Precedent Wealth Partners LLC Has $1.04 Million Stake in Owens Corning (NYSE:OC)

Precedent Wealth Partners LLC lifted its position in shares of Owens Corning (NYSE:OC) by 10.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,883 shares of the construction company’s stock after buying an additional 533 shares during the quarter. Precedent Wealth Partners LLC’s holdings in Owens Corning were worth $1,039,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of OC. Virtu Financial LLC bought a new position in shares of Owens Corning in the 4th quarter worth about $242,000. Goldman Sachs Group Inc. boosted its holdings in shares of Owens Corning by 25.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 258,998 shares of the construction company’s stock worth $38,391,000 after buying an additional 52,116 shares in the last quarter. NBC Securities Inc. acquired a new stake in shares of Owens Corning during the 1st quarter worth approximately $26,000. Los Angeles Capital Management LLC increased its stake in shares of Owens Corning by 21.0% in the 1st quarter. Los Angeles Capital Management LLC now owns 7,265 shares of the construction company’s stock valued at $1,212,000 after acquiring an additional 1,262 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Owens Corning by 7.5% during the 1st quarter. GAMMA Investing LLC now owns 1,104 shares of the construction company’s stock valued at $184,000 after acquiring an additional 77 shares during the period. Institutional investors own 88.40% of the company’s stock.

Insider Buying and Selling at Owens Corning

In other news, insider Marcio A. Sandri sold 3,050 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the completion of the transaction, the insider now owns 60,130 shares in the company, valued at approximately $10,222,100. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction on Thursday, September 19th. The stock was 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Marcio A. Sandri sold 3,050 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. Corporate insiders own 0.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on OC. Wells Fargo & Company increased their price objective on shares of Owens Corning from $165.00 to $175.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. UBS Group lifted their price target on Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Evercore ISI increased their price objective on Owens Corning from $175.00 to $189.00 and gave the stock an “in-line” rating in a research note on Wednesday. Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and lifted their target price for the company from $178.00 to $191.00 in a research report on Thursday, July 11th. Finally, Loop Capital increased their price target on Owens Corning from $188.00 to $215.00 and gave the company a “buy” rating in a research report on Friday, June 21st. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Owens Corning currently has an average rating of “Hold” and a consensus target price of $187.77.

Owens Corning Price Performance

Shares of NYSE:OC opened at $189.60 on Friday. The company has a market capitalization of $16.49 billion, a P/E ratio of 16.05, a price-to-earnings-growth ratio of 3.74 and a beta of 1.41. The company’s 50-day moving average is $170.05 and its 200 day moving average is $171.89. 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 has a fifty-two week low of $109.95 and a fifty-two week high of $191.44.

Owens Corning (NYSE:OC) last released its earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, beating analysts’ consensus estimates of $4.37 by $0.27. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.92 billion. During the same period in the previous year, the company earned $4.22 earnings per share. The company’s quarterly revenue was up 8.8% on a year-over-year basis. On average, equities research analysts forecast that Owens Corning will post 15.34 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Friday, October 18th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date is Friday, October 18th. Owens Corning’s dividend payout ratio is currently 20.32%.

Owens Corning 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.