Empowered Funds LLC Increases Stake in Owens Corning (NYSE:OC)

Empowered Funds LLC increased its position in Owens Corning (NYSE:OC - Free Report) by 1.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 185,901 shares of the construction company's stock after purchasing an additional 2,646 shares during the quarter. Owens Corning makes up about 0.5% of Empowered Funds LLC's investment portfolio, making the stock its 21st largest holding. Empowered Funds LLC owned about 0.21% of Owens Corning worth $32,815,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Retirement Guys Formula LLC grew its holdings in Owens Corning by 3.1% in the third quarter. Retirement Guys Formula LLC now owns 1,939 shares of the construction company's stock worth $342,000 after purchasing an additional 58 shares during the period. PFG Investments LLC boosted its position in shares of Owens Corning by 3.9% in the 3rd quarter. PFG Investments LLC now owns 1,828 shares of the construction company's stock worth $323,000 after purchasing an additional 68 shares in the last quarter. Tobam grew its stake in shares of Owens Corning by 38.0% in the 3rd quarter. Tobam now owns 265 shares of the construction company's stock worth $47,000 after buying an additional 73 shares during the last quarter. First Bank & Trust increased its position in Owens Corning by 2.0% during the 3rd quarter. First Bank & Trust now owns 3,658 shares of the construction company's stock valued at $646,000 after buying an additional 73 shares in the last quarter. Finally, Bessemer Group Inc. raised its stake in Owens Corning by 24.9% during the first quarter. Bessemer Group Inc. now owns 391 shares of the construction company's stock valued at $65,000 after buying an additional 78 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Wells Fargo & Company increased their target price 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. Benchmark reissued a "hold" rating on shares of Owens Corning in a research report on Wednesday, August 7th. Evercore ISI lifted their target price on shares of Owens Corning from $189.00 to $196.00 and gave the stock an "in-line" rating in a report on Thursday, November 7th. StockNews.com upgraded shares of Owens Corning from a "hold" rating to a "buy" rating in a report on Saturday, November 9th. Finally, UBS Group boosted their price objective on shares of Owens Corning from $197.00 to $218.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $192.62.

Owens Corning Stock Performance

Owens Corning stock traded down $1.27 during mid-day trading on Friday, reaching $193.99. 831,150 shares of the stock traded hands, compared to its average volume of 686,089. The stock has a market capitalization of $16.64 billion, a PE ratio of 16.62, a price-to-earnings-growth ratio of 2.20 and a beta of 1.41. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The business's 50-day moving average is $178.38 and its 200-day moving average is $174.39. Owens Corning has a 12-month low of $128.79 and a 12-month high of $199.54.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, beating the consensus estimate of $4.05 by $0.33. The firm had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business's revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.15 EPS. As a group, sell-side analysts predict that Owens Corning will post 15.39 EPS for the current fiscal year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were paid a $0.60 dividend. The ex-dividend date was Friday, October 18th. This represents a $2.40 annualized dividend and a dividend yield of 1.24%. Owens Corning's dividend payout ratio (DPR) is 20.43%.

Insider Buying and Selling at Owens Corning

In related news, insider Marcio A. Sandri sold 3,051 shares of the company's stock in a transaction 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 completion of the transaction, the insider now owns 57,079 shares of the company's stock, valued at approximately $10,074,443.50. This represents a 5.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.89% of the stock is currently owned by corporate insiders.

Owens Corning 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.