Owens Corning (NYSE:OC) Shares Purchased by Summit Global Investments

Summit Global Investments boosted its position in Owens Corning (NYSE:OC - Free Report) by 5.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 77,684 shares of the construction company's stock after purchasing an additional 4,060 shares during the quarter. Owens Corning makes up approximately 0.9% of Summit Global Investments' investment portfolio, making the stock its 23rd largest holding. Summit Global Investments owned about 0.09% of Owens Corning worth $13,713,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of OC. Central Pacific Bank Trust Division purchased a new stake in Owens Corning during the 1st quarter worth approximately $105,000. ORG Partners LLC purchased a new position in Owens Corning in the 1st quarter worth $31,000. Envestnet Portfolio Solutions Inc. lifted its position in Owens Corning by 14.9% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 4,002 shares of the construction company's stock worth $668,000 after acquiring an additional 519 shares during the period. BOS Asset Management LLC purchased a new stake in Owens Corning during the 1st quarter valued at about $247,000. Finally, Atomi Financial Group Inc. acquired a new position in shares of Owens Corning in the first quarter valued at about $729,000. 88.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

OC has been the subject of a number of recent research reports. Evercore ISI raised their price target 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. The Goldman Sachs Group upped 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. UBS Group lifted their target price on shares of Owens Corning from $197.00 to $218.00 and gave the company a "buy" rating in a report on Thursday. Citigroup upgraded shares of Owens Corning from a "neutral" rating to a "buy" rating and raised their price target for the company from $178.00 to $191.00 in a research report on Thursday, July 11th. Finally, StockNews.com cut Owens Corning from a "buy" rating to a "hold" rating in a research report on Friday, November 1st. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, Owens Corning presently has an average rating of "Hold" and a consensus price target of $192.62.

Insider Activity

In other news, insider Marcio A. Sandri sold 3,050 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the sale, the insider now directly owns 60,130 shares in the company, valued at approximately $10,222,100. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of the business's stock in a transaction that occurred on 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 $10,222,100. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Marcio A. Sandri sold 3,051 shares of the firm's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.89% of the company's stock.

Owens Corning Price Performance

OC traded up $4.22 during trading on Friday, reaching $191.64. The company's stock had a trading volume of 455,971 shares, compared to its average volume of 681,921. The company has a market cap of $16.66 billion, a price-to-earnings ratio of 16.24, a PEG ratio of 2.20 and a beta of 1.41. The firm has a fifty day simple moving average of $175.40 and a two-hundred day simple moving average of $173.46. Owens Corning has a 1 year low of $121.08 and a 1 year high of $193.93. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.01 by $0.37. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The business had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same period last year, the company earned $4.15 EPS. The company's revenue for the quarter was up 22.9% on a year-over-year basis. As a group, analysts anticipate that Owens Corning will post 15.34 EPS for the current year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.40 annualized dividend and a dividend yield of 1.25%. Owens Corning's dividend payout ratio is currently 20.32%.

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.