Owens Corning (NYSE:OC) Position Cut by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lowered its position in shares of Owens Corning (NYSE:OC) by 16.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 55,188 shares of the construction company’s stock after selling 11,151 shares during the period. Wedge Capital Management L L P NC owned 0.06% of Owens Corning worth $9,400,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Alpha DNA Investment Management LLC grew its position in Owens Corning by 147.4% in the 3rd quarter. Alpha DNA Investment Management LLC now owns 4,270 shares of the construction company’s stock worth $754,000 after purchasing an additional 2,544 shares during the last quarter. Janus Henderson Group PLC grew its holdings in Owens Corning by 3.1% in the 3rd quarter. Janus Henderson Group PLC now owns 6,744 shares of the construction company’s stock worth $1,189,000 after buying an additional 200 shares in the last quarter. Penserra Capital Management LLC grew its holdings in Owens Corning by 53.3% in the 3rd quarter. Penserra Capital Management LLC now owns 4,726 shares of the construction company’s stock worth $832,000 after buying an additional 1,643 shares in the last quarter. Atria Investments Inc increased its position in Owens Corning by 93.3% in the 3rd quarter. Atria Investments Inc now owns 13,200 shares of the construction company’s stock valued at $2,330,000 after acquiring an additional 6,373 shares during the period. Finally, CWA Asset Management Group LLC acquired a new position in Owens Corning during the 3rd quarter worth $1,046,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Stock Performance

Shares of OC opened at $182.86 on Friday. The company has a 50-day moving average of $186.08 and a two-hundred day moving average of $177.36. The stock has a market cap of $15.69 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 1.84 and a beta of 1.46. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. Owens Corning has a one year low of $138.70 and a one year high of $214.53.

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 analysts’ consensus estimates of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.04 billion. During the same quarter last year, the business posted $4.15 EPS. The company’s revenue was up 22.9% on a year-over-year basis. On average, equities research analysts expect that Owens Corning will post 15.46 earnings per share for the current year.

Owens Corning Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Monday, January 6th were given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 1.51%. This is a positive change from Owens Corning’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Monday, January 6th. Owens Corning’s payout ratio is presently 23.49%.

Insiders Place Their Bets

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 18,866 shares in the company, valued at approximately $3,606,990.54. This represents a 48.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on OC shares. Wells Fargo & Company raised shares of Owens Corning from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $195.00 to $225.00 in a report on Tuesday, December 17th. Barclays upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $192.00 to $245.00 in a research report on Wednesday, December 11th. Evercore ISI lifted their price target on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. The Goldman Sachs Group upped their price objective on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. Five research analysts have rated the stock with a hold rating and nine have issued 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 target price of $201.75.

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.