Martingale Asset Management L P lessened its holdings in Owens Corning (NYSE:OC - Free Report) by 52.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,815 shares of the construction company's stock after selling 5,299 shares during the quarter. Martingale Asset Management L P's holdings in Owens Corning were worth $850,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Innealta Capital LLC purchased a new stake in shares of Owens Corning during the 2nd quarter worth approximately $32,000. Tobam lifted its position in Owens Corning by 115.7% in the second quarter. Tobam now owns 192 shares of the construction company's stock valued at $33,000 after acquiring an additional 103 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of Owens Corning during the third quarter worth about $38,000. Quarry LP increased its position in shares of Owens Corning by 165.5% during the second quarter. Quarry LP now owns 231 shares of the construction company's stock worth $40,000 after purchasing an additional 144 shares in the last quarter. Finally, Friedenthal Financial purchased a new stake in shares of Owens Corning in the 2nd quarter valued at about $48,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.
In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the transaction, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. The trade was a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.89% of the company's stock.
OC opened at $203.36 on Tuesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. Owens Corning has a 12 month low of $137.09 and a 12 month high of $214.53. The stock has a market capitalization of $17.45 billion, a P/E ratio of 17.31, a P/E/G ratio of 2.30 and a beta of 1.41. The business has a 50 day simple moving average of $186.20 and a 200-day simple moving average of $176.45.
Owens Corning (NYSE:OC - Get Free Report) last issued its 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 company had revenue of $3.05 billion for 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 business's revenue was up 22.9% on a year-over-year basis. During the same period in the previous year, the firm earned $4.15 EPS. On average, equities analysts anticipate that Owens Corning will post 15.46 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Friday, October 18th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a yield of 1.18%. Owens Corning's dividend payout ratio (DPR) is presently 20.43%.
Several research analysts have commented on the company. Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a research report on Wednesday, August 7th. The Goldman Sachs Group lifted their target price on shares of Owens Corning from $178.00 to $198.00 and gave the company a "neutral" rating in a report on Thursday, November 7th. Wells Fargo & Company raised their price objective on shares of Owens Corning from $175.00 to $195.00 and gave the stock an "equal weight" rating in a research 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 report on Thursday, November 7th. Finally, UBS Group raised their price target on Owens Corning from $197.00 to $218.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Owens Corning has an average rating of "Moderate Buy" and an average target price of $192.62.
Read Our Latest Stock Analysis on OC
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.
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