KLP Kapitalforvaltning AS Takes $21.09 Million Position in Owens Corning (NYSE:OC)

KLP Kapitalforvaltning AS purchased a new stake in shares of Owens Corning (NYSE:OC) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 123,843 shares of the construction company’s stock, valued at approximately $21,093,000. KLP Kapitalforvaltning AS owned about 0.14% of Owens Corning at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Stratos Wealth Partners LTD. grew its position in Owens Corning by 4.3% during the 4th quarter. Stratos Wealth Partners LTD. now owns 1,297 shares of the construction company’s stock worth $221,000 after purchasing an additional 53 shares in the last quarter. Greenleaf Trust grew its position in Owens Corning by 1.5% during the 4th quarter. Greenleaf Trust now owns 3,895 shares of the construction company’s stock worth $663,000 after purchasing an additional 56 shares in the last quarter. Retirement Guys Formula LLC grew its position in Owens Corning by 3.1% during the 4th quarter. Retirement Guys Formula LLC now owns 1,999 shares of the construction company’s stock worth $341,000 after purchasing an additional 60 shares in the last quarter. IFP Advisors Inc grew its position in Owens Corning by 35.6% during the 4th quarter. IFP Advisors Inc now owns 236 shares of the construction company’s stock worth $40,000 after purchasing an additional 62 shares in the last quarter. Finally, Parallel Advisors LLC grew its position in Owens Corning by 2.5% during the 4th quarter. Parallel Advisors LLC now owns 2,578 shares of the construction company’s stock worth $439,000 after purchasing an additional 62 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on OC shares. Loop Capital lowered their price target on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Barclays lowered their price target on shares of Owens Corning from $245.00 to $215.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. StockNews.com cut shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. UBS Group lowered their price target on shares of Owens Corning from $245.00 to $235.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Finally, Benchmark restated a “hold” rating on shares of Owens Corning in a report on Monday, March 3rd. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $204.18.

Owens Corning Stock Down 1.8 %

OC stock opened at $144.49 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. Owens Corning has a 52-week low of $137.50 and a 52-week high of $214.53. The company has a 50-day moving average of $167.56 and a two-hundred day moving average of $176.64. The stock has a market capitalization of $12.36 billion, a price-to-earnings ratio of 12.30, a price-to-earnings-growth ratio of 1.88 and a beta of 1.52.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.88 billion. During the same period in the prior year, the company earned $3.21 earnings per share. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 10th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 1.91%. The ex-dividend date is Monday, March 10th. Owens Corning’s payout ratio is presently 37.70%.

Insiders Place Their Bets

In other Owens Corning news, insider Monaco Nicolas Del sold 1,750 shares of the firm’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the transaction, the insider now owns 11,635 shares in the company, valued at $2,140,490.95. This trade represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.89% of the company’s stock.

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.