Investment Management Corp of Ontario Has $505,000 Stake in Owens Corning (NYSE:OC)

Investment Management Corp of Ontario cut its holdings in Owens Corning (NYSE:OC - Free Report) by 87.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,860 shares of the construction company's stock after selling 19,117 shares during the period. Investment Management Corp of Ontario's holdings in Owens Corning were worth $505,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Retirement Guys Formula LLC boosted its holdings in shares of Owens Corning by 3.1% during the third quarter. Retirement Guys Formula LLC now owns 1,939 shares of the construction company's stock valued at $342,000 after acquiring an additional 58 shares during the period. PFG Investments LLC lifted its position in Owens Corning by 3.9% in the 3rd quarter. PFG Investments LLC now owns 1,828 shares of the construction company's stock valued at $323,000 after purchasing an additional 68 shares during the last quarter. Tobam boosted its stake in Owens Corning by 38.0% during the 3rd quarter. Tobam now owns 265 shares of the construction company's stock valued at $47,000 after purchasing an additional 73 shares during the period. First Bank & Trust grew its position in Owens Corning by 2.0% in the 3rd quarter. First Bank & Trust now owns 3,658 shares of the construction company's stock worth $646,000 after purchasing an additional 73 shares during the last quarter. Finally, KMG Fiduciary Partners LLC grew its position in Owens Corning by 1.5% in the 3rd quarter. KMG Fiduciary Partners LLC now owns 5,432 shares of the construction company's stock worth $959,000 after purchasing an additional 80 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. UBS Group lifted their price target on Owens Corning from $197.00 to $218.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Evercore ISI lifted their target price on Owens Corning from $189.00 to $196.00 and gave the company an "in-line" rating in a research note on Thursday, November 7th. StockNews.com raised Owens Corning from a "hold" rating to a "buy" rating in a research note on Saturday, November 9th. Royal Bank of Canada lifted their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the company an "outperform" rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company upped their price objective on shares of Owens Corning from $175.00 to $195.00 and gave the stock an "equal weight" rating in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $192.62.

Insiders Place Their Bets

In other news, insider Marcio A. Sandri sold 3,051 shares of the company's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. This represents a 5.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.89% of the company's stock.

Owens Corning Trading Up 0.9 %

Shares of NYSE OC traded up $1.75 during mid-day trading on Friday, hitting $201.91. 466,578 shares of the company traded hands, compared to its average volume of 739,347. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. Owens Corning has a 1 year low of $138.26 and a 1 year high of $214.53. The stock has a market capitalization of $17.32 billion, a price-to-earnings ratio of 17.18, a PEG ratio of 2.27 and a beta of 1.42. The business has a 50 day moving average of $189.08 and a two-hundred day moving average of $177.35.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) 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 the consensus estimate of $3.04 billion. During the same quarter in the previous year, the company earned $4.15 EPS. The business's revenue for the quarter was up 22.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Monday, January 6th will be paid a $0.69 dividend. This is a positive change from Owens Corning's previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, January 6th. This represents a $2.76 dividend on an annualized basis and a yield of 1.37%. Owens Corning's dividend payout ratio (DPR) is currently 20.43%.

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.