EP Wealth Advisors LLC Buys Shares of 2,406 Owens Corning (NYSE:OC)

EP Wealth Advisors LLC acquired a new stake in shares of Owens Corning (NYSE:OC) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 2,406 shares of the construction company’s stock, valued at approximately $425,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Innealta Capital LLC purchased a new stake in shares of Owens Corning during the 2nd quarter valued at $32,000. Tobam lifted its holdings in shares of Owens Corning by 115.7% during the 2nd quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after purchasing an additional 103 shares during the last quarter. Brooklyn Investment Group purchased a new stake in shares of Owens Corning during the 3rd quarter valued at $38,000. Quarry LP raised its stake in Owens Corning by 165.5% in the 2nd quarter. Quarry LP now owns 231 shares of the construction company’s stock worth $40,000 after acquiring an additional 144 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in Owens Corning by 46.2% in the 2nd quarter. Blue Trust Inc. now owns 367 shares of the construction company’s stock worth $61,000 after acquiring an additional 116 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

Shares of OC opened at $194.37 on Friday. Owens Corning has a fifty-two week low of $138.70 and a fifty-two week high of $214.53. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The company has a market capitalization of $16.67 billion, a P/E ratio of 16.54, a P/E/G ratio of 2.26 and a beta of 1.42. The business’s 50-day moving average is $190.94 and its two-hundred day moving average is $177.88.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same period last year, the firm earned $4.15 EPS. The company’s quarterly revenue was up 22.9% on a year-over-year basis. Research analysts predict that Owens Corning will post 15.46 earnings per share for the current year.

Owens Corning Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Monday, January 6th will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, January 6th. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.42%. Owens Corning’s dividend payout ratio (DPR) is 23.49%.

Insider Buying and Selling

In related news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction dated 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 directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. The trade was a 5.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.89% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on OC. StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Royal Bank of Canada raised their target price on Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Evercore ISI raised their target price 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. Barclays upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $192.00 to $245.00 in a research note on Wednesday. Finally, Wells Fargo & Company raised their target price 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. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $198.33.

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.