Meadow Creek Investment Management LLC boosted its position in shares of Owens Corning (NYSE:OC) by 24.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 110,946 shares of the construction company’s stock after acquiring an additional 21,538 shares during the period. Meadow Creek Investment Management LLC owned 0.10% of Owens Corning worth $10,200,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in shares of Owens Corning by 20.9% during the fourth quarter. BlackRock Inc. now owns 7,357,067 shares of the construction company’s stock valued at $676,411,000 after buying an additional 1,273,051 shares during the last quarter. Investec Asset Management LTD bought a new stake in shares of Owens Corning during the third quarter valued at approximately $75,591,000. Wells Fargo & Company MN raised its position in shares of Owens Corning by 278.4% during the fourth quarter. Wells Fargo & Company MN now owns 1,155,174 shares of the construction company’s stock valued at $106,206,000 after buying an additional 849,871 shares during the last quarter. Allianz Asset Management GmbH raised its position in shares of Owens Corning by 22.4% during the third quarter. Allianz Asset Management GmbH now owns 1,798,466 shares of the construction company’s stock valued at $139,112,000 after buying an additional 328,726 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Owens Corning by 213.0% during the third quarter. Principal Financial Group Inc. now owns 436,865 shares of the construction company’s stock valued at $33,792,000 after buying an additional 297,311 shares during the last quarter. Institutional investors own 92.74% of the company’s stock.
Several equities research analysts have recently issued reports on the stock. Credit Suisse Group reiterated an “outperform” rating and set a $110.00 price objective (up previously from $95.00) on shares of Owens Corning in a research report on Monday, January 22nd. They noted that the move was a valuation call. KeyCorp reissued a “buy” rating and issued a $115.00 target price on shares of Owens Corning in a report on Friday, January 12th. Zacks Investment Research raised shares of Owens Corning from a “hold” rating to a “buy” rating and set a $105.00 target price for the company in a report on Thursday, January 18th. Zelman & Associates lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Friday, January 5th. Finally, Seaport Global Securities raised their target price on shares of Owens Corning from $90.00 to $107.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Nine research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Owens Corning has an average rating of “Buy” and a consensus target price of $87.95.
Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, February 21st. The construction company reported $1.11 EPS for the quarter, topping the consensus estimate of $1.04 by $0.07. The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.52 billion. Owens Corning had a net margin of 4.53% and a return on equity of 12.26%. Owens Corning’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.72 earnings per share. equities analysts anticipate that Owens Corning will post 5.66 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 3rd. Shareholders of record on Friday, March 9th will be paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.01%. The ex-dividend date is Thursday, March 8th. Owens Corning’s payout ratio is 32.94%.
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Owens Corning Profile
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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