Owens Corning (NYSE:OC) Insider Sells $3,336,265.50 in Stock

Owens Corning (NYSE:OC) insider Gunner Smith sold 17,450 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $191.19, for a total value of $3,336,265.50. Following the sale, the insider now directly owns 18,866 shares in the company, valued at approximately $3,606,990.54. This trade represents a 48.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Owens Corning Stock Down 2.8 %

Shares of NYSE OC opened at $169.50 on Friday. The company has a market capitalization of $14.54 billion, a P/E ratio of 14.43, a P/E/G ratio of 2.14 and a beta of 1.42. Owens Corning has a 1 year low of $138.70 and a 1 year high of $214.53. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The company has a 50 day simple moving average of $191.15 and a 200-day simple moving average of $177.96.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. The business had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same period last year, the business earned $4.15 earnings per share. On average, equities 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. Investors of record on Monday, January 6th will be paid a dividend of $0.69 per share. This is an increase from Owens Corning’s previous quarterly dividend of $0.60. This represents a $2.76 annualized dividend and a yield of 1.63%. The ex-dividend date is Monday, January 6th. Owens Corning’s dividend payout ratio is presently 23.49%.

Wall Street Analysts Forecast Growth

OC has been the topic of a number of analyst reports. Evercore ISI raised their price objective on shares of 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 shares of Owens Corning from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $192.00 to $245.00 in a research report on Wednesday, December 11th. Wells Fargo & Company raised Owens Corning from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $195.00 to $225.00 in a report on Tuesday. UBS Group upped their price objective on shares of Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group raised their target price on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Owens Corning has a consensus rating of “Moderate Buy” and an average price target of $200.83.

Hedge Funds Weigh In On Owens Corning

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OC. Retirement Guys Formula LLC increased its position in shares of Owens Corning by 3.1% during the third quarter. Retirement Guys Formula LLC now owns 1,939 shares of the construction company’s stock worth $342,000 after acquiring an additional 58 shares during the period. PFG Investments LLC raised its position in Owens Corning by 3.9% in the 3rd quarter. PFG Investments LLC now owns 1,828 shares of the construction company’s stock valued at $323,000 after purchasing an additional 68 shares in the last quarter. Tobam boosted its stake in shares of Owens Corning by 38.0% in the 3rd quarter. Tobam now owns 265 shares of the construction company’s stock valued at $47,000 after buying an additional 73 shares during the period. First Bank & Trust grew its position in shares of Owens Corning by 2.0% during the third quarter. First Bank & Trust now owns 3,658 shares of the construction company’s stock worth $646,000 after buying an additional 73 shares in the last quarter. Finally, KMG Fiduciary Partners LLC increased its stake in shares of Owens Corning by 1.5% during the third quarter. KMG Fiduciary Partners LLC now owns 5,432 shares of the construction company’s stock worth $959,000 after buying an additional 80 shares during the period. Hedge funds and other institutional investors own 88.40% 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.