JPMorgan Chase & Co. Grows Holdings in Owens Corning (NYSE:OC)

JPMorgan Chase & Co. boosted its holdings in shares of Owens Corning (NYSE:OC) by 113.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 797,743 shares of the construction company’s stock after purchasing an additional 424,786 shares during the period. JPMorgan Chase & Co.’s holdings in Owens Corning were worth $140,818,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of OC. Brooklyn Investment Group purchased a new stake in Owens Corning during the 3rd quarter valued at approximately $38,000. Quarry LP raised its stake 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 during the last quarter. Tobam lifted its holdings in shares of Owens Corning by 38.0% during the third quarter. Tobam now owns 265 shares of the construction company’s stock worth $47,000 after purchasing an additional 73 shares during the period. NBC Securities Inc. grew its position in Owens Corning by 85.3% in the 3rd quarter. NBC Securities Inc. now owns 515 shares of the construction company’s stock valued at $90,000 after buying an additional 237 shares during the last quarter. Finally, Private Trust Co. NA increased its stake in Owens Corning by 44.8% in the 3rd quarter. Private Trust Co. NA now owns 566 shares of the construction company’s stock valued at $100,000 after buying an additional 175 shares during the period. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Owens Corning

In other news, insider Gunner Smith sold 17,450 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the sale, the insider now owns 18,866 shares in the company, valued at $3,606,990.54. This trade represents a 48.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.89% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on OC shares. Barclays upgraded shares of Owens Corning from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $192.00 to $245.00 in a research report on Wednesday, December 11th. The Goldman Sachs Group lifted their price target on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Evercore ISI increased their price objective on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. UBS Group boosted their target price on shares of Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Royal Bank of Canada increased their price target 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. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Owens Corning presently has an average rating of “Moderate Buy” and an average price target of $200.83.

Owens Corning Stock Up 0.4 %

OC stock opened at $170.32 on Wednesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The company’s 50 day simple moving average is $188.93 and its 200-day simple moving average is $177.59. Owens Corning has a 12 month low of $138.70 and a 12 month high of $214.53. The firm has a market capitalization of $14.61 billion, a PE ratio of 14.50, a P/E/G ratio of 2.14 and a beta of 1.42.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.33. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same quarter last year, the business posted $4.15 earnings per share. Owens Corning’s revenue was up 22.9% compared to the same quarter last year. Equities analysts expect that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Monday, January 6th will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 1.62%. This is a positive change from Owens Corning’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, January 6th. Owens Corning’s dividend payout ratio is 23.49%.

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.