Livforsakringsbolaget Skandia Omsesidigt increased its stake in shares of Owens Corning (NYSE:OC) by 23.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,450 shares of the construction company’s stock after buying an additional 1,400 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Owens Corning were worth $684,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Owens Corning by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 10,562,420 shares of the construction company’s stock worth $706,837,000 after acquiring an additional 190,866 shares during the period. Dimensional Fund Advisors LP boosted its position in Owens Corning by 0.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,666,185 shares of the construction company’s stock worth $245,337,000 after acquiring an additional 27,809 shares during the period. Bank of Montreal Can boosted its position in Owens Corning by 1.3% during the 4th quarter. Bank of Montreal Can now owns 2,330,788 shares of the construction company’s stock worth $214,292,000 after acquiring an additional 28,893 shares during the period. Allianz Asset Management GmbH boosted its position in Owens Corning by 22.4% during the 3rd quarter. Allianz Asset Management GmbH now owns 1,798,466 shares of the construction company’s stock worth $139,112,000 after acquiring an additional 328,726 shares during the period. Finally, Teacher Retirement System of Texas boosted its position in Owens Corning by 10.4% during the 3rd quarter. Teacher Retirement System of Texas now owns 1,002,718 shares of the construction company’s stock worth $77,560,000 after acquiring an additional 94,659 shares during the period. Hedge funds and other institutional investors own 94.58% of the company’s stock.
A number of research analysts have issued reports on OC shares. Zacks Investment Research upgraded Owens Corning from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a research report on Saturday, January 6th. Credit Suisse Group set a $90.00 price objective on Owens Corning and gave the company an “outperform” rating in a report on Tuesday, October 17th. Bank of America upped their price objective on Owens Corning from $84.00 to $97.00 and gave the company a “buy” rating in a report on Friday, November 17th. Evercore ISI restated an “outperform” rating and issued a $80.00 price objective (down previously from $88.00) on shares of Owens Corning in a report on Wednesday, October 11th. Finally, Royal Bank of Canada upgraded Owens Corning from an “outperform” rating to a “top pick” rating in a report on Monday, December 4th. Nine investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $84.77.
Shares of Owens Corning (NYSE OC) opened at $96.03 on Monday. Owens Corning has a fifty-two week low of $53.04 and a fifty-two week high of $96.40. The company has a market capitalization of $10,682.47, a price-to-earnings ratio of 28.67, a PEG ratio of 1.17 and a beta of 1.10. The company has a current ratio of 1.66, a quick ratio of 0.99 and a debt-to-equity ratio of 0.62.
Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, October 25th. The construction company reported $1.25 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.01). Owens Corning had a net margin of 6.15% and a return on equity of 11.40%. The company had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the company earned $1.09 earnings per share. The company’s revenue for the quarter was up 12.2% on a year-over-year basis. sell-side analysts anticipate that Owens Corning will post 4.34 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, January 17th. Stockholders of record on Tuesday, January 2nd were issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 0.87%. This is an increase from Owens Corning’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Friday, December 29th. Owens Corning’s dividend payout ratio is currently 25.07%.
Owens Corning Profile
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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