Virtus Investment Advisers Inc. Trims Position in Owens Corning (NYSE:OC)

Virtus Investment Advisers Inc. reduced its position in Owens Corning (NYSE:OC) by 24.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,419 shares of the construction company’s stock after selling 450 shares during the period. Virtus Investment Advisers Inc.’s holdings in Owens Corning were worth $250,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Point72 Asset Management L.P. grew 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. Pacer Advisors Inc. boosted its stake in Owens Corning by 38.9% in 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. grew its holdings in Owens Corning by 2,813.6% in the 2nd quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock valued at $65,815,000 after buying an additional 365,853 shares during the period. Goldentree Asset Management LP acquired a new position in shares of Owens Corning during the 3rd quarter valued at about $43,559,000. Finally, Kimelman & Baird LLC purchased a new position in shares of Owens Corning during the 2nd quarter worth about $35,970,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Owens Corning

In related news, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This represents a 5.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. StockNews.com upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. UBS Group boosted their price objective on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Evercore ISI upped 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 lifted 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. Finally, Wells Fargo & Company upped their price target on Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Owens Corning presently has an average rating of “Moderate Buy” and an average target price of $192.62.

Owens Corning Stock Performance

Shares of NYSE:OC opened at $200.16 on Friday. The business’s 50-day simple moving average is $188.52 and its 200 day simple moving average is $177.19. The company has a market cap of $17.17 billion, a P/E ratio of 17.03, a PEG ratio of 2.26 and a beta of 1.42. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. Owens Corning has a one year low of $138.26 and a one year high of $214.53.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping 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 business had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same period in the previous year, the company posted $4.15 earnings per share. The business’s revenue for the quarter was up 22.9% compared to the same quarter last year. On average, sell-side analysts forecast that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Monday, January 6th will be issued a dividend of $0.69 per share. This is a positive change from Owens Corning’s previous quarterly dividend of $0.60. This represents a $2.76 annualized dividend and a yield of 1.38%. Owens Corning’s dividend payout ratio (DPR) is currently 20.43%.

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.