Owens Corning (NYSE:OC) Shares Bought by Empowered Funds LLC

Empowered Funds LLC boosted its stake in shares of Owens Corning (NYSE:OC) by 1.4% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 185,901 shares of the construction company’s stock after acquiring an additional 2,646 shares during the period. Owens Corning comprises about 0.5% of Empowered Funds LLC’s holdings, making the stock its 21st biggest holding. Empowered Funds LLC owned 0.21% of Owens Corning worth $32,815,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in OC. Point72 Asset Management L.P. lifted its holdings in Owens Corning by 168.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock worth $128,772,000 after buying an additional 464,981 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of Owens Corning by 38.9% during the 2nd quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock valued at $276,655,000 after buying an additional 446,073 shares during the period. Panagora Asset Management Inc. raised its holdings in Owens Corning by 2,813.6% in the second quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock valued at $65,815,000 after buying an additional 365,853 shares during the period. Swedbank AB purchased a new position in Owens Corning in the first quarter valued at about $60,424,000. Finally, Kimelman & Baird LLC acquired a new position in shares of Owens Corning during the second quarter worth $35,970,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a report on Wednesday, August 7th. Wells Fargo & Company increased 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. Evercore ISI upped their price objective on shares of Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. The Goldman Sachs Group boosted their price objective on Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, UBS Group boosted 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. Seven research 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, the company presently has an average rating of “Moderate Buy” and an average price target of $192.62.

Owens Corning Stock Down 0.4 %

OC stock opened at $194.50 on Friday. The stock has a market capitalization of $16.68 billion, a P/E ratio of 16.62, a P/E/G ratio of 2.20 and a beta of 1.41. The business has a 50-day moving average of $178.38 and a 200-day moving average of $174.39. 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 fifty-two week low of $128.79 and a fifty-two week high of $199.54.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same period in the previous year, the business earned $4.15 EPS. The company’s revenue was up 22.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Owens Corning will post 15.39 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently announced 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 of this dividend was Friday, October 18th. Owens Corning’s payout ratio is presently 20.43%.

Insider Transactions at Owens Corning

In related 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 transaction of $538,501.50. Following the completion of the sale, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. This represents a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.89% 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.