Headlands Technologies LLC Invests $2.35 Million in Owens Corning (NYSE:OC)

Headlands Technologies LLC acquired a new position in Owens Corning (NYSE:OC - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 13,795 shares of the construction company's stock, valued at approximately $2,350,000.

A number of other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Owens Corning during the fourth quarter worth approximately $208,519,000. JPMorgan Chase & Co. grew its holdings in shares of Owens Corning by 113.9% during the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company's stock worth $140,818,000 after buying an additional 424,786 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Owens Corning in the fourth quarter valued at about $51,220,000. Nordea Investment Management AB lifted its stake in shares of Owens Corning by 12.5% in the fourth 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 in the last quarter. Finally, LGT Group Foundation acquired a new position in Owens Corning during the fourth quarter worth about $39,054,000. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Trading Down 6.7 %

Owens Corning stock traded down $9.88 during midday trading on Thursday, reaching $137.31. 1,158,030 shares of the stock traded hands, compared to its average volume of 782,359. 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 firm has a market cap of $11.75 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 1.88 and a beta of 1.52. The company has a 50-day simple moving average of $162.15 and a two-hundred day simple moving average of $175.91. Owens Corning has a 12-month low of $134.18 and a 12-month high of $214.53.

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Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, beating analysts' consensus estimates of $2.87 by $0.35. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm had revenue of $2.84 billion during the quarter, compared to analysts' expectations of $2.88 billion. During the same quarter in the previous year, the business posted $3.21 earnings per share. The business's quarterly revenue was up 23.3% compared to the same quarter last year. Research analysts expect that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 10th will be issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend is Monday, March 10th. Owens Corning's dividend payout ratio (DPR) is presently 37.70%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on OC shares. Wells Fargo & Company decreased their target price on shares of Owens Corning from $225.00 to $200.00 and set an "overweight" rating on the stock in a research note on Tuesday, February 25th. Royal Bank of Canada reissued an "outperform" rating and set a $212.00 price objective on shares of Owens Corning in a research note on Monday, March 17th. Deutsche Bank Aktiengesellschaft started coverage on Owens Corning in a research note on Tuesday. They issued a "buy" rating and a $183.00 target price for the company. JPMorgan Chase & Co. dropped their price objective on shares of Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. Finally, UBS Group decreased their target price on shares of Owens Corning from $245.00 to $235.00 and set a "buy" rating on the stock in a report on Tuesday, February 25th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $202.42.

Insider Buying and Selling at Owens Corning

In other news, insider Monaco Nicolas Del sold 1,750 shares of Owens Corning stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the sale, the insider now owns 11,635 shares in the company, valued at approximately $2,140,490.95. The trade was a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.82% 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.