Everence Capital Management Inc. Makes New Investment in Owens Corning (NYSE:OC)

Everence Capital Management Inc. acquired a new stake in shares of Owens Corning (NYSE:OC) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,000 shares of the construction company’s stock, valued at approximately $341,000.

A number of other institutional investors have also made changes to their positions in the company. Alpha DNA Investment Management LLC grew its holdings in Owens Corning by 147.4% during the 3rd quarter. Alpha DNA Investment Management LLC now owns 4,270 shares of the construction company’s stock valued at $754,000 after purchasing an additional 2,544 shares in the last quarter. Penserra Capital Management LLC increased its position in shares of Owens Corning by 53.3% during the third quarter. Penserra Capital Management LLC now owns 4,726 shares of the construction company’s stock worth $832,000 after acquiring an additional 1,643 shares during the last quarter. Atria Investments Inc lifted its stake in shares of Owens Corning by 93.3% in the third quarter. Atria Investments Inc now owns 13,200 shares of the construction company’s stock worth $2,330,000 after acquiring an additional 6,373 shares in the last quarter. CWA Asset Management Group LLC purchased a new position in Owens Corning in the third quarter valued at about $1,046,000. Finally, Janus Henderson Group PLC grew its stake in Owens Corning by 3.1% during the 3rd quarter. Janus Henderson Group PLC now owns 6,744 shares of the construction company’s stock valued at $1,189,000 after purchasing an additional 200 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $191.19, for a total transaction 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. The trade was a 48.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.89% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on OC shares. Citigroup reduced their target price on Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a research note on Monday. UBS Group raised their price objective on shares of Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Royal Bank of Canada upped their target price on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Evercore ISI lifted their price target on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company raised Owens Corning from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $195.00 to $225.00 in a report on Tuesday, December 17th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Owens Corning has an average rating of “Moderate Buy” and an average price target of $202.17.

Owens Corning Price Performance

Shares of NYSE OC opened at $171.04 on Tuesday. 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 business’s fifty day moving average price is $187.70 and its two-hundred day moving average price is $177.35. The firm has a market capitalization of $14.67 billion, a PE ratio of 14.56, a P/E/G ratio of 2.14 and a beta of 1.46.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping the consensus estimate of $4.05 by $0.33. The business had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company’s quarterly revenue was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.15 earnings per share. On average, research analysts expect that Owens Corning will post 15.46 EPS for the current year.

Owens Corning Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Monday, January 6th will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, January 6th. This is an increase from Owens Corning’s previous quarterly dividend of $0.60. This represents a $2.76 annualized dividend and a dividend yield of 1.61%. Owens Corning’s payout ratio is currently 23.49%.

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.