Kimelman & Baird LLC Takes Position in Owens Corning (NYSE:OC)

Kimelman & Baird LLC bought a new position in shares of Owens Corning (NYSE:OC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 207,059 shares of the construction company’s stock, valued at approximately $35,970,000. Owens Corning accounts for approximately 3.0% of Kimelman & Baird LLC’s holdings, making the stock its 13th largest holding. Kimelman & Baird LLC owned about 0.24% of Owens Corning at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Wells Fargo & Company MN boosted its position in shares of Owens Corning by 91.6% during the 4th quarter. Wells Fargo & Company MN now owns 45,256 shares of the construction company’s stock valued at $6,708,000 after purchasing an additional 21,633 shares in the last quarter. Assetmark Inc. grew its position in shares of Owens Corning by 26,700.0% during the 4th quarter. Assetmark Inc. now owns 268 shares of the construction company’s stock worth $40,000 after buying an additional 267 shares during the period. TD Asset Management Inc increased its stake in shares of Owens Corning by 30.6% in the 4th quarter. TD Asset Management Inc now owns 8,990 shares of the construction company’s stock valued at $1,333,000 after acquiring an additional 2,108 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in shares of Owens Corning by 3.1% during the 4th quarter. Treasurer of the State of North Carolina now owns 44,779 shares of the construction company’s stock valued at $6,638,000 after acquiring an additional 1,365 shares during the period. Finally, Capstone Investment Advisors LLC lifted its position in shares of Owens Corning by 20.7% during the 4th quarter. Capstone Investment Advisors LLC now owns 1,967 shares of the construction company’s stock valued at $292,000 after acquiring an additional 338 shares during the period. 88.40% of the stock is owned by institutional investors.

Insider Activity at Owens Corning

In other news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the transaction, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the sale, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Marcio A. Sandri sold 3,050 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the completion of the transaction, the insider now directly owns 60,130 shares of the company’s stock, valued at $10,222,100. The disclosure for this sale can be found here. 0.89% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Royal Bank of Canada boosted their target price on Owens Corning from $211.00 to $213.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. UBS Group upped their target price on Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. The Goldman Sachs Group reissued a “neutral” rating and issued a $187.00 price target on shares of Owens Corning in a research report on Monday, June 17th. Loop Capital upped their price objective on shares of Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Finally, Evercore ISI dropped their price objective on shares of Owens Corning from $188.00 to $175.00 and set an “in-line” rating on the stock in a research note on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $184.23.

Owens Corning Stock Up 0.2 %

OC stock opened at $174.30 on Monday. The stock has a market cap of $15.10 billion, a P/E ratio of 14.11, a P/E/G ratio of 3.47 and a beta of 1.41. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91. The stock’s fifty day simple moving average is $167.46 and its two-hundred day simple moving average is $170.20. Owens Corning has a 1-year low of $109.95 and a 1-year high of $191.13.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, topping analysts’ consensus estimates of $4.37 by $0.27. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.92 billion. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the firm earned $4.22 EPS. Analysts expect that Owens Corning will post 15.38 EPS for the current year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Friday, October 18th will be issued a $0.60 dividend. The ex-dividend date is Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.38%. Owens Corning’s dividend payout ratio (DPR) is presently 19.43%.

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.