Norden Group LLC Takes Position in Owens Corning (NYSE:OC)

Norden Group LLC acquired a new position in shares of Owens Corning (NYSE:OC) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,056 shares of the construction company’s stock, valued at approximately $2,511,000.

Several other institutional investors and hedge funds have also bought and sold shares of OC. MV Capital Management Inc. lifted its position in Owens Corning by 112.9% during the first quarter. MV Capital Management Inc. now owns 149 shares of the construction company’s stock worth $25,000 after purchasing an additional 79 shares during the period. NBC Securities Inc. bought a new stake in Owens Corning during the first quarter worth about $26,000. Contravisory Investment Management Inc. bought a new stake in Owens Corning during the fourth quarter worth about $27,000. Bruce G. Allen Investments LLC bought a new stake in Owens Corning during the fourth quarter worth about $27,000. Finally, Riverview Trust Co bought a new stake in Owens Corning during the first quarter worth about $28,000. Institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

NYSE:OC opened at $168.35 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.22 and a current ratio of 1.76. Owens Corning has a fifty-two week low of $109.95 and a fifty-two week high of $184.00. The company has a 50 day simple moving average of $175.69 and a two-hundred day simple moving average of $162.09. The company has a market capitalization of $14.59 billion, a PE ratio of 13.63, a P/E/G ratio of 5.01 and a beta of 1.42.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, April 24th. The construction company reported $3.59 earnings per share for the quarter, topping the consensus estimate of $3.04 by $0.55. The company had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.28 billion. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. Owens Corning’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.77 earnings per share. Research analysts anticipate that Owens Corning will post 15.48 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Monday, July 15th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.43%. The ex-dividend date is Monday, July 15th. Owens Corning’s dividend payout ratio (DPR) is 19.43%.

Insider Activity

In other Owens Corning news, insider Marcio A. Sandri sold 9,697 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $178.00, for a total value of $1,726,066.00. Following the completion of the sale, the insider now directly owns 62,895 shares in the company, valued at $11,195,310. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Owens Corning news, insider Marcio A. Sandri sold 9,697 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $178.00, for a total value of $1,726,066.00. Following the completion of the sale, the insider now owns 62,895 shares of the company’s stock, valued at $11,195,310. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Mari Doerfler sold 240 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $182.05, for a total value of $43,692.00. Following the completion of the sale, 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. Insiders sold 19,360 shares of company stock worth $3,437,315 in the last quarter. 0.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. UBS Group upped their price objective on shares of Owens Corning from $169.00 to $192.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Argus increased their target price on shares of Owens Corning from $175.00 to $182.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Loop Capital increased their target price on shares of Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Citigroup increased their target price on shares of Owens Corning from $150.00 to $169.00 and gave the stock a “neutral” rating in a report on Friday, April 5th. Finally, Royal Bank of Canada increased their target price on shares of Owens Corning from $192.00 to $201.00 and gave the stock an “outperform” rating in a report on Tuesday, May 21st. Eight investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Owens Corning has an average rating of “Moderate Buy” and a consensus target price of $179.00.

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.