Raymond James Financial Inc. Makes New Investment in Owens Corning (NYSE:OC)

Raymond James Financial Inc. acquired a new position in Owens Corning (NYSE:OC - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 300,728 shares of the construction company's stock, valued at approximately $51,220,000. Raymond James Financial Inc. owned 0.35% of Owens Corning at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. State Street Corp boosted its holdings in Owens Corning by 4.7% in the third quarter. State Street Corp now owns 4,181,421 shares of the construction company's stock worth $738,104,000 after purchasing an additional 187,001 shares during the period. Nordea Investment Management AB boosted its holdings in 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 purchasing an additional 238,694 shares during the period. Pacer Advisors Inc. boosted its holdings in Owens Corning by 16.4% in the third quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company's stock worth $327,286,000 after purchasing an additional 261,564 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its holdings in Owens Corning by 31.6% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company's stock worth $145,455,000 after purchasing an additional 197,667 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in Owens Corning by 113.9% in the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company's stock worth $140,818,000 after purchasing an additional 424,786 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Wall Street Analyst Weigh In

OC has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut their target price on Owens Corning from $200.00 to $176.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Wells Fargo & Company cut their target price on Owens Corning from $225.00 to $200.00 and set an "overweight" rating on the stock in a research note on Tuesday, February 25th. Benchmark reiterated a "hold" rating on shares of Owens Corning in a research note on Monday, March 3rd. Citigroup cut their target price on Owens Corning from $212.00 to $207.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. Finally, Barclays cut their target price on Owens Corning from $245.00 to $215.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $204.18.

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Insider Buying and Selling

In related 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 value of $321,947.50. Following the transaction, the insider now owns 11,635 shares of the company's stock, valued at approximately $2,140,490.95. This trade represents a 13.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Gunner Smith sold 17,450 shares of Owens Corning stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $191.19, for a total value of $3,336,265.50. Following the completion of the transaction, the insider now directly owns 18,866 shares in the company, valued at $3,606,990.54. This represents a 48.05 % decrease in their position. The disclosure for this sale can be found here. 0.89% of the stock is owned by corporate insiders.

Owens Corning Price Performance

Shares of NYSE OC opened at $139.62 on Wednesday. Owens Corning has a fifty-two week low of $137.50 and a fifty-two week high of $214.53. The firm's 50-day simple moving average is $171.71 and its 200 day simple moving average is $177.99. 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 stock has a market cap of $11.94 billion, a P/E ratio of 11.88, a P/E/G ratio of 1.88 and a beta of 1.52.

Owens Corning (NYSE:OC - Get Free Report) last issued 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. The business had revenue of $2.84 billion for the quarter, compared to analysts' expectations of $2.88 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company's revenue was up 23.3% on a year-over-year basis. During the same period in the previous year, the business earned $3.21 earnings per share. Equities analysts expect that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 10th will be issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend is Monday, March 10th. Owens Corning's payout ratio is currently 37.70%.

About Owens Corning

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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