Goldentree Asset Management LP Acquires Shares of 247,339 Owens Corning (NYSE:OC)

Goldentree Asset Management LP bought a new position in Owens Corning (NYSE:OC) during the third quarter, according to its most recent 13F filing with the SEC. The fund bought 247,339 shares of the construction company’s stock, valued at approximately $43,559,000. Owens Corning comprises about 3.5% of Goldentree Asset Management LP’s holdings, making the stock its 9th largest position. Goldentree Asset Management LP owned about 0.29% of Owens Corning at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Retirement Guys Formula LLC lifted its position in Owens Corning by 3.1% in the third quarter. Retirement Guys Formula LLC now owns 1,939 shares of the construction company’s stock worth $342,000 after buying an additional 58 shares during the last quarter. PFG Investments LLC raised its stake in shares of Owens Corning by 3.9% in the third quarter. PFG Investments LLC now owns 1,828 shares of the construction company’s stock valued at $323,000 after acquiring an additional 68 shares during the period. Tobam raised its stake in shares of Owens Corning by 38.0% in the third quarter. Tobam now owns 265 shares of the construction company’s stock valued at $47,000 after acquiring an additional 73 shares during the period. First Bank & Trust lifted its holdings in shares of Owens Corning by 2.0% in the 3rd quarter. First Bank & Trust now owns 3,658 shares of the construction company’s stock worth $646,000 after acquiring an additional 73 shares during the last quarter. Finally, KMG Fiduciary Partners LLC boosted its stake in shares of Owens Corning by 1.5% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 5,432 shares of the construction company’s stock worth $959,000 after purchasing an additional 80 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on OC shares. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Evercore ISI upped their target price on shares of Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. UBS Group lifted their price target on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Finally, The Goldman Sachs Group raised 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. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.62.

Insider Activity at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. The trade was a 5.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.89% of the stock is currently owned by insiders.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $205.10 on Friday. The company has a market capitalization of $17.59 billion, a PE ratio of 17.46, a P/E/G ratio of 2.29 and a beta of 1.41. The company has a 50-day simple moving average of $185.03 and a two-hundred day simple moving average of $176.07. Owens Corning has a one year low of $131.67 and a one year high of $214.53. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44.

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

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were issued a dividend of $0.60 per share. The ex-dividend date was Friday, October 18th. This represents a $2.40 annualized dividend and a dividend yield of 1.17%. Owens Corning’s dividend payout ratio (DPR) is currently 20.43%.

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.