Alpha DNA Investment Management LLC Raises Holdings in Owens Corning (NYSE:OC)

Alpha DNA Investment Management LLC grew its position in shares of Owens Corning (NYSE:OC) by 7.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,580 shares of the construction company’s stock after acquiring an additional 310 shares during the quarter. Alpha DNA Investment Management LLC’s holdings in Owens Corning were worth $780,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new position in shares of Owens Corning in the 4th quarter valued at $208,519,000. JPMorgan Chase & Co. lifted its stake in shares of Owens Corning by 113.9% during the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock worth $140,818,000 after purchasing an additional 424,786 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Owens Corning in the fourth quarter worth about $51,220,000. Nordea Investment Management AB raised its holdings in shares of Owens Corning by 12.5% during the 4th 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 during the period. Finally, LGT Group Foundation acquired a new position in Owens Corning during the 4th quarter worth approximately $39,054,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Stock Up 1.0 %

Shares of OC stock opened at $137.98 on Friday. The business’s fifty day moving average is $149.23 and its 200-day moving average is $172.49. Owens Corning has a 1 year low of $123.41 and a 1 year high of $214.53. The stock has a market cap of $11.80 billion, a PE ratio of 11.74, a price-to-earnings-growth ratio of 1.88 and a beta of 1.39. 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 issued its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the prior year, the company earned $3.21 EPS. Owens Corning’s revenue was up 23.3% on a year-over-year basis. Equities analysts expect that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Monday, March 10th were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date was Monday, March 10th. Owens Corning’s payout ratio is 37.70%.

Insider Transactions at Owens Corning

In related news, insider Monaco Nicolas Del sold 1,750 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The shares were 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 in the company, valued at approximately $2,140,490.95. This represents a 13.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.82% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Owens Corning in a research report on Tuesday, April 1st. They set a “buy” rating and a $183.00 target price on the stock. UBS Group cut their price target on Owens Corning from $245.00 to $235.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. JPMorgan Chase & Co. dropped their price objective on Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Royal Bank of Canada decreased their target price on Owens Corning from $212.00 to $199.00 and set an “outperform” rating for the company in a research report on Monday. Finally, Benchmark restated a “hold” rating on shares of Owens Corning in a research note on Monday, March 3rd. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and a consensus target price of $194.58.

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.