Quest Partners LLC Acquires 3,608 Shares of Owens Corning (NYSE:OC)

Quest Partners LLC boosted its position in shares of Owens Corning (NYSE:OC - Free Report) by 67.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,940 shares of the construction company's stock after buying an additional 3,608 shares during the quarter. Quest Partners LLC's holdings in Owens Corning were worth $1,578,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of OC. Point72 Asset Management L.P. boosted its position in shares of Owens Corning by 168.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company's stock valued at $128,772,000 after purchasing an additional 464,981 shares during the period. Pacer Advisors Inc. boosted its position in shares of Owens Corning by 38.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company's stock valued at $276,655,000 after purchasing an additional 446,073 shares during the period. Panagora Asset Management Inc. boosted its position in shares of Owens Corning by 2,813.6% in the 2nd quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company's stock valued at $65,815,000 after purchasing an additional 365,853 shares during the period. Swedbank AB acquired a new position in shares of Owens Corning in the 1st quarter valued at $60,424,000. Finally, Kimelman & Baird LLC acquired a new position in shares of Owens Corning in the 2nd quarter valued at $35,970,000. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Stock Performance

NYSE OC traded down $1.21 during trading on Tuesday, hitting $194.09. The company's stock had a trading volume of 861,482 shares, compared to its average volume of 687,552. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. The firm has a 50 day moving average price of $179.89 and a 200 day moving average price of $174.79. The firm has a market cap of $16.65 billion, a P/E ratio of 16.56, a price-to-earnings-growth ratio of 2.18 and a beta of 1.41. Owens Corning has a 52 week low of $129.24 and a 52 week high of $199.54.

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, topping the consensus estimate of $4.05 by $0.33. The company had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company's revenue for the quarter was up 22.9% on a year-over-year basis. During the same period in the previous year, the business posted $4.15 EPS. Equities research analysts forecast that Owens Corning will post 15.39 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on OC shares. The Goldman Sachs Group raised their price objective on Owens Corning from $178.00 to $198.00 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. Benchmark restated a "hold" rating on shares of Owens Corning in a research report on Wednesday, August 7th. Evercore ISI raised their price objective on Owens Corning from $189.00 to $196.00 and gave the stock an "in-line" rating in a research report on Thursday, November 7th. Royal Bank of Canada raised their price target on Owens Corning from $213.00 to $217.00 and gave the stock an "outperform" rating in a research note on Thursday, November 7th. Finally, UBS Group raised their price target on Owens Corning from $197.00 to $218.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $192.62.

Insider Transactions at Owens Corning

In other news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the sale, the insider now owns 60,130 shares of the company's stock, valued at approximately $10,222,100. This trade represents a 4.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.90% of the stock is owned by insiders.

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.