Owens Corning (OC) Shares Bought by BlueCrest Capital Management Ltd
BlueCrest Capital Management Ltd lifted its holdings in Owens Corning (NYSE:OC) by 151.6% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,285 shares of the construction company’s stock after buying an additional 20,056 shares during the period. BlueCrest Capital Management Ltd’s holdings in Owens Corning were worth $3,060,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in OC. Focused Wealth Management Inc purchased a new position in Owens Corning in the fourth quarter valued at approximately $175,000. Caisse DE Depot ET Placement DU Quebec purchased a new position in Owens Corning in the fourth quarter valued at approximately $11,033,000. ETRADE Capital Management LLC lifted its stake in Owens Corning by 5.4% in the fourth quarter. ETRADE Capital Management LLC now owns 12,534 shares of the construction company’s stock valued at $1,152,000 after purchasing an additional 639 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its stake in Owens Corning by 30.4% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 536,666 shares of the construction company’s stock valued at $49,342,000 after purchasing an additional 124,988 shares during the last quarter. Finally, Lombard Odier Asset Management Switzerland SA purchased a new position in Owens Corning in the fourth quarter valued at approximately $958,000. Hedge funds and other institutional investors own 91.60% of the company’s stock.
Several equities analysts recently commented on OC shares. Argus started coverage on Owens Corning in a research note on Wednesday, December 6th. They issued a “buy” rating and a $109.00 price objective on the stock. KeyCorp reiterated a “buy” rating and issued a $115.00 price objective on shares of Owens Corning in a research note on Friday, January 12th. Seaport Global Securities upped their price objective on Owens Corning from $90.00 to $107.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Zacks Investment Research upgraded Owens Corning from a “hold” rating to a “buy” rating and set a $105.00 price objective on the stock in a research note on Saturday, January 6th. Finally, Bank of America upped their price objective on Owens Corning from $84.00 to $97.00 and gave the company a “buy” rating in a research note on Friday, November 17th. Nine investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Owens Corning currently has a consensus rating of “Buy” and an average target price of $87.95.
Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, February 21st. The construction company reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.07. The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Owens Corning had a net margin of 4.53% and a return on equity of 12.26%. The business’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.72 EPS. equities research analysts forecast that Owens Corning will post 5.66 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 3rd. Stockholders of record on Friday, March 9th will be issued a $0.21 dividend. The ex-dividend date is Thursday, March 8th. This represents a $0.84 annualized dividend and a dividend yield of 1.01%. Owens Corning’s payout ratio is currently 25.53%.
WARNING: This story was originally posted by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this story on another site, it was stolen and republished in violation of U.S. & international trademark & copyright laws. The original version of this story can be viewed at https://www.thecerbatgem.com/2018/03/11/owens-corning-oc-shares-bought-by-bluecrest-capital-management-ltd.html.
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.
Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning (NYSE:OC).
Receive News & Ratings for Owens Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning and related companies with MarketBeat.com's FREE daily email newsletter.