QRG Capital Management Inc. Increases Stake in Owens Corning (NYSE:OC)

QRG Capital Management Inc. lifted its stake in Owens Corning (NYSE:OC) by 6.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,964 shares of the construction company’s stock after buying an additional 1,173 shares during the quarter. QRG Capital Management Inc.’s holdings in Owens Corning were worth $3,400,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OC. International Assets Investment Management LLC purchased a new stake in Owens Corning in the 3rd quarter worth $156,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Owens Corning by 3.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 6,793 shares of the construction company’s stock worth $1,199,000 after buying an additional 211 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in Owens Corning by 132.5% during the third quarter. Nisa Investment Advisors LLC now owns 11,893 shares of the construction company’s stock valued at $2,099,000 after buying an additional 6,778 shares during the last quarter. Integrated Advisors Network LLC purchased a new position in Owens Corning during the 3rd quarter valued at approximately $240,000. Finally, Stephens Inc. AR bought a new stake in Owens Corning in the 3rd quarter worth approximately $718,000. Institutional investors own 88.40% of the company’s stock.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of Owens Corning stock in a transaction on Friday, December 13th. The stock was sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the completion of the sale, the insider now directly owns 18,866 shares of the company’s stock, valued at $3,606,990.54. The trade was a 48.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Monaco Nicolas Del sold 1,750 shares of the stock in a transaction 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 transaction, the insider now directly owns 11,635 shares in the company, valued at $2,140,490.95. The trade was a 13.07 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.89% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on OC. Loop Capital lowered their target price on Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Evercore ISI increased their price objective on shares of 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 boosted their target price on shares of Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Barclays lowered their price target on shares of Owens Corning from $245.00 to $215.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, UBS Group reduced their price objective 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. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $207.00.

Owens Corning Stock Performance

Owens Corning stock opened at $153.96 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The firm has a market capitalization of $13.17 billion, a P/E ratio of 13.10, a price-to-earnings-growth ratio of 1.88 and a beta of 1.46. Owens Corning has a 1-year low of $148.78 and a 1-year high of $214.53. The company’s 50-day moving average is $175.41 and its 200 day moving average is $178.78.

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, topping 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 firm had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the prior year, the business posted $3.21 earnings per share. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. Research analysts forecast that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date of this dividend is Monday, March 10th. Owens Corning’s dividend payout ratio is currently 37.70%.

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.