361 Capital LLC Invests $898,000 in Owens Corning Inc (OC)
361 Capital LLC purchased a new position in Owens Corning Inc (NYSE:OC) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 11,613 shares of the construction company’s stock, valued at approximately $898,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TIAA FSB purchased a new stake in Owens Corning during the third quarter valued at about $3,022,000. Geneva Advisors LLC grew its position in Owens Corning by 6.2% during the second quarter. Geneva Advisors LLC now owns 10,380 shares of the construction company’s stock valued at $695,000 after acquiring an additional 603 shares during the period. Marshall Wace North America L.P. grew its position in Owens Corning by 317.3% during the second quarter. Marshall Wace North America L.P. now owns 92,940 shares of the construction company’s stock valued at $6,227,000 after acquiring an additional 70,667 shares during the period. Aviva PLC grew its position in Owens Corning by 14.3% during the second quarter. Aviva PLC now owns 39,967 shares of the construction company’s stock valued at $2,674,000 after acquiring an additional 5,000 shares during the period. Finally, Northpointe Capital LLC grew its position in Owens Corning by 4.6% during the second quarter. Northpointe Capital LLC now owns 40,348 shares of the construction company’s stock valued at $2,700,000 after acquiring an additional 1,778 shares during the period. 95.58% of the stock is owned by institutional investors.
OC has been the topic of several recent analyst reports. Credit Suisse Group set a $90.00 price target on Owens Corning and gave the stock an “outperform” rating in a research note on Tuesday, October 17th. Evercore ISI restated an “outperform” rating and set a $80.00 price objective (down previously from $88.00) on shares of Owens Corning in a research note on Wednesday, October 11th. Nomura reiterated a “neutral” rating and set a $79.00 price target on shares of Owens Corning in a research report on Monday, September 11th. Stifel Nicolaus reiterated a “buy” rating and set a $83.00 price target on shares of Owens Corning in a research report on Friday, September 1st. Finally, SunTrust Banks, Inc. reissued a “hold” rating on shares of Owens Corning in a report on Tuesday, September 12th. Eight equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $78.20.
Owens Corning Inc (NYSE:OC) traded up $1.84 during mid-day trading on Monday, hitting $85.63. 1,878,900 shares of the stock traded hands, compared to its average volume of 1,013,803. Owens Corning Inc has a 12-month low of $50.77 and a 12-month high of $85.76. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.99. The company has a market capitalization of $9,540.00, a P/E ratio of 21.30, a P/E/G ratio of 1.49 and a beta of 1.08.
Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, October 25th. The construction company reported $1.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.01). Owens Corning had a net margin of 6.15% and a return on equity of 11.40%. The business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the business earned $1.09 earnings per share. The firm’s quarterly revenue was up 12.2% compared to the same quarter last year. sell-side analysts expect that Owens Corning Inc will post 4.32 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 2nd. Investors of record on Monday, October 16th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, October 13th. This represents a $0.80 annualized dividend and a yield of 0.93%. Owens Corning’s dividend payout ratio is currently 23.88%.
In other news, VP Kelly Schmidt sold 1,462 shares of the stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $70.35, for a total value of $102,851.70. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Michael C. Mcmurray sold 14,000 shares of the firm’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $76.52, for a total transaction of $1,071,280.00. Following the sale, the chief financial officer now owns 40,903 shares in the company, valued at approximately $3,129,897.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 198,779 shares of company stock valued at $14,735,728. 1.80% of the stock is owned by corporate insiders.
About Owens Corning
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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