Twinbeech Capital LP Takes $22.70 Million Position in Owens Corning (NYSE:OC)

Twinbeech Capital LP bought a new stake in Owens Corning (NYSE:OC) in the fourth quarter, HoldingsChannel reports. The firm bought 133,274 shares of the construction company’s stock, valued at approximately $22,699,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Stratos Wealth Partners LTD. increased its position in Owens Corning by 4.3% during the 4th quarter. Stratos Wealth Partners LTD. now owns 1,297 shares of the construction company’s stock valued at $221,000 after buying an additional 53 shares in the last quarter. Greenleaf Trust increased its position in Owens Corning by 1.5% during the 4th quarter. Greenleaf Trust now owns 3,895 shares of the construction company’s stock valued at $663,000 after buying an additional 56 shares in the last quarter. CoreCap Advisors LLC increased its position in Owens Corning by 3.3% during the 4th quarter. CoreCap Advisors LLC now owns 1,789 shares of the construction company’s stock valued at $305,000 after buying an additional 57 shares in the last quarter. Retirement Guys Formula LLC increased its position in Owens Corning by 3.1% during the 4th quarter. Retirement Guys Formula LLC now owns 1,999 shares of the construction company’s stock valued at $341,000 after buying an additional 60 shares in the last quarter. Finally, IFP Advisors Inc increased its position in Owens Corning by 35.6% during the 4th quarter. IFP Advisors Inc now owns 236 shares of the construction company’s stock valued at $40,000 after buying an additional 62 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Trading Up 2.3 %

Shares of NYSE OC opened at $142.67 on Thursday. The business’s 50 day moving average is $171.15 and its two-hundred day moving average is $177.74. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. Owens Corning has a 1-year low of $137.50 and a 1-year high of $214.53. The stock has a market capitalization of $12.20 billion, a P/E ratio of 12.14, a PEG ratio of 1.88 and a beta of 1.52.

Owens Corning (NYSE:OC) last released its earnings results on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $2.88 billion. During the same quarter in the prior year, the firm posted $3.21 earnings per share. The company’s quarterly revenue was up 23.3% on a year-over-year basis. As a group, research analysts expect that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be issued a $0.69 dividend. The ex-dividend date is Monday, March 10th. This represents a $2.76 annualized dividend and a dividend yield of 1.93%. Owens Corning’s payout ratio is 37.70%.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of the firm’s 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 transaction, the insider now directly owns 18,866 shares in the company, valued at $3,606,990.54. This trade represents a 48.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Monaco Nicolas Del sold 1,750 shares of the firm’s 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 owns 11,635 shares in the company, valued at $2,140,490.95. The trade was a 13.07 % decrease in their ownership of the stock. 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 analysts have commented on the company. Benchmark reissued a “hold” rating on shares of Owens Corning in a report on Monday, March 3rd. Citigroup reduced their target price on Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a report on Monday, January 6th. Royal Bank of Canada cut their price objective on Owens Corning from $224.00 to $212.00 and set an “outperform” rating for the company in a report on Tuesday, February 25th. UBS Group cut their price objective on Owens Corning from $245.00 to $235.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Finally, Barclays cut their price objective on Owens Corning from $245.00 to $215.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $204.18.

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.