Systematic Financial Management LP Boosts Stock Position in Owens Corning (NYSE:OC)

Systematic Financial Management LP lifted its position in Owens Corning (NYSE:OC) by 13.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 211,221 shares of the construction company’s stock after purchasing an additional 25,760 shares during the quarter. Owens Corning accounts for about 0.9% of Systematic Financial Management LP’s holdings, making the stock its 24th largest holding. Systematic Financial Management LP’s holdings in Owens Corning were worth $37,285,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OC. Innealta Capital LLC purchased a new position in shares of Owens Corning in the 2nd quarter worth about $32,000. Tobam boosted its holdings in Owens Corning by 115.7% during the 2nd quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after acquiring an additional 103 shares during the period. Brooklyn Investment Group purchased a new stake in Owens Corning during the 3rd quarter valued at about $38,000. Quarry LP boosted its holdings in Owens Corning by 165.5% during the 2nd quarter. Quarry LP now owns 231 shares of the construction company’s stock valued at $40,000 after acquiring an additional 144 shares during the period. Finally, Friedenthal Financial purchased a new stake in Owens Corning during the 2nd quarter valued at about $48,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on OC. Benchmark restated a “hold” rating on shares of Owens Corning in a report on Wednesday, August 7th. UBS Group increased their target price on 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 increased their target price on Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Wells Fargo & Company increased their price objective on Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a 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 given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $192.62.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the firm’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 transaction, the insider now directly owns 57,079 shares in the company, 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 the SEC website. Company insiders own 0.89% of the company’s stock.

Owens Corning Trading Up 0.4 %

Shares of OC stock opened at $203.24 on Thursday. Owens Corning has a 1 year low of $137.29 and a 1 year high of $214.53. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The stock’s 50 day simple moving average is $187.34 and its two-hundred day simple moving average is $176.84. The company has a market cap of $17.43 billion, a PE ratio of 17.30, a price-to-earnings-growth ratio of 2.26 and a beta of 1.42.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.33. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.04 billion. During the same period in the prior year, the business posted $4.15 earnings per share. The company’s revenue for the quarter was up 22.9% on a year-over-year basis. Research analysts predict that Owens Corning will post 15.46 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were issued a $0.60 dividend. The ex-dividend date was Friday, October 18th. This represents a $2.40 annualized dividend and a dividend yield of 1.18%. Owens Corning’s payout ratio is 20.43%.

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.