86.00 and gave the stock a “neutral” rating in a report on Thursday, February 22nd. Credit Suisse Group reaffirmed an “outperform” rating and issued a $110.00 target price (up from $95.00) on shares of Owens Corning in a report on Monday, January 22nd. They noted that the move was a valuation call. Zacks Investment Research raised Owens Corning from a “hold” rating to a “buy” rating and set a $105.00 target price for the company in a report on Thursday, January 18th. Finally, KeyCorp restated a “buy” rating and set a $115.00 target price on shares of Owens Corning in a research report on Friday, January 12th. Nine equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $87.95.
In other news, VP Ava Harter sold 1,100 shares of the company’s stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $84.00, for a total transaction of $92,400.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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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