Owens Corning (NYSE:OC) Stock Position Lowered by Paradiem LLC

Paradiem LLC lessened its position in Owens Corning (NYSE:OC) by 67.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 21,533 shares of the construction company’s stock after selling 43,746 shares during the quarter. Paradiem LLC’s holdings in Owens Corning were worth $3,668,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. State Street Corp lifted its position in shares of Owens Corning by 4.7% in the 3rd quarter. State Street Corp now owns 4,181,421 shares of the construction company’s stock valued at $738,104,000 after acquiring an additional 187,001 shares in the last quarter. Nordea Investment Management AB lifted its position in Owens Corning by 12.5% in the 4th quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock worth $366,166,000 after buying an additional 238,694 shares in the last quarter. Pacer Advisors Inc. lifted its position in Owens Corning by 16.4% in the 3rd quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company’s stock worth $327,286,000 after buying an additional 261,564 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in Owens Corning by 31.6% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company’s stock worth $145,455,000 after buying an additional 197,667 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Owens Corning by 113.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock worth $140,818,000 after buying an additional 424,786 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

NYSE:OC opened at $187.53 on Thursday. Owens Corning has a 1 year low of $138.70 and a 1 year high of $214.53. The firm’s fifty day simple moving average is $185.64 and its 200 day simple moving average is $177.75. 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 firm has a market capitalization of $16.09 billion, a PE ratio of 15.96, a PEG ratio of 2.06 and a beta of 1.46.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same period last year, the business posted $4.15 EPS. Owens Corning’s revenue was up 22.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Owens Corning will post 15.46 EPS for the current year.

Owens Corning Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Monday, January 6th were paid a $0.69 dividend. The ex-dividend date was Monday, January 6th. This is a positive change from Owens Corning’s previous quarterly dividend of $0.60. This represents a $2.76 dividend on an annualized basis and a yield of 1.47%. Owens Corning’s dividend payout ratio (DPR) is presently 23.49%.

Analysts Set New Price Targets

A number of research firms have issued reports on OC. Royal Bank of Canada increased their target price on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Barclays upgraded shares of Owens Corning from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $192.00 to $245.00 in a research report on Wednesday, December 11th. The Goldman Sachs Group increased their target price on shares of Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Evercore ISI increased their target price on shares of Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Finally, Wells Fargo & Company upgraded shares of Owens Corning from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $195.00 to $225.00 in a report on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Owens Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $201.75.

Insider Activity at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $191.19, for a total value of $3,336,265.50. Following the sale, the insider now directly owns 18,866 shares in the company, valued at $3,606,990.54. This trade represents a 48.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.89% of the stock is currently owned by company insiders.

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.