Zacks Investment Management Sells 20,651 Shares of Owens Corning (NYSE:OC)

Zacks Investment Management trimmed its position in Owens Corning (NYSE:OC) by 20.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 81,815 shares of the construction company’s stock after selling 20,651 shares during the quarter. Zacks Investment Management owned about 0.10% of Owens Corning worth $14,442,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Innealta Capital LLC bought a new stake in Owens Corning in the 2nd quarter worth approximately $32,000. Tobam increased its position in Owens Corning by 115.7% in the second quarter. Tobam now owns 192 shares of the construction company’s stock worth $33,000 after purchasing an additional 103 shares during the last quarter. Brooklyn Investment Group purchased a new stake in Owens Corning during the third quarter valued at $38,000. Quarry LP lifted its position in Owens Corning by 165.5% during the second quarter. Quarry LP now owns 231 shares of the construction company’s stock valued at $40,000 after purchasing an additional 144 shares during the last quarter. Finally, Friedenthal Financial purchased a new position in shares of Owens Corning in the 2nd quarter worth $48,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total transaction of $518,500.00. Following the transaction, the insider now owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. This trade represents a 4.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.89% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on OC. Wells Fargo & Company upped 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 report on Thursday, November 7th. Royal Bank of Canada upped their price objective on Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Evercore ISI lifted 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. The Goldman Sachs Group boosted their target price on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, UBS Group raised their price target on Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Owens Corning currently has an average rating of “Moderate Buy” and an average target price of $192.62.

Owens Corning Trading Up 0.9 %

NYSE OC opened at $201.91 on Friday. The stock has a market cap of $17.32 billion, a PE ratio of 17.18, a PEG ratio of 2.27 and a beta of 1.42. Owens Corning has a 12 month low of $138.26 and a 12 month high of $214.53. The company’s 50-day moving average price is $189.08 and its 200-day moving average price is $177.35. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping analysts’ consensus estimates of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.04 billion. During the same period in the prior year, the firm earned $4.15 EPS. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. Equities research analysts forecast that Owens Corning will post 15.46 earnings per share for the current year.

Owens Corning Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Monday, January 6th will be given a dividend of $0.69 per share. The ex-dividend date is Monday, January 6th. This is a positive change from Owens Corning’s previous quarterly dividend of $0.60. This represents a $2.76 dividend on an annualized basis and a yield of 1.37%. Owens Corning’s payout ratio is 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.