UMB Bank n.a. Raises Stock Position in Owens Corning (NYSE:OC)

UMB Bank n.a. lifted its stake in Owens Corning (NYSE:OC) by 46.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 911 shares of the construction company’s stock after buying an additional 288 shares during the period. UMB Bank n.a.’s holdings in Owens Corning were worth $155,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OC. Alpha DNA Investment Management LLC grew its position in shares of Owens Corning by 147.4% during the third quarter. Alpha DNA Investment Management LLC now owns 4,270 shares of the construction company’s stock worth $754,000 after acquiring an additional 2,544 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Owens Corning by 3.1% during the 3rd quarter. Janus Henderson Group PLC now owns 6,744 shares of the construction company’s stock worth $1,189,000 after purchasing an additional 200 shares during the period. Penserra Capital Management LLC grew its position in Owens Corning by 53.3% during the 3rd quarter. Penserra Capital Management LLC now owns 4,726 shares of the construction company’s stock worth $832,000 after purchasing an additional 1,643 shares during the last quarter. Atria Investments Inc increased its stake in Owens Corning by 93.3% in the third quarter. Atria Investments Inc now owns 13,200 shares of the construction company’s stock valued at $2,330,000 after purchasing an additional 6,373 shares during the period. Finally, CWA Asset Management Group LLC purchased a new stake in shares of Owens Corning in the third quarter valued at about $1,046,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OC. Barclays upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $192.00 to $245.00 in a research report on Wednesday, December 11th. Citigroup cut their price target on Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Royal Bank of Canada lifted their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Wells Fargo & Company upgraded shares of Owens Corning from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $195.00 to $225.00 in a research report on Tuesday, December 17th. Finally, Loop Capital lowered their target price on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Owens Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $201.75.

Insider Activity

In related news, insider Gunner Smith sold 17,450 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the sale, the insider now owns 18,866 shares of the company’s stock, valued at $3,606,990.54. This trade represents a 48.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.89% of the company’s stock.

Owens Corning Stock Performance

OC opened at $187.82 on Friday. The stock’s 50 day simple moving average is $185.49 and its 200 day simple moving average is $177.82. The stock has a market cap of $16.11 billion, a P/E ratio of 15.98, a P/E/G ratio of 2.06 and a beta of 1.46. Owens Corning has a 1-year low of $138.70 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.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating 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 company had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same quarter in the prior year, the company earned $4.15 earnings per share. Owens Corning’s revenue was up 22.9% compared to the same quarter last year. As a group, equities analysts anticipate that Owens Corning will post 15.46 EPS for the current fiscal year.

Owens Corning Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Monday, January 6th were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend was Monday, January 6th. This is an increase from Owens Corning’s previous quarterly dividend of $0.60. Owens Corning’s dividend payout ratio is 23.49%.

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.