Ashton Thomas Private Wealth LLC Raises Stock Position in Owens Corning (NYSE:OC)

Ashton Thomas Private Wealth LLC increased its stake in Owens Corning (NYSE:OC) by 13.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,234 shares of the construction company’s stock after purchasing an additional 1,679 shares during the quarter. Ashton Thomas Private Wealth LLC’s holdings in Owens Corning were worth $2,424,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Stratos Wealth Partners LTD. boosted its holdings in Owens Corning by 4.3% in the fourth quarter. Stratos Wealth Partners LTD. now owns 1,297 shares of the construction company’s stock worth $221,000 after purchasing an additional 53 shares during the last quarter. Greenleaf Trust boosted its holdings in Owens Corning by 1.5% in the fourth quarter. Greenleaf Trust now owns 3,895 shares of the construction company’s stock worth $663,000 after purchasing an additional 56 shares during the last quarter. Retirement Guys Formula LLC boosted its stake in shares of Owens Corning by 3.1% during the 4th quarter. Retirement Guys Formula LLC now owns 1,999 shares of the construction company’s stock worth $341,000 after acquiring an additional 60 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of Owens Corning by 35.6% during the 4th quarter. IFP Advisors Inc now owns 236 shares of the construction company’s stock worth $40,000 after acquiring an additional 62 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its stake in shares of Owens Corning by 55.8% during the 4th quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company’s stock worth $30,000 after acquiring an additional 63 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of Owens Corning stock in a transaction on Friday, December 13th. The shares were sold at an average price of $191.19, for a total value of $3,336,265.50. Following the completion of the transaction, the insider now directly owns 18,866 shares of the company’s stock, valued at $3,606,990.54. This trade represents a 48.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Monaco Nicolas Del sold 1,750 shares of Owens Corning stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the transaction, the insider now directly owns 11,635 shares of the company’s stock, valued at $2,140,490.95. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

OC has been the topic of several analyst reports. UBS Group dropped their price target on shares of Owens Corning from $245.00 to $235.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. JPMorgan Chase & Co. dropped their price target on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Loop Capital dropped their price target on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research note on Monday, March 3rd. Finally, Royal Bank of Canada dropped their price target on shares of Owens Corning from $224.00 to $212.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 25th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $204.18.

Owens Corning Stock Down 0.7 %

Shares of OC stock opened at $144.54 on Friday. The company has a market capitalization of $12.36 billion, a price-to-earnings ratio of 12.30, a PEG ratio of 1.88 and a beta of 1.52. Owens Corning has a one year low of $140.94 and a one year high of $214.53. The company’s fifty day moving average price is $172.91 and its 200-day moving average price is $178.27. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.88 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. Owens Corning’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.21 EPS. Sell-side analysts expect that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 10th will be issued a $0.69 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.76 dividend on an annualized basis and a yield of 1.91%. Owens Corning’s dividend payout ratio is currently 37.70%.

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.