Tidal Investments LLC Reduces Stake in Owens Corning (NYSE:OC)

Tidal Investments LLC reduced its stake in Owens Corning (NYSE:OC) by 12.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 10,421 shares of the construction company’s stock after selling 1,498 shares during the period. Tidal Investments LLC’s holdings in Owens Corning were worth $1,840,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Innealta Capital LLC purchased a new position in shares of Owens Corning during the 2nd quarter worth $32,000. Tobam grew its holdings in shares of Owens Corning by 115.7% during the 2nd quarter. Tobam now owns 192 shares of the construction company’s stock worth $33,000 after purchasing an additional 103 shares during the period. Brooklyn Investment Group purchased a new position in shares of Owens Corning during the 3rd quarter worth $38,000. Quarry LP grew its holdings in shares of Owens Corning by 165.5% during the 2nd quarter. Quarry LP now owns 231 shares of the construction company’s stock worth $40,000 after purchasing an additional 144 shares during the period. Finally, Blue Trust Inc. grew its holdings in shares of Owens Corning by 46.2% during the 2nd quarter. Blue Trust Inc. now owns 367 shares of the construction company’s stock worth $61,000 after purchasing an additional 116 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on OC shares. Wells Fargo & Company raised Owens Corning from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $195.00 to $225.00 in a research note on Tuesday. UBS Group increased their target price on Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group increased their target price on Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Evercore ISI increased their target price on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Finally, StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $200.83.

Owens Corning Price Performance

OC stock opened at $183.31 on Wednesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The firm has a market capitalization of $15.73 billion, a P/E ratio of 15.60, a P/E/G ratio of 2.14 and a beta of 1.42. The business’s 50-day moving average is $191.43 and its two-hundred day moving average is $178.04. Owens Corning has a 1 year low of $138.70 and a 1 year high of $214.53.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.33. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same quarter last year, the company earned $4.15 EPS. The business’s quarterly revenue was up 22.9% on a year-over-year basis. Analysts anticipate that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Monday, January 6th will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 1.51%. The ex-dividend date is Monday, January 6th. This is a positive change from Owens Corning’s previous quarterly dividend of $0.60. Owens Corning’s dividend payout ratio (DPR) is 23.49%.

Insider Transactions at Owens Corning

In other news, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the sale, the insider now owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. This trade represents a 5.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Gunner Smith sold 17,450 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $191.19, for a total value of $3,336,265.50. Following the transaction, the insider now owns 18,866 shares in the company, valued at $3,606,990.54. This represents a 48.05 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company’s stock.

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.