Ellington Management Group LLC Takes $1.32 Million Position in Owens Corning (OC)
Ellington Management Group LLC purchased a new position in Owens Corning (NYSE:OC) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 14,400 shares of the construction company’s stock, valued at approximately $1,324,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Cerebellum GP LLC bought a new position in Owens Corning in the fourth quarter valued at about $119,000. Grove Bank & Trust grew its position in Owens Corning by 213.5% in the third quarter. Grove Bank & Trust now owns 1,630 shares of the construction company’s stock valued at $126,000 after acquiring an additional 1,110 shares during the last quarter. Strs Ohio bought a new position in Owens Corning in the fourth quarter valued at about $129,000. Focused Wealth Management Inc bought a new position in Owens Corning in the fourth quarter valued at about $175,000. Finally, LS Investment Advisors LLC bought a new position in Owens Corning in the fourth quarter valued at about $198,000. Institutional investors own 91.60% of the company’s stock.
Owens Corning (NYSE OC) opened at $83.33 on Friday. The company has a quick ratio of 0.89, a current ratio of 1.55 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $9,530.00, a P/E ratio of 25.33, a P/E/G ratio of 0.81 and a beta of 1.08. Owens Corning has a 12 month low of $59.26 and a 12 month high of $96.52.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 3rd. Investors of record on Friday, March 9th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date is Thursday, March 8th. Owens Corning’s dividend payout ratio is currently 25.53%.
A number of research analysts have issued reports on the company. Credit Suisse Group reiterated an “outperform” rating and issued a $110.00 target price (up previously from $95.00) on shares of Owens Corning in a research report on Monday, January 22nd. They noted that the move was a valuation call. KeyCorp restated a “buy” rating and set a $115.00 price target on shares of Owens Corning in a report on Friday, January 12th. Zacks Investment Research upgraded Owens Corning from a “hold” rating to a “buy” rating and set a $105.00 price target on the stock in a report on Thursday, January 18th. Zelman & Associates cut Owens Corning from a “buy” rating to a “hold” rating in a report on Friday, January 5th. Finally, Seaport Global Securities boosted their price target on Owens Corning from $90.00 to $107.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $87.95.
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Owens Corning Company Profile
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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