Owens Corning (NYSE:OC) Stock Position Boosted by Magnetar Financial LLC

Magnetar Financial LLC raised its holdings in Owens Corning (NYSE:OC) by 60.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,250 shares of the construction company’s stock after acquiring an additional 2,365 shares during the quarter. Magnetar Financial LLC’s holdings in Owens Corning were worth $1,064,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of OC. JPMorgan Chase & Co. lifted its holdings in Owens Corning by 113.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock valued at $140,818,000 after acquiring an additional 424,786 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Owens Corning during the fourth quarter valued at about $51,220,000. Goldentree Asset Management LP purchased a new stake in Owens Corning during the third quarter valued at about $43,559,000. Nordea Investment Management AB lifted its stake in Owens Corning by 12.5% during the fourth quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock valued at $366,166,000 after buying an additional 238,694 shares in the last quarter. Finally, LGT Group Foundation purchased a new stake in Owens Corning during the fourth quarter valued at about $39,054,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on OC. JPMorgan Chase & Co. reduced their price objective on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Citigroup reduced their price objective on shares of Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $212.00 price objective on shares of Owens Corning in a research note on Monday, March 17th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a report on Monday, March 3rd. Finally, UBS Group dropped their target price on Owens Corning from $245.00 to $235.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $204.18.

Insider Activity

In other news, insider Monaco Nicolas Del sold 1,750 shares of the stock in a transaction that occurred 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 directly owns 11,635 shares of the company’s stock, valued at approximately $2,140,490.95. This represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.89% of the stock is owned by company insiders.

Owens Corning Trading Down 1.8 %

Shares of OC stock opened at $144.49 on Friday. Owens Corning has a 12 month low of $137.50 and a 12 month high of $214.53. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. The business’s 50 day moving average is $167.56 and its two-hundred day moving average is $176.53. The company has a market cap of $12.36 billion, a PE ratio of 12.30, a price-to-earnings-growth ratio of 1.88 and a beta of 1.52.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, beating the consensus estimate of $2.87 by $0.35. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter last year, the company posted $3.21 earnings per share. The company’s revenue for the quarter was up 23.3% compared to the same quarter last year. Equities analysts predict that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

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. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.76 annualized dividend and a dividend yield of 1.91%. Owens Corning’s dividend payout ratio is 37.70%.

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.