Rafferty Asset Management LLC Raises Holdings in Owens Corning Inc $OC

Rafferty Asset Management LLC boosted its holdings in shares of Owens Corning Inc (NYSE:OC) by 115.0% in the 3rd quarter, Holdings Channel.com reports. The fund owned 67,621 shares of the construction company’s stock after buying an additional 36,173 shares during the quarter. Rafferty Asset Management LLC’s holdings in Owens Corning were worth $9,566,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Twin Peaks Wealth Advisors LLC acquired a new position in shares of Owens Corning in the 2nd quarter valued at $26,000. Rexford Capital Inc. purchased a new stake in Owens Corning in the 2nd quarter valued at about $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Owens Corning in the second quarter valued at about $30,000. Vermillion & White Wealth Management Group LLC lifted its position in Owens Corning by 149.4% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock valued at $31,000 after buying an additional 133 shares during the last quarter. Finally, Root Financial Partners LLC purchased a new position in Owens Corning during the third quarter worth about $39,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Down 0.2%

Owens Corning stock opened at $121.99 on Monday. The firm has a market capitalization of $9.81 billion, a P/E ratio of -19.06, a P/E/G ratio of 1.91 and a beta of 1.35. The company has a current ratio of 1.26, a quick ratio of 0.70 and a debt-to-equity ratio of 1.20. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.42. The stock’s fifty day simple moving average is $123.51 and its 200-day simple moving average is $127.36.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.26). Owens Corning had a positive return on equity of 21.93% and a negative net margin of 5.17%.The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same period in the previous year, the firm earned $3.22 earnings per share. The company’s revenue for the quarter was down 16.8% compared to the same quarter last year. As a group, equities analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 9th will be paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Monday, March 9th. Owens Corning’s dividend payout ratio is presently -49.38%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Barclays boosted their price target on shares of Owens Corning from $130.00 to $138.00 and gave the company an “overweight” rating in a research note on Thursday, January 15th. Royal Bank Of Canada set a $143.00 target price on Owens Corning in a research report on Friday, January 9th. Zacks Research raised Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. JPMorgan Chase & Co. decreased their target price on Owens Corning from $157.00 to $113.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Finally, Wells Fargo & Company raised their target price on Owens Corning from $145.00 to $155.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $151.58.

Owens Corning Company Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.