Owens Corning (NYSE:OC) Shares Purchased by Millburn Ridgefield Corp

Millburn Ridgefield Corp boosted its holdings in shares of Owens Corning (NYSE:OC) by 1,174.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 1,096 shares of the construction company’s stock after buying an additional 1,010 shares during the period. Millburn Ridgefield Corp’s holdings in Owens Corning were worth $193,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OC. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Owens Corning during the third quarter worth approximately $715,000. Janus Henderson Group PLC grew its holdings in Owens Corning by 3.1% during the 3rd quarter. Janus Henderson Group PLC now owns 6,744 shares of the construction company’s stock worth $1,189,000 after acquiring an additional 200 shares in the last quarter. Harmony Asset Management LLC purchased a new position in Owens Corning in the third quarter valued at $541,000. Hilltop Holdings Inc. purchased a new position in shares of Owens Corning in the 3rd quarter valued at about $364,000. Finally, Centiva Capital LP lifted its position in shares of Owens Corning by 68.2% during the 3rd quarter. Centiva Capital LP now owns 8,040 shares of the construction company’s stock worth $1,419,000 after buying an additional 3,261 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Insider Buying and Selling at Owens Corning

In related news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction dated 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 directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. This represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.90% of the stock is owned by insiders.

Owens Corning Price Performance

Shares of NYSE OC opened at $202.35 on Wednesday. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. The stock has a market cap of $17.36 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 2.28 and a beta of 1.42. The company’s 50-day moving average price is $186.78 and its 200 day moving average price is $176.66. Owens Corning has a 52 week low of $137.09 and a 52 week high of $214.53.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.05 by $0.33. The firm had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.15 EPS. As a group, research analysts forecast that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend was Friday, October 18th. Owens Corning’s payout ratio is 20.43%.

Analysts Set New Price Targets

Several research analysts have commented on OC shares. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. The Goldman Sachs Group boosted their price target on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Royal Bank of Canada raised their target price 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. Wells Fargo & Company lifted their price objective on Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Finally, StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Owens Corning currently has a consensus rating of “Moderate Buy” and an average target price of $192.62.

About Owens Corning

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.