Harmony Asset Management LLC Takes $541,000 Position in Owens Corning (NYSE:OC)

Harmony Asset Management LLC purchased a new position in shares of Owens Corning (NYSE:OC) in the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 3,065 shares of the construction company’s stock, valued at approximately $541,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Innealta Capital LLC bought a new position in shares of Owens Corning in the second quarter valued at approximately $32,000. Tobam increased its position in shares of Owens Corning by 115.7% during the 2nd quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after purchasing an additional 103 shares during the last quarter. Brooklyn Investment Group bought a new stake in shares of Owens Corning during the 3rd quarter worth $38,000. Quarry LP boosted its holdings in shares of Owens Corning by 165.5% in the 2nd quarter. Quarry LP now owns 231 shares of the construction company’s stock worth $40,000 after buying an additional 144 shares during the last quarter. Finally, Friedenthal Financial bought a new position in Owens Corning during the second quarter valued at about $48,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the transaction, the insider now directly owns 57,079 shares in the company, valued at $10,074,443.50. The trade was a 5.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.90% of the company’s stock.

Owens Corning Stock Performance

Owens Corning stock opened at $203.36 on Tuesday. The firm has a fifty day simple moving average of $186.20 and a two-hundred day simple moving average of $176.45. Owens Corning has a twelve month low of $137.09 and a twelve month high of $214.53. The company has a market capitalization of $17.44 billion, a PE ratio of 17.31, a P/E/G ratio of 2.30 and a beta of 1.42. 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 released its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 25.82% and a net margin of 9.92%. The business’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.15 earnings per share. Research analysts expect that Owens Corning will post 15.46 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Friday, October 18th were given a dividend of $0.60 per share. The ex-dividend date was Friday, October 18th. This represents a $2.40 annualized dividend and a yield of 1.18%. Owens Corning’s payout ratio is 20.43%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Wells Fargo & Company boosted their target price on shares of Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Royal Bank of Canada boosted their target price 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. UBS Group raised their price target on Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a report 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 report on Thursday, November 7th. Finally, Benchmark restated a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $192.62.

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.