USA Financial Formulas Grows Position in Owens Corning (NYSE:OC)

USA Financial Formulas grew its position in shares of Owens Corning (NYSE:OC) by 40.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,437 shares of the construction company’s stock after acquiring an additional 414 shares during the quarter. USA Financial Formulas’ holdings in Owens Corning were worth $254,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in OC. Nordea Investment Management AB grew its stake in Owens Corning by 74.4% in the 1st quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock valued at $210,040,000 after purchasing an additional 533,910 shares during the period. Point72 Asset Management L.P. grew its position in Owens Corning by 168.3% during the second quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock valued at $128,772,000 after buying an additional 464,981 shares during the period. Pacer Advisors Inc. increased its holdings in Owens Corning by 38.9% during the second quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock worth $276,655,000 after buying an additional 446,073 shares during the last quarter. Panagora Asset Management Inc. raised its position in Owens Corning by 2,813.6% in the second quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock worth $65,815,000 after acquiring an additional 365,853 shares during the period. Finally, Swedbank AB purchased a new position in Owens Corning in the first quarter valued at about $60,424,000. Institutional investors own 88.40% of the company’s stock.

Insider Activity

In related news, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction 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 approximately $10,074,443.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Marcio A. Sandri sold 3,050 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the sale, the insider now owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the transaction, the insider now directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company’s stock.

Wall Street Analyst Weigh In

OC has been the subject of several research analyst reports. Wells Fargo & Company raised their price target on shares of Owens Corning from $165.00 to $175.00 and gave the stock an “equal weight” rating in a research note on Monday. Benchmark restated a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. StockNews.com downgraded Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $178.00 to $191.00 in a report on Thursday, July 11th. Finally, Barclays dropped their price objective on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Owens Corning currently has a consensus rating of “Hold” and an average target price of $186.69.

Owens Corning Trading Down 3.3 %

Owens Corning stock opened at $176.02 on Friday. The stock has a market cap of $15.30 billion, a P/E ratio of 14.90, a PEG ratio of 3.62 and a beta of 1.41. Owens Corning has a fifty-two week low of $109.95 and a fifty-two week high of $191.13. The firm’s fifty day moving average price is $166.81 and its 200-day moving average price is $171.05. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.37 by $0.27. The firm had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter last year, the company posted $4.22 EPS. Equities research analysts forecast that Owens Corning will post 15.38 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 18th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date of this dividend is Friday, October 18th. Owens Corning’s payout ratio is 20.32%.

Owens Corning Company Profile

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.