Empowered Funds LLC Acquires 2,646 Shares of Owens Corning (NYSE:OC)

Empowered Funds LLC raised its stake in shares of Owens Corning (NYSE:OC) by 1.4% in the third quarter, Holdings Channel reports. The institutional investor owned 185,901 shares of the construction company’s stock after buying an additional 2,646 shares during the quarter. Owens Corning accounts for about 0.5% of Empowered Funds LLC’s holdings, making the stock its 21st biggest position. Empowered Funds LLC’s holdings in Owens Corning were worth $32,815,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of OC. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Owens Corning by 14.9% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 4,002 shares of the construction company’s stock valued at $668,000 after buying an additional 519 shares during the period. Sei Investments Co. grew its stake in shares of Owens Corning by 42.1% during the 1st quarter. Sei Investments Co. now owns 94,182 shares of the construction company’s stock valued at $15,709,000 after purchasing an additional 27,888 shares during the period. Headlands Technologies LLC lifted its stake in shares of Owens Corning by 218.2% in the 1st quarter. Headlands Technologies LLC now owns 471 shares of the construction company’s stock worth $79,000 after purchasing an additional 323 shares during the period. US Bancorp DE increased its holdings in Owens Corning by 27.0% during the first quarter. US Bancorp DE now owns 5,921 shares of the construction company’s stock valued at $988,000 after buying an additional 1,259 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its position in Owens Corning by 14.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 112,356 shares of the construction company’s stock valued at $18,741,000 after purchasing an additional 14,011 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OC has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price objective on Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. The Goldman Sachs Group lifted their price objective on shares of Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. UBS Group increased their price target on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Royal Bank of Canada upped their price objective on Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and a consensus price target of $192.62.

Insider Buying and Selling

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now directly owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This trade represents a 5.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.89% of the company’s stock.

Owens Corning Stock Down 0.4 %

OC stock opened at $194.50 on Friday. The firm’s fifty day simple moving average is $178.38 and its 200-day simple moving average is $174.39. The company has a market capitalization of $16.68 billion, a P/E ratio of 16.62, a price-to-earnings-growth ratio of 2.20 and a beta of 1.41. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. Owens Corning has a 12 month low of $128.79 and a 12 month high of $199.54.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. The company had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.15 earnings per share. As a group, equities research analysts forecast that Owens Corning will post 15.39 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.23%. The ex-dividend date was Friday, October 18th. Owens Corning’s payout ratio is presently 20.43%.

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.