LGT Group Foundation Takes $39.05 Million Position in Owens Corning (NYSE:OC)

LGT Group Foundation purchased a new stake in Owens Corning (NYSE:OC) in the 4th quarter, Holdings Channel reports. The fund purchased 229,297 shares of the construction company’s stock, valued at approximately $39,054,000.

Several other hedge funds have also modified their holdings of OC. International Assets Investment Management LLC acquired a new stake in shares of Owens Corning in the 3rd quarter valued at approximately $156,000. Wealth Enhancement Advisory Services LLC raised its holdings in Owens Corning by 3.2% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 6,793 shares of the construction company’s stock worth $1,199,000 after purchasing an additional 211 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in Owens Corning by 132.5% during the third quarter. Nisa Investment Advisors LLC now owns 11,893 shares of the construction company’s stock worth $2,099,000 after purchasing an additional 6,778 shares during the last quarter. Stephens Inc. AR acquired a new position in Owens Corning during the third quarter worth $718,000. Finally, Farther Finance Advisors LLC raised its holdings in Owens Corning by 115.6% during the third 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 last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Monaco Nicolas Del sold 1,750 shares of Owens Corning stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total value of $321,947.50. Following the completion of the sale, the insider now owns 11,635 shares of the company’s stock, valued at $2,140,490.95. The trade was a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gunner Smith sold 17,450 shares of Owens Corning stock in a transaction on Friday, December 13th. The shares were sold at an average price of $191.19, for a total value of $3,336,265.50. Following the completion of the sale, the insider now directly owns 18,866 shares of the company’s stock, valued at approximately $3,606,990.54. This represents a 48.05 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.89% of the company’s stock.

Owens Corning Stock Performance

NYSE OC opened at $153.96 on Monday. Owens Corning has a fifty-two week low of $148.78 and a fifty-two week high of $214.53. The stock has a market cap of $13.17 billion, a price-to-earnings ratio of 13.10, a price-to-earnings-growth ratio of 1.88 and a beta of 1.46. The business has a fifty day moving average of $175.41 and a 200-day moving average of $178.92. 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 announced its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. The business had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.88 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.21 earnings per share. As a group, analysts predict that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Monday, March 10th. Owens Corning’s dividend payout ratio is currently 37.70%.

Analyst Ratings Changes

OC has been the subject of several research reports. Citigroup reduced their price objective on Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a report on Monday, January 6th. Wells Fargo & Company reduced their price objective on Owens Corning from $225.00 to $200.00 and set an “overweight” rating for the company in a report on Tuesday, February 25th. The Goldman Sachs Group lifted their price objective on Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. UBS Group reduced their price objective on Owens Corning from $245.00 to $235.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Finally, Royal Bank of Canada reduced their price objective on Owens Corning from $224.00 to $212.00 and set an “outperform” rating for the company in a report on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $207.00.

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.