Whalen Wealth Management Inc. Makes New $736,000 Investment in Owens Corning (NYSE:OC)

Whalen Wealth Management Inc. bought a new position in Owens Corning (NYSE:OC - Free Report) during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 4,170 shares of the construction company's stock, valued at approximately $736,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pacer Advisors Inc. raised its holdings 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 worth $276,655,000 after purchasing an additional 446,073 shares during the period. Point72 Asset Management L.P. raised its holdings 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 worth $128,772,000 after purchasing an additional 464,981 shares during the period. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Owens Corning by 6.4% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 716,704 shares of the construction company's stock worth $124,506,000 after purchasing an additional 43,180 shares during the period. AustralianSuper Pty Ltd raised its holdings in shares of Owens Corning by 2.2% in the 2nd quarter. AustralianSuper Pty Ltd now owns 590,977 shares of the construction company's stock worth $102,665,000 after purchasing an additional 12,707 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in shares of Owens Corning by 54.1% in the 3rd quarter. Victory Capital Management Inc. now owns 523,001 shares of the construction company's stock worth $92,320,000 after purchasing an additional 183,666 shares during the period. Hedge funds and other institutional investors own 88.40% of the company's stock.

Analyst Upgrades and Downgrades

OC has been the topic of a number of analyst reports. Royal Bank of Canada boosted their target price on shares of Owens Corning from $213.00 to $217.00 and gave the company an "outperform" rating in a report on Thursday, November 7th. Benchmark reissued a "hold" rating on shares of Owens Corning in a report on Wednesday, August 7th. StockNews.com raised shares of Owens Corning from a "hold" rating to a "buy" rating in a report on Saturday, November 9th. Wells Fargo & Company boosted their target price on shares of Owens Corning from $175.00 to $195.00 and gave the company an "equal weight" rating in a report on Thursday, November 7th. Finally, The Goldman Sachs Group boosted their target price on shares of Owens Corning from $178.00 to $198.00 and gave the company a "neutral" rating in a report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Owens Corning has an average rating of "Moderate Buy" and a consensus price target of $192.62.

Owens Corning Trading Down 0.6 %

NYSE OC traded down $1.21 during trading on Tuesday, hitting $194.09. 861,482 shares of the company's stock traded hands, compared to its average volume of 687,552. The stock has a fifty day moving average of $180.62 and a two-hundred day moving average of $174.93. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. Owens Corning has a 12-month low of $129.24 and a 12-month high of $199.54. The firm has a market cap of $16.65 billion, a P/E ratio of 16.52, a PEG ratio of 2.18 and a beta of 1.41.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (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 business had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.04 billion. During the same period in the prior year, the business posted $4.15 earnings per share. The company's revenue was up 22.9% on a year-over-year basis. As a group, sell-side analysts expect that Owens Corning will post 15.39 EPS for the current year.

Owens Corning Dividend Announcement

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

Insider Buying and Selling at Owens Corning

In other news, insider Marcio A. Sandri sold 3,051 shares of the company's stock in a transaction dated 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 transaction, the insider now directly owns 57,079 shares of the company's stock, valued at approximately $10,074,443.50. This represents a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.90% of the company's stock.

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.