Goldentree Asset Management LP Invests $43.56 Million in Owens Corning (NYSE:OC)

Goldentree Asset Management LP purchased a new stake in Owens Corning (NYSE:OC) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 247,339 shares of the construction company’s stock, valued at approximately $43,559,000. Owens Corning accounts for about 3.5% of Goldentree Asset Management LP’s portfolio, making the stock its 9th largest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OC. Point72 Asset Management L.P. boosted its holdings in Owens Corning by 168.3% during the second quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock worth $128,772,000 after buying an additional 464,981 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Owens Corning by 38.9% during the 2nd quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock valued at $276,655,000 after acquiring an additional 446,073 shares during the period. Panagora Asset Management Inc. increased its stake in shares of Owens Corning by 2,813.6% in the 2nd quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock valued at $65,815,000 after purchasing an additional 365,853 shares in the last quarter. Kimelman & Baird LLC acquired a new position in Owens Corning in the 2nd quarter worth about $35,970,000. Finally, Victory Capital Management Inc. raised its holdings in Owens Corning by 54.1% in the 3rd quarter. Victory Capital Management Inc. now owns 523,001 shares of the construction company’s stock worth $92,320,000 after purchasing an additional 183,666 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Owens Corning

In related news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the transaction, the insider now directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. This represents a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.89% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on OC shares. StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a report on Wednesday, August 7th. The Goldman Sachs Group boosted their target price on shares of Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Evercore ISI raised their price target on shares of Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Finally, Royal Bank of Canada increased their target price on Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $192.62.

Owens Corning Stock Performance

NYSE OC opened at $205.10 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The stock’s fifty day moving average is $185.03 and its two-hundred day moving average is $176.07. The firm has a market capitalization of $17.59 billion, a P/E ratio of 17.46, a price-to-earnings-growth ratio of 2.29 and a beta of 1.41. Owens Corning has a fifty-two week low of $131.67 and a fifty-two week high of $214.53.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating the consensus estimate of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter in the previous year, the company posted $4.15 EPS. The company’s revenue was up 22.9% compared to the same quarter last year. On average, research analysts anticipate that Owens Corning will post 15.46 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were paid a $0.60 dividend. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.40 annualized dividend and a dividend yield of 1.17%. Owens Corning’s dividend payout ratio (DPR) is 20.43%.

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.