Foundry Partners LLC Buys New Stake in Owens Corning (NYSE:OC)

Foundry Partners LLC purchased a new position in Owens Corning (NYSE:OC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,461 shares of the construction company’s stock, valued at approximately $611,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. UniSuper Management Pty Ltd raised its holdings in shares of Owens Corning by 85.7% in the 1st quarter. UniSuper Management Pty Ltd now owns 1,300 shares of the construction company’s stock worth $217,000 after buying an additional 600 shares in the last quarter. Bessemer Group Inc. grew its position in Owens Corning by 24.9% in the first quarter. Bessemer Group Inc. now owns 391 shares of the construction company’s stock valued at $65,000 after acquiring an additional 78 shares during the period. Quadrature Capital Ltd acquired a new position in Owens Corning during the first quarter worth $416,000. 1832 Asset Management L.P. lifted its holdings in shares of Owens Corning by 10.3% during the first quarter. 1832 Asset Management L.P. now owns 11,622 shares of the construction company’s stock valued at $1,939,000 after acquiring an additional 1,085 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Owens Corning by 14.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 74,470 shares of the construction company’s stock valued at $12,422,000 after purchasing an additional 9,584 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Royal Bank of Canada lifted their price target on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Wells Fargo & Company lifted their target price on shares of Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. The Goldman Sachs Group increased their price target on Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Finally, Evercore ISI increased their target price on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $192.62.

Insider Buying and Selling at Owens Corning

In related news, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the transaction, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. The trade was a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.89% of the company’s stock.

Owens Corning Stock Performance

Owens Corning stock opened at $202.77 on Friday. Owens Corning has a 1 year low of $131.61 and a 1 year high of $203.40. The company’s 50-day moving average is $182.76 and its two-hundred day moving average is $175.40. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. The company has a market cap of $17.39 billion, a PE ratio of 17.26, a PEG ratio of 2.18 and a beta of 1.41.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. The firm had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same period last year, the firm earned $4.15 earnings per share. Equities analysts anticipate that Owens Corning will post 15.39 earnings per share for the current year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a yield of 1.18%. Owens Corning’s dividend payout ratio is presently 20.43%.

About Owens Corning

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.