Desjardins Global Asset Management Inc. Acquires 145 Shares of Owens Corning (NYSE:OC)

Desjardins Global Asset Management Inc. increased its stake in Owens Corning (NYSE:OC) by 1.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 13,746 shares of the construction company’s stock after purchasing an additional 145 shares during the quarter. Desjardins Global Asset Management Inc.’s holdings in Owens Corning were worth $2,038,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of OC. State Street Corp lifted its stake in shares of Owens Corning by 3.7% during the 3rd quarter. State Street Corp now owns 4,301,672 shares of the construction company’s stock valued at $338,154,000 after buying an additional 155,155 shares in the last quarter. LSV Asset Management boosted its stake in shares of Owens Corning by 0.9% in the third quarter. LSV Asset Management now owns 2,256,436 shares of the construction company’s stock worth $307,800,000 after acquiring an additional 19,590 shares during the period. Bank of America Corp DE grew its position in shares of Owens Corning by 24.9% during the first quarter. Bank of America Corp DE now owns 1,556,181 shares of the construction company’s stock worth $149,082,000 after purchasing an additional 310,487 shares in the last quarter. Invesco Ltd. lifted its holdings in Owens Corning by 156.1% in the 3rd quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock worth $202,932,000 after purchasing an additional 906,782 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Owens Corning by 2.4% during the first quarter. Geode Capital Management LLC now owns 1,400,910 shares of the construction company’s stock valued at $134,803,000 after buying an additional 32,729 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

Shares of NYSE:OC opened at $163.54 on Wednesday. Owens Corning has a 52 week low of $98.00 and a 52 week high of $173.65. The firm has a 50 day moving average of $157.35 and a 200 day moving average of $144.72. The company has a market capitalization of $14.23 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 0.28 and a beta of 1.47. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.50.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, February 14th. The construction company reported $3.21 earnings per share for the quarter, beating analysts’ consensus estimates of $2.82 by $0.39. The company had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.25 billion. Owens Corning had a return on equity of 25.88% and a net margin of 12.36%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter last year, the company earned $2.49 earnings per share. On average, sell-side analysts predict that Owens Corning will post 13.77 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Monday, March 4th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, March 1st. This represents a $2.40 dividend on an annualized basis and a yield of 1.47%. Owens Corning’s payout ratio is 18.29%.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 708 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $153.73, for a total transaction of $108,840.84. Following the sale, the insider now owns 39,994 shares of the company’s stock, valued at approximately $6,148,277.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Gunner Smith sold 708 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $153.73, for a total transaction of $108,840.84. Following the completion of the transaction, the insider now directly owns 39,994 shares in the company, valued at $6,148,277.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brian Chambers sold 9,100 shares of the business’s 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 completion of the transaction, the chief executive officer now directly owns 269,696 shares of the company’s stock, valued at approximately $41,417,214.72. The disclosure for this sale can be found here. Insiders sold a total of 21,672 shares of company stock worth $3,325,799 over the last three months. Corporate insiders own 0.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on OC. JPMorgan Chase & Co. cut their price objective on Owens Corning from $164.00 to $163.00 and set a “neutral” rating for the company in a research report on Tuesday, February 20th. Loop Capital increased their target price on Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Citigroup upped their price target on shares of Owens Corning from $150.00 to $169.00 and gave the company a “neutral” rating in a research note on Friday, April 5th. Royal Bank of Canada dropped their price objective on shares of Owens Corning from $183.00 to $175.00 and set an “outperform” rating for the company in a research note on Thursday, February 15th. Finally, Evercore ISI cut shares of Owens Corning from an “outperform” rating to an “in-line” rating and decreased their target price for the company from $163.00 to $154.00 in a research report on Thursday, February 15th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $162.14.

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.