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Groupama Asset Managment Makes New Investment in Owens Corning (NYSE:OC)

Owens Corning logo with Construction background

Groupama Asset Managment acquired a new stake in Owens Corning (NYSE:OC - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,488 shares of the construction company's stock, valued at approximately $616,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Point72 Asset Management L.P. grew its holdings in shares of Owens Corning by 168.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company's stock worth $128,772,000 after purchasing an additional 464,981 shares during the period. Pacer Advisors Inc. grew its stake in Owens Corning by 38.9% during the second quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company's stock worth $276,655,000 after buying an additional 446,073 shares during the period. Panagora Asset Management Inc. grew its stake in Owens Corning by 2,813.6% during the second quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company's stock worth $65,815,000 after buying an additional 365,853 shares during the period. Goldentree Asset Management LP purchased a new position in shares of Owens Corning in the 3rd quarter valued at $43,559,000. Finally, Kimelman & Baird LLC acquired a new position in shares of Owens Corning during the 2nd quarter valued at $35,970,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Stock Performance

Shares of OC traded down $2.13 during mid-day trading on Tuesday, reaching $196.92. 766,818 shares of the company's stock traded hands, compared to its average volume of 688,644. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The business's 50-day moving average price is $189.98 and its 200-day moving average price is $177.62. The stock has a market capitalization of $16.89 billion, a P/E ratio of 16.76, a price-to-earnings-growth ratio of 2.26 and a beta of 1.42. Owens Corning has a 12 month low of $138.70 and a 12 month high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, beating analysts' consensus estimates of $4.05 by $0.33. The company had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company's quarterly revenue was up 22.9% compared to the same quarter last year. During the same period last year, the company earned $4.15 earnings per share. Equities analysts predict that Owens Corning will post 15.46 earnings per share for the current year.

Owens Corning Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Monday, January 6th will be issued a $0.69 dividend. The ex-dividend date is Monday, January 6th. This is a boost from Owens Corning's previous quarterly dividend of $0.60. This represents a $2.76 annualized dividend and a dividend yield of 1.40%. Owens Corning's dividend payout ratio (DPR) is 23.49%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on OC. Evercore ISI upped their target price on Owens Corning from $189.00 to $196.00 and gave the company an "in-line" rating in a research report on Thursday, November 7th. StockNews.com upgraded shares of Owens Corning from a "hold" rating to a "buy" rating in a research note on Saturday, November 9th. The Goldman Sachs Group upped their target price on shares of Owens Corning from $178.00 to $198.00 and gave the company a "neutral" rating in a research note on Thursday, November 7th. Wells Fargo & Company lifted their price target on Owens Corning from $175.00 to $195.00 and gave the stock an "equal weight" rating in a research note on Thursday, November 7th. Finally, UBS Group upped their price objective on Owens Corning from $197.00 to $218.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, Owens Corning currently has a consensus rating of "Moderate Buy" and a consensus target price of $193.67.

View Our Latest Stock Analysis on OC

Insider Activity 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 value of $538,501.50. Following the sale, the insider now directly owns 57,079 shares in the company, valued at $10,074,443.50. The trade was a 5.07 % 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 0.89% of the company's stock.

About Owens Corning

(Free Report)

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.

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Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

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