Owens Corning (NYSE:OC) Shares Purchased by Ritholtz Wealth Management

Ritholtz Wealth Management grew its stake in shares of Owens Corning (NYSE:OC) by 2.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,399 shares of the construction company’s stock after buying an additional 466 shares during the period. Ritholtz Wealth Management’s holdings in Owens Corning were worth $2,793,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Point72 Asset Management L.P. raised its position in shares of Owens Corning by 168.3% in the second quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock valued at $128,772,000 after buying an additional 464,981 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Owens Corning by 38.9% in 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 last quarter. JPMorgan Chase & Co. lifted its stake in shares of Owens Corning by 113.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock worth $140,818,000 after purchasing an additional 424,786 shares during the period. Goldentree Asset Management LP acquired a new stake in shares of Owens Corning during the third quarter worth $43,559,000. Finally, Nordea Investment Management AB grew its position in shares of Owens Corning by 12.5% in the fourth quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock valued at $366,166,000 after purchasing an additional 238,694 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Stock Performance

Owens Corning stock opened at $182.86 on Friday. The firm has a market capitalization of $15.69 billion, a PE ratio of 15.56, a price-to-earnings-growth ratio of 1.84 and a beta of 1.46. Owens Corning has a one year low of $138.70 and a one year high of $214.53. The stock’s 50 day moving average price is $186.08 and its 200 day moving average price is $177.30. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44.

Owens Corning (NYSE:OC) last announced its 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. The business had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.15 earnings per share. As a group, sell-side analysts expect that Owens Corning will post 15.46 EPS for the current fiscal year.

Owens Corning Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Monday, January 6th were issued a $0.69 dividend. The ex-dividend date was Monday, January 6th. This represents a $2.76 dividend on an annualized basis and a yield of 1.51%. This is an increase from Owens Corning’s previous quarterly dividend of $0.60. Owens Corning’s dividend payout ratio is currently 23.49%.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the completion of the transaction, the insider now directly owns 18,866 shares of the company’s stock, valued at $3,606,990.54. This trade represents a 48.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.89% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on OC shares. Wells Fargo & Company raised Owens Corning from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $195.00 to $225.00 in a research note on Tuesday, December 17th. Royal Bank of Canada raised their target price on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Barclays raised shares of Owens Corning from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $192.00 to $245.00 in a research report on Wednesday, December 11th. UBS Group lifted their price target on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Loop Capital lowered their price objective on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, January 10th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $201.75.

Owens Corning Company 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.