Zacks Investment Management Reduces Stock Position in Owens Corning (NYSE:OC)

Zacks Investment Management lowered its stake in Owens Corning (NYSE:OC - Free Report) by 20.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 81,815 shares of the construction company's stock after selling 20,651 shares during the quarter. Zacks Investment Management owned 0.10% of Owens Corning worth $14,442,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. SG Americas Securities LLC grew its stake in shares of Owens Corning by 102.0% in the second quarter. SG Americas Securities LLC now owns 41,525 shares of the construction company's stock worth $7,214,000 after purchasing an additional 20,971 shares during the last quarter. Alpha DNA Investment Management LLC lifted its holdings in Owens Corning by 147.4% in the 3rd quarter. Alpha DNA Investment Management LLC now owns 4,270 shares of the construction company's stock worth $754,000 after buying an additional 2,544 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of Owens Corning in the 2nd quarter worth approximately $3,598,000. CWA Asset Management Group LLC purchased a new position in shares of Owens Corning during the third quarter valued at approximately $1,046,000. Finally, Atria Investments Inc raised its holdings in shares of Owens Corning by 93.3% during the third quarter. Atria Investments Inc now owns 13,200 shares of the construction company's stock valued at $2,330,000 after acquiring an additional 6,373 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. The Goldman Sachs Group lifted their price target 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. UBS Group raised their target price on shares of Owens Corning from $197.00 to $218.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. StockNews.com upgraded shares of Owens Corning from a "hold" rating to a "buy" rating in a research report on Saturday, November 9th. 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 report on Thursday, November 7th. Finally, Evercore ISI lifted their price objective on Owens Corning from $189.00 to $196.00 and gave the company an "in-line" rating in a research report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $192.62.

Insider Transactions at Owens Corning

In related 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 value of $518,500.00. Following the completion of the transaction, the insider now directly owns 60,130 shares in the company, valued at $10,222,100. The trade was a 4.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.89% of the company's stock.

Owens Corning Stock Up 0.9 %

OC stock traded up $1.75 on Friday, reaching $201.91. 466,578 shares of the company traded hands, compared to its average volume of 739,347. The firm has a fifty day simple moving average of $189.08 and a 200-day simple moving average of $177.35. The company has a market cap of $17.32 billion, a P/E ratio of 17.18, a price-to-earnings-growth ratio of 2.27 and a beta of 1.42. Owens Corning has a one year low of $138.26 and a one year high of $214.53. 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 (NYSE:OC - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating the consensus estimate of $4.05 by $0.33. The firm had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company's revenue was up 22.9% on a year-over-year basis. During the same period last year, the company earned $4.15 earnings per share. Research analysts anticipate that Owens Corning will post 15.46 earnings per share for the current year.

Owens Corning Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Monday, January 6th will be issued a $0.69 dividend. The ex-dividend date of this dividend is Monday, January 6th. This is a boost 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 payout ratio is 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.