World Investment Advisors LLC Invests $23 Million in Owens Corning (NYSE:OC)

World Investment Advisors LLC purchased a new position in Owens Corning (NYSE:OC - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 130,309 shares of the construction company's stock, valued at approximately $23,002,000. World Investment Advisors LLC owned about 0.15% of Owens Corning as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. State Street Corp lifted its stake 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 last quarter. Pacer Advisors Inc. lifted its stake 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 last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake 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 last quarter. Point72 Asset Management L.P. raised its stake in shares of Owens Corning by 168.3% during the second quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company's stock valued at $128,772,000 after acquiring an additional 464,981 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Owens Corning by 3.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 727,275 shares of the construction company's stock valued at $128,379,000 after acquiring an additional 24,522 shares during the last quarter. 88.40% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, 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 transaction, the insider now directly owns 57,079 shares of the company's stock, valued at approximately $10,074,443.50. This trade represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.89% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Royal Bank of Canada upped their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the company an "outperform" rating in a research note on Thursday, November 7th. Evercore ISI upped their price objective on shares of Owens Corning from $189.00 to $196.00 and gave the company an "in-line" rating in a research note on Thursday, November 7th. UBS Group upped their price objective on shares of Owens Corning from $197.00 to $218.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. StockNews.com raised shares of Owens Corning from a "hold" rating to a "buy" rating in a research note on Saturday, November 9th. Finally, Wells Fargo & Company upped their price objective on shares of Owens Corning from $175.00 to $195.00 and gave the company an "equal weight" rating in a research note on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Owens Corning currently has an average rating of "Moderate Buy" and a consensus target price of $192.62.

Owens Corning Stock Up 0.9 %

OC traded up $1.75 during midday trading on Friday, reaching $201.91. The company's stock had a trading volume of 466,578 shares, compared to its average volume of 739,347. The stock's 50-day moving average is $189.08 and its 200-day moving average is $177.35. Owens Corning has a 1 year low of $138.26 and a 1 year high of $214.53. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $17.32 billion, a price-to-earnings ratio of 17.18, a PEG ratio of 2.27 and a beta of 1.42.

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

Owens Corning Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Monday, January 6th will be given a $0.69 dividend. The ex-dividend date of this dividend is Monday, January 6th. This is an increase from Owens Corning's previous quarterly dividend of $0.60. This represents a $2.76 annualized dividend and a yield of 1.37%. Owens Corning's dividend payout ratio (DPR) is presently 20.43%.

Owens Corning 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.