Daiwa Securities Group Inc. Increases Stock Position in Owens Corning (NYSE:OC)

Daiwa Securities Group Inc. increased its position in Owens Corning (NYSE:OC) by 5.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,586 shares of the construction company’s stock after acquiring an additional 700 shares during the period. Daiwa Securities Group Inc.’s holdings in Owens Corning were worth $2,399,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Retirement Guys Formula LLC raised its stake in Owens Corning by 3.1% during the 3rd quarter. Retirement Guys Formula LLC now owns 1,939 shares of the construction company’s stock valued at $342,000 after buying an additional 58 shares during the last quarter. PFG Investments LLC raised its stake in Owens Corning by 3.9% during the 3rd quarter. PFG Investments LLC now owns 1,828 shares of the construction company’s stock valued at $323,000 after buying an additional 68 shares during the last quarter. Tobam raised its stake in Owens Corning by 38.0% during the 3rd quarter. Tobam now owns 265 shares of the construction company’s stock valued at $47,000 after buying an additional 73 shares during the last quarter. First Bank & Trust raised its stake in Owens Corning by 2.0% during the 3rd quarter. First Bank & Trust now owns 3,658 shares of the construction company’s stock valued at $646,000 after buying an additional 73 shares during the last quarter. Finally, KMG Fiduciary Partners LLC increased its stake in shares of Owens Corning by 1.5% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 5,432 shares of the construction company’s stock worth $959,000 after purchasing an additional 80 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Down 1.4 %

OC opened at $205.10 on Friday. The firm has a 50-day simple moving average of $185.03 and a two-hundred day simple moving average of $176.07. Owens Corning has a 52 week low of $131.67 and a 52 week high of $214.53. The company has a market capitalization of $17.59 billion, a PE ratio of 17.46, a price-to-earnings-growth ratio of 2.36 and a beta of 1.41. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89.

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

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date was Friday, October 18th. Owens Corning’s payout ratio is 20.43%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on OC shares. Royal Bank of Canada upped their price objective on Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Evercore ISI upped their price objective 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. Benchmark restated a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. The Goldman Sachs Group upped their price objective on Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company increased their price target on Owens Corning from $175.00 to $195.00 and gave the stock 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 issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $192.62.

Insider Activity at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the sale, the insider now owns 60,130 shares of the company’s stock, valued at $10,222,100. This trade represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.89% of the stock is owned by insiders.

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.