17,278 Shares in Owens Corning Inc $OC Purchased by Jackson Hole Capital Partners LLC

Jackson Hole Capital Partners LLC purchased a new position in shares of Owens Corning Inc (NYSE:OC) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 17,278 shares of the construction company’s stock, valued at approximately $2,444,000.

A number of other hedge funds have also recently modified their holdings of OC. Norges Bank purchased a new stake in shares of Owens Corning in the 2nd quarter valued at approximately $163,719,000. First Trust Advisors LP grew its position in Owens Corning by 164.6% in the 2nd quarter. First Trust Advisors LP now owns 920,726 shares of the construction company’s stock valued at $126,618,000 after acquiring an additional 572,770 shares in the last quarter. Amundi increased its stake in Owens Corning by 92.9% during the 2nd quarter. Amundi now owns 1,086,735 shares of the construction company’s stock worth $157,279,000 after buying an additional 523,376 shares during the period. Marshall Wace LLP raised its holdings in Owens Corning by 17,614.0% in the second quarter. Marshall Wace LLP now owns 422,832 shares of the construction company’s stock valued at $58,148,000 after acquiring an additional 420,445 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Owens Corning by 70.9% in the second quarter. AQR Capital Management LLC now owns 960,604 shares of the construction company’s stock valued at $132,102,000 after buying an additional 398,440 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

Shares of OC opened at $124.69 on Friday. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.05. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $192.96. The company has a 50 day moving average of $111.70 and a 200-day moving average of $130.97. The stock has a market capitalization of $10.25 billion, a P/E ratio of -21.80, a P/E/G ratio of 11.77 and a beta of 1.35.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.64 by $0.03. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.71 billion. During the same period in the previous year, the company earned $4.38 earnings per share. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. As a group, equities research analysts forecast that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 21st. Stockholders of record on Monday, January 5th will be given a dividend of $0.79 per share. This is a boost from Owens Corning’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Monday, January 5th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.5%. Owens Corning’s payout ratio is currently -55.24%.

Analyst Ratings Changes

OC has been the subject of several research reports. JPMorgan Chase & Co. reduced their target price on Owens Corning from $157.00 to $113.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Jefferies Financial Group dropped their target price on Owens Corning from $185.00 to $180.00 and set a “buy” rating on the stock in a research report on Tuesday, October 7th. Bank of America cut their price objective on Owens Corning from $180.00 to $168.00 and set a “buy” rating for the company in a research report on Wednesday, October 1st. Barclays increased their price target on Owens Corning from $130.00 to $138.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Evercore ISI decreased their target price on Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a research report on Thursday, December 4th. Ten analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.75.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.