Accurate Wealth Management LLC Grows Stock Position in Owens Corning (NYSE:OC)

Accurate Wealth Management LLC lifted its stake in Owens Corning (NYSE:OC) by 9.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,545 shares of the construction company’s stock after purchasing an additional 319 shares during the period. Accurate Wealth Management LLC’s holdings in Owens Corning were worth $663,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nordea Investment Management AB lifted its holdings in Owens Corning by 74.4% during the 1st quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock worth $210,040,000 after buying an additional 533,910 shares during the last quarter. 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. lifted its holdings in Owens Corning by 38.9% during the 2nd quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock worth $276,655,000 after buying an additional 446,073 shares during the last quarter. Panagora Asset Management Inc. lifted its holdings in Owens Corning by 2,813.6% during the 2nd quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock worth $65,815,000 after buying an additional 365,853 shares during the last quarter. Finally, Swedbank AB purchased a new stake in Owens Corning during the 1st quarter worth about $60,424,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OC has been the subject of a number of recent analyst reports. Wells Fargo & Company lifted their price target on Owens Corning from $165.00 to $175.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Royal Bank of Canada lifted their target price on Owens Corning from $211.00 to $213.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. StockNews.com cut Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Evercore ISI lifted their target price on Owens Corning from $175.00 to $189.00 and gave the stock an “in-line” rating in a research report on Wednesday. Finally, Benchmark reiterated a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $187.77.

Owens Corning Stock Performance

Shares of OC stock opened at $189.60 on Friday. The stock has a market capitalization of $16.49 billion, a PE ratio of 16.05, a price-to-earnings-growth ratio of 3.74 and a beta of 1.41. Owens Corning has a 52-week low of $109.95 and a 52-week high of $191.44. The stock’s 50-day moving average price is $170.05 and its 200 day moving average price is $171.93. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.37 by $0.27. The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.22 EPS. As a group, equities research analysts forecast that Owens Corning will post 15.34 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Friday, October 18th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date of this dividend is Friday, October 18th. Owens Corning’s dividend payout ratio is presently 20.32%.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the sale, the insider now owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the sale, the insider now owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Marcio A. Sandri sold 3,050 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the sale, the insider now directly owns 60,130 shares in the company, valued at $10,222,100. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.90% of the stock is owned by corporate insiders.

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.