Blueshift Asset Management LLC Grows Holdings in Owens Corning (NYSE:OC)

Blueshift Asset Management LLC boosted its stake in shares of Owens Corning (NYSE:OC) by 41.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,262 shares of the construction company’s stock after buying an additional 1,833 shares during the quarter. Blueshift Asset Management LLC’s holdings in Owens Corning were worth $1,105,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. ST Germain D J Co. Inc. increased its position in Owens Corning by 794.1% during the 2nd quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock valued at $26,000 after purchasing an additional 135 shares during the period. Innealta Capital LLC purchased a new stake in Owens Corning during the second quarter valued at approximately $32,000. Tobam boosted its stake in Owens Corning by 115.7% in the second quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after acquiring an additional 103 shares in the last quarter. Brooklyn Investment Group purchased a new position in Owens Corning in the third quarter worth $38,000. Finally, Quarry LP increased its position in shares of Owens Corning by 165.5% during the second quarter. Quarry LP now owns 231 shares of the construction company’s stock worth $40,000 after purchasing an additional 144 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Insiders Place Their Bets

In related news, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were 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. The trade was a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.90% of the stock is owned by company insiders.

Owens Corning Price Performance

Shares of NYSE OC opened at $208.07 on Wednesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The firm’s 50 day simple moving average is $183.63 and its 200-day simple moving average is $175.64. Owens Corning has a 12 month low of $131.67 and a 12 month high of $214.53. The stock has a market capitalization of $17.85 billion, a price-to-earnings ratio of 17.71, a PEG ratio of 2.36 and a beta of 1.41.

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 return on equity of 25.82% and a net margin of 9.92%. The firm had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.04 billion. During the same quarter in the previous year, the business earned $4.15 EPS. Owens Corning’s revenue for the quarter was up 22.9% compared to the same quarter last year. Analysts expect that Owens Corning will post 15.46 EPS for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend was Friday, October 18th. Owens Corning’s payout ratio is 20.43%.

Analyst Ratings Changes

Several brokerages recently issued reports on OC. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Wells Fargo & Company increased their price objective on shares of 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 upped 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. Royal Bank of Canada lifted 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, November 7th. Finally, StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Owens Corning currently has an average rating of “Moderate Buy” and a consensus target price of $192.62.

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.