Edgestream Partners L.P. Raises Stake in Owens Corning (NYSE:OC)

Edgestream Partners L.P. lifted its stake in shares of Owens Corning (NYSE:OC) by 2,225.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 33,510 shares of the construction company’s stock after acquiring an additional 32,069 shares during the period. Edgestream Partners L.P.’s holdings in Owens Corning were worth $5,915,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Retirement Guys Formula LLC grew its position in Owens Corning by 3.1% in the third quarter. Retirement Guys Formula LLC now owns 1,939 shares of the construction company’s stock worth $342,000 after acquiring an additional 58 shares during the period. PFG Investments LLC lifted its stake in shares of Owens Corning by 3.9% in the 3rd quarter. PFG Investments LLC now owns 1,828 shares of the construction company’s stock valued at $323,000 after purchasing an additional 68 shares during the last quarter. Tobam grew its holdings in shares of Owens Corning by 38.0% during the 3rd quarter. Tobam now owns 265 shares of the construction company’s stock worth $47,000 after purchasing an additional 73 shares during the period. First Bank & Trust increased its position in shares of Owens Corning by 2.0% during the 3rd quarter. First Bank & Trust now owns 3,658 shares of the construction company’s stock worth $646,000 after purchasing an additional 73 shares during the last quarter. Finally, KMG Fiduciary Partners LLC raised its holdings in Owens Corning by 1.5% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 5,432 shares of the construction company’s stock valued at $959,000 after buying an additional 80 shares during the period. Institutional investors and hedge funds own 88.40% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. StockNews.com raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Wells Fargo & Company boosted their target price on Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Evercore ISI raised their price target on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group boosted their price objective on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $192.62.

Insider Activity at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning 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 transaction, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. The trade was a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.89% of the stock is owned by corporate insiders.

Owens Corning Stock Performance

Shares of OC opened at $206.03 on Friday. The stock has a 50-day simple moving average of $185.57 and a 200-day simple moving average of $176.27. The stock has a market capitalization of $17.67 billion, a PE ratio of 17.53, a PEG ratio of 2.29 and a beta of 1.41. Owens Corning has a 1 year low of $132.62 and a 1 year high of $214.53. 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 posted its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. The company had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. Owens Corning’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period last year, the firm earned $4.15 earnings per share. On average, analysts predict that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were given 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 dividend yield of 1.16%. Owens Corning’s dividend payout ratio is presently 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.