M&G Plc Increases Position in Owens Corning (NYSE:OC)

M&G Plc boosted its holdings in Owens Corning (NYSE:OC) by 4.3% in the third quarter, HoldingsChannel reports. The firm owned 57,164 shares of the construction company’s stock after purchasing an additional 2,349 shares during the period. M&G Plc’s holdings in Owens Corning were worth $10,118,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Central Pacific Bank Trust Division acquired a new position in Owens Corning during the 1st quarter worth $105,000. ORG Partners LLC acquired a new position in Owens Corning in the first quarter worth about $31,000. Envestnet Portfolio Solutions Inc. increased its holdings in Owens Corning by 14.9% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 4,002 shares of the construction company’s stock valued at $668,000 after buying an additional 519 shares during the last quarter. BOS Asset Management LLC bought a new stake in Owens Corning in the first quarter valued at about $247,000. Finally, Atomi Financial Group Inc. bought a new position in Owens Corning during the 1st quarter worth approximately $729,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Price Performance

Shares of OC opened at $187.46 on Friday. Owens Corning has a one year low of $120.17 and a one year high of $191.44. The stock’s fifty day moving average is $175.40 and its 200-day moving average is $173.46. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37. The firm has a market capitalization of $16.30 billion, a price-to-earnings ratio of 15.87, a price-to-earnings-growth ratio of 2.20 and a beta of 1.41.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping analysts’ consensus estimates of $4.01 by $0.37. The company had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. Owens Corning’s revenue was up 22.9% on a year-over-year basis. During the same period in the previous year, the firm earned $4.15 EPS. Equities analysts anticipate that Owens Corning will post 15.34 EPS for the current year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.40 annualized dividend and a yield of 1.28%. Owens Corning’s payout ratio is 20.32%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on OC shares. StockNews.com downgraded Owens Corning from a “buy” rating to a “hold” rating in a report on Friday, November 1st. The Goldman Sachs Group increased their target price on shares of Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a report on Thursday. Barclays decreased their price target on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a report on Friday, July 12th. Royal Bank of Canada increased their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Evercore ISI lifted their target price on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research note on Thursday. Eight research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $192.62.

Insiders Place Their Bets

In other news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the transaction, the insider now directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Marcio A. Sandri sold 3,050 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total transaction of $518,500.00. Following the completion of the transaction, the insider now owns 60,130 shares in the company, valued at approximately $10,222,100. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by insiders.

Owens Corning Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.