Quantbot Technologies LP Grows Stake in Owens Corning (NYSE:OC)

Quantbot Technologies LP raised its holdings in Owens Corning (NYSE:OC) by 8,734.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,184 shares of the construction company’s stock after buying an additional 6,114 shares during the quarter. Quantbot Technologies LP’s holdings in Owens Corning were worth $1,053,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its holdings in Owens Corning by 113.9% in the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock worth $140,818,000 after buying an additional 424,786 shares during the period. Raymond James Financial Inc. bought a new position in shares of Owens Corning in the 4th quarter worth approximately $51,220,000. Goldentree Asset Management LP purchased a new position in shares of Owens Corning in the 3rd quarter valued at approximately $43,559,000. Nordea Investment Management AB boosted its position in shares of Owens Corning by 12.5% during the fourth quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock valued at $366,166,000 after purchasing an additional 238,694 shares in the last quarter. Finally, LGT Group Foundation purchased a new stake in Owens Corning in the fourth quarter worth $39,054,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Down 1.0 %

OC stock opened at $149.61 on Wednesday. The stock has a market capitalization of $12.80 billion, a P/E ratio of 12.73, a P/E/G ratio of 1.88 and a beta of 1.52. 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 business has a fifty day moving average price of $166.70 and a 200-day moving average price of $176.65.

Owens Corning (NYSE:OC) last issued its earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.87 by $0.35. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.88 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. Owens Corning’s revenue was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.21 EPS. Equities analysts forecast that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 10th will be given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Monday, March 10th. Owens Corning’s dividend payout ratio (DPR) is presently 37.70%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on OC shares. JPMorgan Chase & Co. dropped their target price on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Benchmark reissued a “hold” rating on shares of Owens Corning in a research report on Monday, March 3rd. Wells Fargo & Company cut their price objective on shares of Owens Corning from $225.00 to $200.00 and set an “overweight” rating on the stock in a report on Tuesday, February 25th. Citigroup lowered their target price on shares of Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Loop Capital reduced their price objective on Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $204.18.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Monaco Nicolas Del sold 1,750 shares of the business’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the sale, the insider now directly owns 11,635 shares in the company, valued at $2,140,490.95. The trade was a 13.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.89% 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.