Summit Global Investments Acquires 4,060 Shares of Owens Corning (NYSE:OC)

Summit Global Investments boosted its stake in shares of Owens Corning (NYSE:OC) by 5.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 77,684 shares of the construction company’s stock after buying an additional 4,060 shares during the quarter. Owens Corning makes up approximately 0.9% of Summit Global Investments’ portfolio, making the stock its 23rd largest holding. Summit Global Investments owned about 0.09% of Owens Corning worth $13,713,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. ST Germain D J Co. Inc. grew its stake in shares of Owens Corning by 794.1% during the 2nd 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. ORG Partners LLC bought a new position in Owens Corning during the first quarter worth about $31,000. Innealta Capital LLC purchased a new position in shares of Owens Corning in the second quarter worth about $32,000. Tobam raised its position in shares of Owens Corning by 115.7% in the second quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after purchasing an additional 103 shares during the period. Finally, Quarry LP raised its position in shares of Owens Corning by 165.5% in the second quarter. Quarry LP now owns 231 shares of the construction company’s stock valued at $40,000 after purchasing an additional 144 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on OC. Wells Fargo & Company lifted their price objective on shares of Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a research note on Thursday. UBS Group upped their price target on Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research report on Thursday. StockNews.com downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Finally, The Goldman Sachs Group raised their price target on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a report on Thursday. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Owens Corning presently has a consensus rating of “Hold” and a consensus target price of $192.62.

Owens Corning Price Performance

Shares of OC stock opened at $187.46 on Friday. 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 $120.17 and a fifty-two week high of $191.44. The firm has a market cap of $16.30 billion, a P/E ratio of 15.87, a P/E/G ratio of 2.20 and a beta of 1.41. The business’s 50 day moving average price is $175.40 and its 200-day moving average price is $173.46.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating the consensus estimate of $4.01 by $0.37. The business had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The firm’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.15 earnings per share. On average, equities research analysts anticipate that Owens Corning will post 15.34 earnings per share for the current year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.28%. The ex-dividend date was Friday, October 18th. Owens Corning’s dividend payout ratio is currently 20.32%.

Insider Buying and Selling

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the company’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 transaction of $538,501.50. Following the transaction, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, 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 transaction of $518,500.00. Following the completion of the sale, the insider now owns 60,130 shares of the company’s stock, valued at $10,222,100. This trade represents 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 available at the SEC website. Also, insider Marcio A. Sandri sold 3,051 shares of the business’s 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 owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.89% of the stock is owned by insiders.

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.