Costello Asset Management INC Makes New $2.26 Million Investment in Owens Corning (NYSE:OC)

Costello Asset Management INC acquired a new position in shares of Owens Corning (NYSE:OC - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 13,265 shares of the construction company's stock, valued at approximately $2,259,000. Owens Corning accounts for approximately 1.5% of Costello Asset Management INC's portfolio, making the stock its 23rd largest position.

Several other institutional investors have also made changes to their positions in the stock. JPMorgan Chase & Co. grew its stake in shares of Owens Corning by 113.9% in the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company's stock worth $140,818,000 after purchasing an additional 424,786 shares during the last quarter. Pacer Advisors Inc. increased its stake in Owens Corning by 16.4% in the 3rd quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company's stock valued at $327,286,000 after buying an additional 261,564 shares during the last quarter. Goldentree Asset Management LP purchased a new stake in shares of Owens Corning during the 3rd quarter worth approximately $43,559,000. Nordea Investment Management AB boosted its holdings in Owens Corning by 12.5% in the 4th quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company's stock worth $366,166,000 after buying an additional 238,694 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in Owens Corning by 31.6% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company's stock valued at $145,455,000 after purchasing an additional 197,667 shares during the period. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Trading Up 0.8 %

Shares of NYSE:OC traded up $1.37 during trading on Wednesday, reaching $182.09. 295,003 shares of the stock were exchanged, compared to its average volume of 670,247. The firm has a market cap of $15.62 billion, a price-to-earnings ratio of 15.50, a price-to-earnings-growth ratio of 2.02 and a beta of 1.46. Owens Corning has a 12-month low of $138.70 and a 12-month high of $214.53. The firm's 50-day moving average price is $183.43 and its 200 day moving average price is $178.67. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.33. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same period last year, the company earned $4.15 earnings per share. The firm's revenue for the quarter was up 22.9% on a year-over-year basis. On average, sell-side analysts anticipate that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Monday, January 6th were paid a dividend of $0.69 per share. The ex-dividend date of this dividend was Monday, January 6th. This represents a $2.76 annualized dividend and a yield of 1.52%. This is a boost from Owens Corning's previous quarterly dividend of $0.60. Owens Corning's dividend payout ratio (DPR) is currently 23.49%.

Analyst Ratings Changes

OC has been the topic of a number of analyst reports. Loop Capital decreased their target price on shares of Owens Corning from $215.00 to $210.00 and set a "buy" rating on the stock in a research report on Friday, January 10th. Barclays raised shares of Owens Corning from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $192.00 to $245.00 in a report on Wednesday, December 11th. StockNews.com raised shares of Owens Corning from a "hold" rating to a "buy" rating in a report on Saturday, November 9th. Citigroup cut their target price on shares of Owens Corning from $212.00 to $207.00 and set a "buy" rating for the company in a research note on Monday, January 6th. Finally, Evercore ISI lifted their price target on shares of Owens Corning from $189.00 to $196.00 and gave the stock an "in-line" rating in a research note on Thursday, November 7th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $201.75.

Insider Buying and Selling

In related news, insider Gunner Smith sold 17,450 shares of the business's stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $191.19, for a total value of $3,336,265.50. Following the completion of the sale, the insider now directly owns 18,866 shares in the company, valued at approximately $3,606,990.54. The trade was a 48.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.90% of the company's stock.

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.