Truvestments Capital LLC Grows Position in Owens Corning (NYSE:OC)

Truvestments Capital LLC boosted its holdings in Owens Corning (NYSE:OC) by 9.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,543 shares of the construction company’s stock after buying an additional 400 shares during the quarter. Truvestments Capital LLC’s holdings in Owens Corning were worth $802,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Loomis Sayles & Co. L P boosted its position in Owens Corning by 36.6% in the third quarter. Loomis Sayles & Co. L P now owns 3,094 shares of the construction company’s stock worth $546,000 after purchasing an additional 829 shares during the last quarter. Fisher Asset Management LLC increased its holdings in Owens Corning by 5.6% in the 3rd quarter. Fisher Asset Management LLC now owns 141,803 shares of the construction company’s stock worth $25,031,000 after acquiring an additional 7,553 shares in the last quarter. Daiwa Securities Group Inc. raised its position in shares of Owens Corning by 5.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 13,586 shares of the construction company’s stock valued at $2,399,000 after purchasing an additional 700 shares during the period. Alpha DNA Investment Management LLC lifted its stake in shares of Owens Corning by 147.4% during the 3rd quarter. Alpha DNA Investment Management LLC now owns 4,270 shares of the construction company’s stock valued at $754,000 after buying an additional 2,544 shares in the last quarter. Finally, Penserra Capital Management LLC grew its position in shares of Owens Corning by 53.3% during the third quarter. Penserra Capital Management LLC now owns 4,726 shares of the construction company’s stock worth $832,000 after purchasing an additional 1,643 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group raised their price objective on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. Wells Fargo & Company raised their target price on shares of Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. UBS Group lifted their target price on Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Benchmark reissued a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $192.62.

Owens Corning Stock Up 1.4 %

Shares of OC stock opened at $205.51 on Monday. The stock has a 50 day moving average of $182.76 and a 200 day moving average of $175.41. The stock has a market cap of $17.63 billion, a P/E ratio of 17.26, a P/E/G ratio of 2.27 and a beta of 1.41. Owens Corning has a twelve month low of $131.67 and a twelve month high of $205.51. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC) last released its 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. The business had revenue of $3.05 billion for 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 business’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter last year, the business posted $4.15 earnings per share. As a group, sell-side analysts expect that Owens Corning will post 15.46 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were given a dividend of $0.60 per share. The ex-dividend date was Friday, October 18th. This represents a $2.40 annualized dividend and a dividend yield of 1.17%. Owens Corning’s payout ratio is 20.43%.

Insider Activity

In related news, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the transaction, the insider now directly owns 57,079 shares of the company’s stock, valued at $10,074,443.50. The trade was a 5.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.90% 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.