Manning & Napier Advisors LLC Buys 16,574 Shares of Owens Corning Inc $OC

Manning & Napier Advisors LLC increased its stake in shares of Owens Corning Inc (NYSE:OC) by 332.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 21,562 shares of the construction company’s stock after buying an additional 16,574 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Owens Corning were worth $3,050,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Owens Corning during the 2nd quarter valued at approximately $163,719,000. First Trust Advisors LP lifted its stake in Owens Corning by 164.6% in the second quarter. First Trust Advisors LP now owns 920,726 shares of the construction company’s stock valued at $126,618,000 after purchasing an additional 572,770 shares during the last quarter. Amundi grew its holdings in Owens Corning by 92.9% during the second quarter. Amundi now owns 1,086,735 shares of the construction company’s stock valued at $157,279,000 after purchasing an additional 523,376 shares during the period. Marshall Wace LLP increased its position in Owens Corning by 17,614.0% in the second quarter. Marshall Wace LLP now owns 422,832 shares of the construction company’s stock worth $58,148,000 after buying an additional 420,445 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Owens Corning by 70.9% in the second quarter. AQR Capital Management LLC now owns 960,604 shares of the construction company’s stock valued at $132,102,000 after buying an additional 398,440 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Price Performance

OC stock opened at $123.52 on Thursday. The firm has a 50 day moving average of $111.31 and a 200-day moving average of $131.02. The firm has a market capitalization of $10.15 billion, a P/E ratio of -21.59, a price-to-earnings-growth ratio of 11.64 and a beta of 1.35. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $192.96. The company has a current ratio of 1.40, a quick ratio of 0.86 and a debt-to-equity ratio of 1.05.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.64 by $0.03. The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.71 billion. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the company posted $4.38 EPS. As a group, sell-side analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 21st. Investors of record on Monday, January 5th will be given a dividend of $0.79 per share. The ex-dividend date is Monday, January 5th. This is a positive change from Owens Corning’s previous quarterly dividend of $0.69. This represents a $3.16 annualized dividend and a yield of 2.6%. Owens Corning’s dividend payout ratio (DPR) is presently -55.24%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on OC shares. Jefferies Financial Group decreased their price objective on Owens Corning from $185.00 to $180.00 and set a “buy” rating for the company in a report on Tuesday, October 7th. JPMorgan Chase & Co. reduced their target price on shares of Owens Corning from $157.00 to $113.00 and set a “neutral” rating for the company in a research note on Tuesday, November 11th. Evercore ISI lowered their price target on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating on the stock in a research report on Thursday, December 4th. Vertical Research initiated coverage on shares of Owens Corning in a report on Monday, October 20th. They issued a “hold” rating for the company. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a research note on Monday, December 29th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Owens Corning has an average rating of “Moderate Buy” and an average target price of $149.08.

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.