Accurate Wealth Management LLC Boosts Stake in Owens Corning (NYSE:OC)

Accurate Wealth Management LLC raised its position in shares of Owens Corning (NYSE:OC) by 47.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 5,221 shares of the construction company’s stock after buying an additional 1,676 shares during the quarter. Accurate Wealth Management LLC’s holdings in Owens Corning were worth $875,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp grew its position in Owens Corning by 4.7% during the third quarter. State Street Corp now owns 4,181,421 shares of the construction company’s stock valued at $738,104,000 after acquiring an additional 187,001 shares during the period. Nordea Investment Management AB grew its position in 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 acquiring an additional 238,694 shares during the period. Pacer Advisors Inc. boosted its position in shares of Owens Corning by 16.4% in the third quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company’s stock worth $327,286,000 after buying an additional 261,564 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Owens Corning by 31.6% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company’s stock worth $145,455,000 after buying an additional 197,667 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of 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. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Trading Up 2.7 %

Shares of NYSE OC opened at $179.36 on Thursday. The stock’s 50 day moving average price is $186.51 and its two-hundred day moving average price is $177.16. Owens Corning has a 52-week low of $138.70 and a 52-week high of $214.53. The stock has a market capitalization of $15.39 billion, a P/E ratio of 15.26, a PEG ratio of 2.14 and a beta of 1.46. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter in the prior year, the firm posted $4.15 earnings per share. Owens Corning’s revenue for the quarter was up 22.9% compared to the same quarter last year. On average, analysts anticipate that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Monday, January 6th will be paid a dividend of $0.69 per share. The ex-dividend date is Monday, January 6th. This represents a $2.76 annualized dividend and a yield of 1.54%. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. Owens Corning’s dividend payout ratio is presently 23.49%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group upped their target price on Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Wells Fargo & Company raised Owens Corning from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $195.00 to $225.00 in a research report on Tuesday, December 17th. Evercore ISI upped their target price on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Loop Capital decreased their target price 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. Finally, Citigroup decreased their target price on Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $201.75.

Insider Transactions at Owens Corning

In other news, insider Gunner Smith sold 17,450 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the sale, the insider now directly owns 18,866 shares in the company, valued at approximately $3,606,990.54. This represents a 48.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.