Vinva Investment Management Ltd Invests $1.41 Million in Owens Corning Inc $OC

Vinva Investment Management Ltd bought a new stake in shares of Owens Corning Inc (NYSE:OC) during the 3rd quarter, Holdings Channel.com reports. The fund bought 9,980 shares of the construction company’s stock, valued at approximately $1,408,000.

A number of other institutional investors and hedge funds have also made changes to their positions in OC. Ariel Investments LLC increased its position in Owens Corning by 24.8% during the 2nd quarter. Ariel Investments LLC now owns 140,449 shares of the construction company’s stock valued at $19,315,000 after buying an additional 27,871 shares in the last quarter. Ashton Thomas Private Wealth LLC grew its stake in shares of Owens Corning by 231.4% during the third quarter. Ashton Thomas Private Wealth LLC now owns 48,843 shares of the construction company’s stock worth $6,909,000 after acquiring an additional 34,106 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Owens Corning by 6.7% during the second quarter. JPMorgan Chase & Co. now owns 456,952 shares of the construction company’s stock worth $62,840,000 after acquiring an additional 28,814 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in shares of Owens Corning by 6.1% during the second quarter. Nomura Asset Management Co. Ltd. now owns 42,020 shares of the construction company’s stock valued at $5,779,000 after acquiring an additional 2,421 shares in the last quarter. Finally, Caprock Group LLC purchased a new position in shares of Owens Corning in the 3rd quarter valued at approximately $1,742,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Barclays lifted their price target on Owens Corning from $130.00 to $138.00 and gave the stock an “overweight” rating in a research report on Thursday, January 15th. JPMorgan Chase & Co. cut their price target on shares of Owens Corning from $157.00 to $113.00 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. Wells Fargo & Company lifted their price objective on shares of Owens Corning from $145.00 to $155.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a research note on Monday, December 29th. Finally, UBS Group upped their price target on shares of Owens Corning from $160.00 to $172.00 and gave the company a “buy” rating in a report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $151.58.

Owens Corning Price Performance

Shares of NYSE OC opened at $107.54 on Tuesday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.70 and a current ratio of 1.26. The firm has a market cap of $8.64 billion, a PE ratio of -16.80, a PEG ratio of 1.78 and a beta of 1.35. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.42. The firm has a fifty day moving average of $123.44 and a 200 day moving average of $125.78.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.26). Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. During the same period in the previous year, the company earned $3.22 EPS. Owens Corning’s revenue was down 16.8% compared to the same quarter last year. As a group, research analysts predict that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Monday, March 9th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Monday, March 9th. This represents a $3.16 annualized dividend and a dividend yield of 2.9%. Owens Corning’s dividend payout ratio is -49.38%.

Owens Corning Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.