Massachusetts Financial Services Co. MA Has $838,000 Holdings in Owens Corning (NYSE:OC)

Massachusetts Financial Services Co. MA boosted its position in shares of Owens Corning (NYSE:OC) by 18.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 4,749 shares of the construction company’s stock after purchasing an additional 743 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Owens Corning were worth $838,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Pacer Advisors Inc. grew its position in Owens Corning by 38.9% in the second quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock valued at $276,655,000 after acquiring an additional 446,073 shares during the last quarter. Point72 Asset Management L.P. increased its position in Owens Corning by 168.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock worth $128,772,000 after purchasing an additional 464,981 shares in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its stake in Owens Corning by 6.4% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 716,704 shares of the construction company’s stock valued at $124,506,000 after purchasing an additional 43,180 shares during the last quarter. AustralianSuper Pty Ltd boosted its position in Owens Corning by 2.2% in the second quarter. AustralianSuper Pty Ltd now owns 590,977 shares of the construction company’s stock valued at $102,665,000 after buying an additional 12,707 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Owens Corning by 54.1% during the third quarter. Victory Capital Management Inc. now owns 523,001 shares of the construction company’s stock worth $92,320,000 after buying an additional 183,666 shares during the last quarter. 88.40% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the sale, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. This represents a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.90% of the company’s stock.

Owens Corning Stock Performance

NYSE OC opened at $205.10 on Thursday. The company has a market cap of $17.59 billion, a P/E ratio of 17.46, a PEG ratio of 2.36 and a beta of 1.41. The company has a fifty day simple moving average of $184.37 and a 200 day simple moving average of $175.86. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. Owens Corning has a 12-month low of $131.67 and a 12-month high of $214.53.

Owens Corning (NYSE:OC) last released its quarterly earnings data 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. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same period last year, the firm earned $4.15 earnings per share. The business’s quarterly revenue was up 22.9% compared to the same quarter last year. Sell-side analysts predict that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.17%. The ex-dividend date of this dividend was Friday, October 18th. Owens Corning’s dividend payout ratio (DPR) is presently 20.43%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on OC. UBS Group raised their price objective on Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a report on Thursday, November 7th. StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. The Goldman Sachs Group upped their price objective on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Royal Bank of Canada boosted their target price on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company raised their price target on shares of Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Owens Corning presently has an average rating of “Moderate Buy” and an average price target of $192.62.

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.