Forsta AP Fonden Buys 3,900 Shares of Owens Corning (NYSE:OC)

Forsta AP Fonden boosted its stake in shares of Owens Corning (NYSE:OC) by 18.6% during the third quarter, Holdings Channel.com reports. The fund owned 24,900 shares of the construction company’s stock after acquiring an additional 3,900 shares during the period. Forsta AP Fonden’s holdings in Owens Corning were worth $4,395,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC bought a new position in Owens Corning during the 3rd quarter worth $156,000. Greenleaf Trust increased its stake in Owens Corning by 3.8% during the 3rd quarter. Greenleaf Trust now owns 3,839 shares of the construction company’s stock worth $678,000 after acquiring an additional 141 shares during the period. Lecap Asset Management Ltd. bought a new position in Owens Corning during the 3rd quarter worth $3,212,000. Sebold Capital Management Inc. bought a new position in Owens Corning during the 3rd quarter worth $214,000. Finally, Precision Wealth Strategies LLC increased its stake in Owens Corning by 6.4% during the 3rd quarter. Precision Wealth Strategies LLC now owns 2,369 shares of the construction company’s stock worth $418,000 after acquiring an additional 142 shares during the period. Institutional investors own 88.40% of the company’s stock.

Insiders Place Their Bets

In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the transaction, the insider now directly owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other 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 completion of the transaction, the insider now directly owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value 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 approximately $10,222,100. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.90% of the company’s stock.

Owens Corning Stock Down 2.1 %

Shares of OC opened at $181.13 on Wednesday. The company has a market capitalization of $15.75 billion, a PE ratio of 15.34, a PEG ratio of 2.23 and a beta of 1.41. Owens Corning has a 12 month low of $111.57 and a 12 month high of $191.44. The stock’s 50-day moving average price is $173.33 and its two-hundred day moving average price is $172.65. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91.

Owens Corning (NYSE:OC) last announced its earnings results on Tuesday, August 6th. The construction company reported $4.64 EPS for the quarter, topping the consensus estimate of $4.37 by $0.27. The firm had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business earned $4.22 EPS. On average, analysts anticipate that Owens Corning will post 15.34 EPS for the current year.

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Friday, October 18th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend is Friday, October 18th. Owens Corning’s payout ratio is presently 20.32%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on OC. Evercore ISI raised their target price on Owens Corning from $175.00 to $189.00 and gave the company an “in-line” rating in a report on Wednesday, October 16th. StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 24th. Wells Fargo & Company raised their target price on Owens Corning from $165.00 to $175.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Barclays reduced their target price on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. Finally, Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and raised their target price for the company from $178.00 to $191.00 in a report on Thursday, July 11th. Seven investment 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, the company currently has a consensus rating of “Moderate Buy” and an average price target of $187.77.

Owens Corning Company 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.