Quadrature Capital Ltd Makes New Investment in Owens Corning (NYSE:OC)

Quadrature Capital Ltd bought a new stake in Owens Corning (NYSE:OC) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 6,213 shares of the construction company’s stock, valued at approximately $1,095,000.

Other large investors have also modified their holdings of the company. Point72 Asset Management L.P. lifted its position in 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. lifted its holdings in shares of Owens Corning by 38.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock valued at $276,655,000 after buying an additional 446,073 shares during the period. Panagora Asset Management Inc. boosted its stake in shares of Owens Corning by 2,813.6% in the second 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 in the last quarter. Goldentree Asset Management LP acquired a new position in Owens Corning during the third quarter worth $43,559,000. Finally, Kimelman & Baird LLC purchased a new position in Owens Corning in the second quarter worth $35,970,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Trading Up 0.9 %

Shares of OC stock opened at $201.91 on Friday. Owens Corning has a twelve month low of $138.26 and a twelve month high of $214.53. The company has a market capitalization of $17.32 billion, a price-to-earnings ratio of 17.18, a PEG ratio of 2.27 and a beta of 1.42. The firm has a 50-day moving average price of $189.08 and a 200 day moving average price of $177.35. 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 forecast that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Monday, January 6th will be issued a dividend of $0.69 per share. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, January 6th. This represents a $2.76 annualized dividend and a dividend yield of 1.37%. Owens Corning’s dividend payout ratio (DPR) is 20.43%.

Analyst Upgrades and Downgrades

OC has been the subject of a number of research analyst reports. StockNews.com upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. The Goldman Sachs Group increased their target price on shares of Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Evercore ISI boosted their price target on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. UBS Group raised their price objective 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, Wells Fargo & Company boosted their target price on Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and an average price target 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.

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.