Owens Corning (NYSE:OC) Shares Purchased by M&T Bank Corp

M&T Bank Corp boosted its position in shares of Owens Corning (NYSE:OC) by 2.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,587 shares of the construction company’s stock after buying an additional 96 shares during the quarter. M&T Bank Corp’s holdings in Owens Corning were worth $810,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Innealta Capital LLC purchased a new stake in shares of Owens Corning in the second quarter valued at approximately $32,000. Tobam increased its holdings in Owens Corning by 115.7% in the 2nd quarter. Tobam now owns 192 shares of the construction company’s stock worth $33,000 after acquiring an additional 103 shares in the last quarter. Brooklyn Investment Group acquired a new position in Owens Corning during the third quarter worth $38,000. Quarry LP lifted its holdings in Owens Corning by 165.5% during the second quarter. Quarry LP now owns 231 shares of the construction company’s stock valued at $40,000 after purchasing an additional 144 shares in the last quarter. Finally, Blue Trust Inc. grew its position in shares of Owens Corning by 46.2% in the second quarter. Blue Trust Inc. now owns 367 shares of the construction company’s stock valued at $61,000 after purchasing an additional 116 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on OC shares. Wells Fargo & Company upped their price target on shares of Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. The Goldman Sachs Group boosted their price target on 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 price objective on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Finally, UBS Group lifted their target price on shares of Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $198.33.

Owens Corning Price Performance

Owens Corning stock opened at $185.27 on Tuesday. 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 $15.89 billion, a P/E ratio of 15.77, a PEG ratio of 2.14 and a beta of 1.42. The company has a 50-day moving average price of $191.40 and a 200 day moving average price of $178.03. Owens Corning has a 12-month low of $138.70 and a 12-month high of $214.53.

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

Owens Corning Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Monday, January 6th will be issued a dividend of $0.69 per share. The ex-dividend date is Monday, January 6th. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.49%. Owens Corning’s dividend payout ratio is currently 20.43%.

Insider Buying and Selling

In other news, insider Marcio A. Sandri sold 3,051 shares of the company’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 in the company, valued at approximately $10,074,443.50. This represents a 5.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.89% of the company’s stock.

Owens Corning 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.