GAMMA Investing LLC Takes $156,000 Position in Owens Corning (NYSE:OC)

GAMMA Investing LLC bought a new stake in shares of Owens Corning (NYSE:OC) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 1,027 shares of the construction company’s stock, valued at approximately $156,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Lecap Asset Management Ltd. acquired a new stake in shares of Owens Corning during the 4th quarter valued at approximately $1,791,000. Voss Capital LLC acquired a new stake in shares of Owens Corning during the 4th quarter valued at approximately $5,929,000. Louisiana State Employees Retirement System acquired a new stake in shares of Owens Corning during the 4th quarter valued at approximately $3,706,000. Federated Hermes Inc. increased its position in Owens Corning by 11.6% in the fourth quarter. Federated Hermes Inc. now owns 530,802 shares of the construction company’s stock worth $78,681,000 after buying an additional 55,263 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its position in Owens Corning by 97.3% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 22,798 shares of the construction company’s stock worth $3,110,000 after buying an additional 11,241 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Evercore ISI increased their target price on Owens Corning from $154.00 to $172.00 and gave the stock an “in-line” rating in a research report on Thursday. Citigroup increased their target price on Owens Corning from $150.00 to $169.00 and gave the stock a “neutral” rating in a research report on Friday, April 5th. Barclays cut shares of Owens Corning from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $170.00 to $160.00 in a research note on Monday, February 12th. Argus lifted their price objective on shares of Owens Corning from $175.00 to $182.00 and gave the company a “buy” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. cut their price objective on shares of Owens Corning from $164.00 to $163.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 20th. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $168.21.

Owens Corning Trading Up 2.1 %

Shares of OC opened at $168.55 on Friday. The business’s 50-day moving average price is $159.88 and its 200 day moving average price is $146.32. The stock has a market capitalization of $14.61 billion, a P/E ratio of 13.65, a P/E/G ratio of 6.97 and a beta of 1.47. Owens Corning has a 1-year low of $99.49 and a 1-year high of $173.65. The company has a current ratio of 1.76, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share for the quarter, beating the consensus estimate of $3.04 by $0.55. Owens Corning had a return on equity of 26.52% and a net margin of 11.53%. The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter in the previous year, the business posted $2.77 EPS. The business’s revenue for the quarter was down 1.3% on a year-over-year basis. Analysts expect that Owens Corning will post 13.92 earnings per share for the current year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Monday, March 4th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, March 1st. This represents a $2.40 annualized dividend and a yield of 1.42%. Owens Corning’s dividend payout ratio (DPR) is presently 19.43%.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, EVP Paula Russell sold 3,765 shares of Owens Corning stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the transaction, the executive vice president now owns 20,419 shares of the company’s stock, valued at approximately $3,307,878. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Paula Russell sold 3,765 shares of Owens Corning stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the sale, the executive vice president now directly owns 20,419 shares in the company, valued at approximately $3,307,878. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Brian Chambers sold 9,100 shares of Owens Corning stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $153.57, for a total value of $1,397,487.00. Following the sale, the chief executive officer now owns 269,696 shares of the company’s stock, valued at $41,417,214.72. The disclosure for this sale can be found here. Insiders have sold a total of 21,672 shares of company stock valued at $3,325,799 in the last 90 days. 0.89% of the stock is currently owned by corporate insiders.

Owens Corning Company 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.