Van ECK Associates Corp Grows Position in Owens Corning (NYSE:OC)

Van ECK Associates Corp raised its position in shares of Owens Corning (NYSE:OC) by 6.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,318 shares of the construction company’s stock after buying an additional 2,530 shares during the quarter. Van ECK Associates Corp’s holdings in Owens Corning were worth $7,129,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC boosted its holdings in shares of Owens Corning by 1.7% in the 3rd quarter. Janney Montgomery Scott LLC now owns 50,375 shares of the construction company’s stock worth $8,892,000 after purchasing an additional 835 shares during the period. F M Investments LLC purchased a new position in shares of Owens Corning in the 3rd quarter worth approximately $227,000. Chicago Partners Investment Group LLC boosted its holdings in shares of Owens Corning by 10.6% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 1,269 shares of the construction company’s stock worth $230,000 after purchasing an additional 122 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of Owens Corning by 115.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,686 shares of the construction company’s stock worth $474,000 after purchasing an additional 1,440 shares during the period. Finally, Stephens Inc. AR purchased a new position in shares of Owens Corning in the 3rd quarter worth approximately $718,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Insider Activity

In other news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now directly owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Marcio A. Sandri sold 3,050 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the sale, the insider now owns 60,130 shares in the company, valued at $10,222,100. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company’s stock.

Owens Corning Price Performance

Shares of OC stock opened at $187.46 on Friday. The stock has a market capitalization of $16.30 billion, a price-to-earnings ratio of 15.87, a P/E/G ratio of 2.20 and a beta of 1.41. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91. Owens Corning has a twelve month low of $120.17 and a twelve month high of $191.44. The stock has a fifty day simple moving average of $175.40 and a two-hundred day simple moving average of $173.46.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.01 by $0.37. The company had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The firm’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same period in the prior year, the company posted $4.15 EPS. On average, analysts predict that Owens Corning will post 15.34 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders 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 1.28%. The ex-dividend date of this dividend was Friday, October 18th. Owens Corning’s dividend payout ratio is presently 20.32%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on OC. Royal Bank of Canada lifted their target price on Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a report on Thursday. Citigroup upgraded Owens Corning from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $178.00 to $191.00 in a report on Thursday, July 11th. StockNews.com cut Owens Corning from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Benchmark restated a “hold” rating on shares of Owens Corning in a report on Wednesday, August 7th. Finally, UBS Group boosted their price objective on Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a report on Thursday. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Owens Corning presently has an average rating of “Hold” and an average price target of $192.62.

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.