State Street Corp Raises Stake in Owens Corning (NYSE:OC)

State Street Corp grew its position in Owens Corning (NYSE:OC - Free Report) by 4.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,181,421 shares of the construction company's stock after purchasing an additional 187,001 shares during the quarter. State Street Corp owned approximately 4.87% of Owens Corning worth $738,104,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of OC. Innealta Capital LLC purchased a new position in shares of Owens Corning in the 2nd quarter valued at $32,000. Tobam grew its position in shares of Owens Corning by 115.7% in the 2nd quarter. Tobam now owns 192 shares of the construction company's stock valued at $33,000 after buying an additional 103 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of Owens Corning in the 3rd quarter valued at $38,000. Quarry LP grew its position in shares of Owens Corning by 165.5% in the 2nd quarter. Quarry LP now owns 231 shares of the construction company's stock valued at $40,000 after buying an additional 144 shares during the last quarter. Finally, Friedenthal Financial purchased a new position in shares of Owens Corning in the 2nd quarter valued at $48,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OC has been the topic of several research reports. The Goldman Sachs Group raised their price objective on shares of Owens Corning from $178.00 to $198.00 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. Royal Bank of Canada raised their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the stock an "outperform" rating in a research report on Thursday, November 7th. StockNews.com raised shares of Owens Corning from a "hold" rating to a "buy" rating in a research report on Saturday, November 9th. Evercore ISI raised their price objective on shares of Owens Corning from $189.00 to $196.00 and gave the stock an "in-line" rating in a research report on Thursday, November 7th. Finally, Wells Fargo & Company raised their price objective on shares of Owens Corning from $175.00 to $195.00 and gave the stock an "equal weight" rating in a research report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $193.67.

Insiders Place Their Bets

In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total transaction of $518,500.00. Following the completion of the transaction, the insider now owns 60,130 shares in the company, valued at approximately $10,222,100. The trade was a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.90% of the stock is currently owned by company insiders.

Owens Corning Price Performance

Shares of NYSE OC traded down $2.73 during midday trading on Monday, hitting $199.18. The company had a trading volume of 660,910 shares, compared to its average volume of 688,234. 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 twelve month low of $138.70 and a twelve month high of $214.53. The business has a 50-day simple moving average of $189.08 and a two-hundred day simple moving average of $177.35. The firm has a market capitalization of $17.09 billion, a price-to-earnings ratio of 16.95, a price-to-earnings-growth ratio of 2.26 and a beta of 1.42.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, beating the consensus estimate of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm had revenue of $3.05 billion during the quarter, compared to analysts' expectations of $3.04 billion. During the same quarter last year, the business earned $4.15 earnings per share. The business's revenue for the quarter was up 22.9% compared to the same quarter last year. Equities research analysts anticipate that Owens Corning will post 15.46 earnings per share for the current year.

Owens Corning Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Monday, January 6th will be given a dividend of $0.69 per share. 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 1.39%. This is a boost from Owens Corning's previous quarterly dividend of $0.60. Owens Corning's payout ratio is presently 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.