Verdence Capital Advisors LLC Invests $251,000 in Owens Corning (NYSE:OC)

Verdence Capital Advisors LLC bought a new position in shares of Owens Corning (NYSE:OC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,442 shares of the construction company’s stock, valued at approximately $251,000.

Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in Owens Corning in the 4th quarter valued at $118,251,000. Nordea Investment Management AB grew its position in Owens Corning by 74.4% in the 1st quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock valued at $210,040,000 after buying an additional 533,910 shares during the last quarter. Swedbank AB purchased a new position in Owens Corning in the 1st quarter valued at $60,424,000. Guinness Asset Management LTD purchased a new position in Owens Corning in the 2nd quarter valued at $30,708,000. Finally, Bank of Nova Scotia grew its position in Owens Corning by 9,571.1% in the 4th quarter. Bank of Nova Scotia now owns 143,616 shares of the construction company’s stock valued at $21,287,000 after buying an additional 142,131 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Trading Down 0.2 %

NYSE:OC opened at $171.41 on Tuesday. The company has a market capitalization of $14.85 billion, a PE ratio of 13.88, a price-to-earnings-growth ratio of 3.15 and a beta of 1.42. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91. Owens Corning has a 52-week low of $109.95 and a 52-week high of $191.13. The stock has a fifty day simple moving average of $170.34 and a 200-day simple moving average of $167.19.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.37 by $0.27. The business had revenue of $2.79 billion during 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 revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.22 EPS. On average, equities research analysts expect that Owens Corning will post 15.38 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 15th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.40%. The ex-dividend date was Monday, July 15th. Owens Corning’s payout ratio is 19.43%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on OC. Jefferies Financial Group began coverage on shares of Owens Corning in a research report on Wednesday, May 22nd. They issued a “buy” rating and a $215.00 price objective on the stock. Citigroup upgraded shares of Owens Corning from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $178.00 to $191.00 in a research report on Thursday, July 11th. UBS Group boosted their target price on shares of Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Barclays decreased their target price on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a research report on Friday, July 12th. Finally, Royal Bank of Canada boosted their target price on shares of Owens Corning from $211.00 to $213.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $184.23.

Insider Activity at Owens Corning

In related news, CFO Todd W. Fister sold 3,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $173.65, for a total value of $520,950.00. Following the completion of the transaction, the chief financial officer now owns 31,626 shares of the company’s stock, valued at approximately $5,491,854.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Todd W. Fister sold 3,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $173.65, for a total value of $520,950.00. Following the completion of the transaction, the chief financial officer now owns 31,626 shares of the company’s stock, valued at approximately $5,491,854.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Mari Doerfler sold 240 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $182.05, for a total transaction of $43,692.00. Following the completion of the transaction, the vice president now directly owns 4,954 shares of the company’s stock, valued at approximately $901,875.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,240 shares of company stock valued at $1,107,192. 0.89% of the stock is owned by insiders.

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.