Kingsview Wealth Management LLC Buys 2,131 Shares of Owens Corning (NYSE:OC)

Kingsview Wealth Management LLC boosted its stake in shares of Owens Corning (NYSE:OC) by 4.2% during the third quarter, Holdings Channel reports. The firm owned 52,520 shares of the construction company’s stock after purchasing an additional 2,131 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Owens Corning were worth $9,271,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ST Germain D J Co. Inc. raised its position in Owens Corning by 794.1% in the second quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock worth $26,000 after acquiring an additional 135 shares during the period. Innealta Capital LLC bought a new position in Owens Corning in the second quarter worth approximately $32,000. Tobam raised its position in Owens Corning by 115.7% in the second quarter. Tobam now owns 192 shares of the construction company’s stock worth $33,000 after acquiring an additional 103 shares during the period. Quarry LP raised its position in Owens Corning by 165.5% in the second quarter. Quarry LP now owns 231 shares of the construction company’s stock worth $40,000 after acquiring an additional 144 shares during the period. Finally, Friedenthal Financial bought a new position in Owens Corning in the second quarter worth approximately $48,000. Institutional investors own 88.40% of the company’s stock.

Insider Buying and Selling

In related news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. This trade represents a 5.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.89% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on OC shares. UBS Group increased their price target on shares of Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Evercore ISI raised 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 raised their price objective on shares of Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. StockNews.com upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Finally, Benchmark restated a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $192.62.

Owens Corning Stock Performance

Shares of NYSE:OC opened at $202.77 on Friday. Owens Corning has a 52 week low of $131.61 and a 52 week high of $203.40. The stock has a market capitalization of $17.39 billion, a P/E ratio of 17.26, a PEG ratio of 2.22 and a beta of 1.41. The firm has a fifty day simple moving average of $182.76 and a two-hundred day simple moving average of $175.40. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same period last year, the company posted $4.15 EPS. The business’s revenue was up 22.9% on a year-over-year basis. On average, analysts expect that Owens Corning will post 15.39 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.18%. Owens Corning’s dividend payout ratio is presently 20.43%.

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.