Zacks Investment Management Buys New Position in Owens Corning (OC)
Zacks Investment Management bought a new stake in shares of Owens Corning (NYSE:OC) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 19,799 shares of the construction company’s stock, valued at approximately $871,000.
A number of other hedge funds have also added to or reduced their stakes in OC. Vanguard Group Inc. grew its position in shares of Owens Corning by 0.6% during the third quarter. Vanguard Group Inc. now owns 9,479,115 shares of the construction company’s stock worth $514,432,000 after acquiring an additional 58,689 shares during the last quarter. Morgan Stanley grew its position in shares of Owens Corning by 360.0% during the third quarter. Morgan Stanley now owns 1,151,400 shares of the construction company’s stock worth $62,487,000 after acquiring an additional 901,083 shares during the last quarter. KCS Wealth Advisory bought a new position in shares of Owens Corning during the fourth quarter worth about $548,000. Paragon Capital Management Ltd bought a new position in shares of Owens Corning during the fourth quarter worth about $268,000. Finally, Vanguard Group Inc grew its position in shares of Owens Corning by 0.6% during the third quarter. Vanguard Group Inc now owns 9,479,115 shares of the construction company’s stock worth $514,432,000 after acquiring an additional 58,689 shares during the last quarter. Hedge funds and other institutional investors own 94.50% of the company’s stock.
Several research firms have recently commented on OC. Zacks Investment Research lowered shares of Owens Corning from a “hold” rating to a “sell” rating in a research report on Tuesday, February 12th. Barclays set a $58.00 price target on shares of Owens Corning and gave the stock a “buy” rating in a research report on Tuesday, February 5th. Zelman & Associates lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 26th. TheStreet upgraded shares of Owens Corning from a “c+” rating to a “b-” rating in a research report on Thursday, February 14th. Finally, Citigroup set a $53.00 price target on shares of Owens Corning and gave the stock a “hold” rating in a research report on Tuesday, February 26th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $69.12.
OC stock opened at $46.28 on Monday. The company has a quick ratio of 0.74, a current ratio of 1.58 and a debt-to-equity ratio of 0.78. Owens Corning has a one year low of $40.64 and a one year high of $83.99. The stock has a market cap of $5.07 billion, a price-to-earnings ratio of 9.37, a PEG ratio of 0.92 and a beta of 1.20.
Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, February 20th. The construction company reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.09. Owens Corning had a net margin of 7.72% and a return on equity of 12.92%. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same period in the prior year, the firm earned $1.11 earnings per share. The business’s quarterly revenue was up 7.3% on a year-over-year basis. Sell-side analysts predict that Owens Corning will post 5.01 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 2nd. Shareholders of record on Friday, March 8th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date is Thursday, March 7th. Owens Corning’s dividend payout ratio is presently 17.81%.
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Owens Corning Company Profile
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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