Precision Wealth Strategies LLC Raises Stake in Owens Corning (NYSE:OC)

Precision Wealth Strategies LLC increased its stake in shares of Owens Corning (NYSE:OC) by 6.4% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 2,369 shares of the construction company’s stock after purchasing an additional 142 shares during the period. Precision Wealth Strategies LLC’s holdings in Owens Corning were worth $418,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in OC. SG Americas Securities LLC raised its holdings in shares of Owens Corning by 102.0% in the 2nd quarter. SG Americas Securities LLC now owns 41,525 shares of the construction company’s stock valued at $7,214,000 after acquiring an additional 20,971 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in shares of Owens Corning by 14.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 112,356 shares of the construction company’s stock valued at $18,741,000 after acquiring an additional 14,011 shares in the last quarter. Ontario Teachers Pension Plan Board purchased a new stake in shares of Owens Corning in the 1st quarter valued at about $997,000. Twin Tree Management LP raised its holdings in shares of Owens Corning by 61.8% in the 1st quarter. Twin Tree Management LP now owns 8,997 shares of the construction company’s stock valued at $1,501,000 after acquiring an additional 3,436 shares in the last quarter. Finally, Verus Capital Partners LLC purchased a new stake in shares of Owens Corning in the 1st quarter valued at about $539,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on OC shares. Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and raised their price target for the company from $178.00 to $191.00 in a report on Thursday, July 11th. Wells Fargo & Company increased their price objective on Owens Corning from $165.00 to $175.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Evercore ISI increased their price objective on Owens Corning from $175.00 to $189.00 and gave the company an “in-line” rating in a research report on Wednesday, October 16th. UBS Group increased their price objective on Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Finally, StockNews.com lowered Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Owens Corning has an average rating of “Hold” and an average target price of $187.77.

Owens Corning Price Performance

OC opened at $186.23 on Tuesday. The stock’s 50 day simple moving average is $170.05 and its 200 day simple moving average is $171.93. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.37 and a quick ratio of 0.79. Owens Corning has a 1 year low of $109.95 and a 1 year high of $191.44. The firm has a market cap of $16.19 billion, a price-to-earnings ratio of 15.77, a PEG ratio of 3.74 and a beta of 1.41.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, topping analysts’ consensus estimates of $4.37 by $0.27. The firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company earned $4.22 EPS. As a group, analysts predict that Owens Corning will post 15.34 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 18th will be given a $0.60 dividend. The ex-dividend date is Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.29%. Owens Corning’s dividend payout ratio is currently 20.32%.

Insider Transactions at Owens Corning

In other news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the sale, the insider now directly owns 60,130 shares in the company, valued at approximately $10,222,100. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction that occurred 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 owns 57,079 shares in the company, valued at $10,074,443.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Marcio A. Sandri sold 3,050 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. The trade was 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.

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.