Inspire Advisors LLC Makes New Investment in Owens Corning (NYSE:OC)

Inspire Advisors LLC purchased a new stake in Owens Corning (NYSE:OC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,505 shares of the construction company’s stock, valued at approximately $266,000.

A number of other hedge funds also recently made changes to their positions in OC. Pacer Advisors Inc. raised its stake in Owens Corning by 38.9% during the second quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock worth $276,655,000 after buying an additional 446,073 shares during the last quarter. Nordea Investment Management AB raised its position in shares of Owens Corning by 74.4% in the 1st quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock worth $210,040,000 after acquiring an additional 533,910 shares in the last quarter. Point72 Asset Management L.P. lifted its stake in shares of Owens Corning by 168.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock valued at $128,772,000 after purchasing an additional 464,981 shares during the period. Skandinaviska Enskilda Banken AB publ boosted its position in shares of Owens Corning by 6.4% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 716,704 shares of the construction company’s stock valued at $124,506,000 after purchasing an additional 43,180 shares in the last quarter. Finally, AustralianSuper Pty Ltd grew its stake in Owens Corning by 2.2% during the second quarter. AustralianSuper Pty Ltd now owns 590,977 shares of the construction company’s stock worth $102,665,000 after purchasing an additional 12,707 shares during the period. 88.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the transaction, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the completion of the sale, the insider now directly owns 60,130 shares in the company, valued at $10,222,100. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

OC has been the topic of a number of research analyst reports. UBS Group increased their price target on Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Benchmark restated a “hold” rating on shares of Owens Corning in a report on Wednesday, August 7th. Evercore ISI upped their price objective on shares of Owens Corning from $175.00 to $189.00 and gave the company an “in-line” rating in a report on Wednesday. Barclays reduced their target price on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a research note on Friday, July 12th. Finally, Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and upped their price target for the stock from $178.00 to $191.00 in a research note on Thursday, July 11th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Owens Corning presently has an average rating of “Hold” and a consensus price target of $187.77.

Owens Corning Trading Up 1.5 %

Shares of Owens Corning stock opened at $189.60 on Friday. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91. The stock has a fifty day simple moving average of $170.05 and a 200 day simple moving average of $171.93. Owens Corning has a 12-month low of $109.95 and a 12-month high of $191.44. The company has a market capitalization of $16.49 billion, a P/E ratio of 16.05, a price-to-earnings-growth ratio of 3.74 and a beta of 1.41.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, beating analysts’ consensus estimates of $4.37 by $0.27. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same period last year, the firm earned $4.22 earnings per share. The firm’s revenue was up 8.8% on a year-over-year basis. On average, sell-side analysts anticipate that Owens Corning will post 15.34 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 18th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend is Friday, October 18th. Owens Corning’s dividend payout ratio is presently 20.32%.

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.