Nordea Investment Management AB increased its stake in shares of Owens Corning (NYSE:OC – Free Report) by 12.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,148,610 shares of the construction company’s stock after acquiring an additional 238,694 shares during the period. Nordea Investment Management AB’s holdings in Owens Corning were worth $366,166,000 as of its most recent filing with the SEC.
Several other large investors have also recently bought and sold shares of the stock. State Street Corp increased its stake in shares of Owens Corning by 4.7% during the 3rd quarter. State Street Corp now owns 4,181,421 shares of the construction company’s stock worth $738,104,000 after purchasing an additional 187,001 shares during the last quarter. Pacer Advisors Inc. raised its stake in Owens Corning by 16.4% in the 3rd quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company’s stock valued at $327,286,000 after acquiring an additional 261,564 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its position in Owens Corning by 31.6% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company’s stock worth $145,455,000 after purchasing an additional 197,667 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Owens Corning by 113.9% in the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock valued at $140,818,000 after purchasing an additional 424,786 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its position in shares of Owens Corning by 168.3% in the second 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. 88.40% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on OC shares. The Goldman Sachs Group increased their target price on Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Wells Fargo & Company upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $195.00 to $225.00 in a research note on Tuesday, December 17th. Evercore ISI increased their target price on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. UBS Group boosted their price target on Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, StockNews.com upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $200.83.
Owens Corning Price Performance
Shares of OC opened at $172.14 on Monday. The business has a 50-day moving average of $187.98 and a 200-day moving average of $177.38. 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 1 year low of $138.70 and a 1 year high of $214.53. The company has a market capitalization of $14.77 billion, a price-to-earnings ratio of 14.65, a price-to-earnings-growth ratio of 2.14 and a beta of 1.42.
Owens Corning (NYSE:OC – Get Free Report) last released its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter in the previous year, the company earned $4.15 EPS. Owens Corning’s quarterly revenue was up 22.9% compared to the same quarter last year. As a group, equities research 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. Investors of record on Monday, January 6th will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.60%. This is an increase from Owens Corning’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, January 6th. Owens Corning’s dividend payout ratio (DPR) is presently 23.49%.
Insiders Place Their Bets
In other Owens Corning news, insider Gunner Smith sold 17,450 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the sale, the insider now directly owns 18,866 shares of the company’s stock, valued at $3,606,990.54. This represents a 48.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.89% of the company’s stock.
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.
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