Owens Corning (NYSE:OC) Shares Acquired by Edgestream Partners L.P.

Edgestream Partners L.P. boosted its position in Owens Corning (NYSE:OC) by 2,225.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,510 shares of the construction company’s stock after buying an additional 32,069 shares during the period. Edgestream Partners L.P.’s holdings in Owens Corning were worth $5,915,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in OC. SG Americas Securities LLC lifted its holdings in shares of Owens Corning by 102.0% in the 2nd quarter. SG Americas Securities LLC now owns 41,525 shares of the construction company’s stock valued at $7,214,000 after buying an additional 20,971 shares during the period. Alpha DNA Investment Management LLC boosted its position in shares of Owens Corning by 147.4% during the 3rd quarter. Alpha DNA Investment Management LLC now owns 4,270 shares of the construction company’s stock worth $754,000 after purchasing an additional 2,544 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Owens Corning by 14.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 74,470 shares of the construction company’s stock worth $12,422,000 after purchasing an additional 9,584 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of Owens Corning in the 2nd quarter valued at about $3,598,000. Finally, Comerica Bank boosted its holdings in Owens Corning by 9.0% during the first quarter. Comerica Bank now owns 45,649 shares of the construction company’s stock worth $7,614,000 after buying an additional 3,769 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

NYSE:OC opened at $206.03 on Friday. Owens Corning has a 12-month low of $132.62 and a 12-month high of $214.53. The firm has a market cap of $17.67 billion, a price-to-earnings ratio of 17.53, a price-to-earnings-growth ratio of 2.29 and a beta of 1.41. The company’s 50-day moving average is $185.57 and its two-hundred day moving average is $176.27. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC) last announced its quarterly earnings data 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. The business had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.15 earnings per share. Research analysts expect that Owens Corning will post 15.46 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.16%. The ex-dividend date of this dividend was Friday, October 18th. Owens Corning’s dividend payout ratio (DPR) is 20.43%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Wells Fargo & Company increased their target price on shares of Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Evercore ISI lifted their price objective on 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 upped their target price on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. UBS Group raised their price target on Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research report 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. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.62.

Insider Activity

In related news, insider Marcio A. Sandri sold 3,050 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 of the company’s stock, valued at approximately $10,222,100. This trade represents a 4.83 % 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.

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.