Norges Bank Acquires Shares of 1,224,279 Owens Corning (NYSE:OC)

Norges Bank bought a new position in shares of Owens Corning (NYSE:OC) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 1,224,279 shares of the construction company’s stock, valued at approximately $208,519,000. Norges Bank owned about 1.43% of Owens Corning as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. FPC Investment Advisory Inc. bought a new position in Owens Corning in the 4th quarter worth approximately $28,000. Venturi Wealth Management LLC grew its stake in shares of Owens Corning by 55.8% in the fourth quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company’s stock worth $30,000 after purchasing an additional 63 shares in the last quarter. Global Trust Asset Management LLC bought a new position in shares of Owens Corning in the fourth quarter worth $31,000. Wilmington Savings Fund Society FSB increased its holdings in shares of Owens Corning by 193.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company’s stock valued at $32,000 after purchasing an additional 122 shares during the period. Finally, Whipplewood Advisors LLC bought a new stake in shares of Owens Corning during the fourth quarter valued at about $34,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on OC. StockNews.com lowered Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $212.00 target price on shares of Owens Corning in a research note on Monday, March 17th. Barclays dropped their price target on shares of Owens Corning from $245.00 to $215.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Benchmark restated a “hold” rating on shares of Owens Corning in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $204.18.

Owens Corning Price Performance

Shares of OC opened at $142.64 on Monday. The business’s 50-day moving average is $164.63 and its 200-day moving average is $176.39. 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 company has a market capitalization of $12.20 billion, a price-to-earnings ratio of 12.14, a P/E/G ratio of 1.88 and a beta of 1.52. Owens Corning has a fifty-two week low of $137.50 and a fifty-two week high of $214.53.

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

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 10th will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.76 dividend on an annualized basis and a yield of 1.93%. Owens Corning’s payout ratio is 37.70%.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Monaco Nicolas Del sold 1,750 shares of Owens Corning stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total value of $321,947.50. Following the completion of the sale, the insider now directly owns 11,635 shares in the company, valued at $2,140,490.95. The trade was a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.82% of the company’s stock.

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.