National Bank of Canada FI Boosts Holdings in Owens Corning (NYSE:OC)

National Bank of Canada FI grew its position in Owens Corning (NYSE:OC) by 0.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,130 shares of the construction company’s stock after acquiring an additional 180 shares during the quarter. National Bank of Canada FI’s holdings in Owens Corning were worth $4,436,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Point72 Asset Management L.P. boosted its position 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 buying an additional 464,981 shares during the period. Pacer Advisors Inc. grew its position in Owens Corning by 38.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock valued at $276,655,000 after acquiring an additional 446,073 shares during the last quarter. Panagora Asset Management Inc. increased its stake in Owens Corning by 2,813.6% in the second quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock worth $65,815,000 after purchasing an additional 365,853 shares during the period. Goldentree Asset Management LP bought a new stake in shares of Owens Corning during the third quarter worth $43,559,000. Finally, Kimelman & Baird LLC purchased a new stake in shares of Owens Corning during the second quarter valued at $35,970,000. Institutional investors own 88.40% of the company’s stock.

Insider Transactions at Owens Corning

In other news, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the transaction, the insider now directly owns 57,079 shares in the company, valued at $10,074,443.50. This trade represents a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.89% of the company’s stock.

Owens Corning Stock Performance

Shares of OC opened at $194.37 on Friday. Owens Corning has a 12 month low of $138.70 and a 12 month high of $214.53. The stock has a fifty day moving average price of $190.94 and a 200-day moving average price of $177.88. 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 cap of $16.67 billion, a PE ratio of 16.54, a P/E/G ratio of 2.26 and a beta of 1.42.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, topping analysts’ consensus estimates of $4.05 by $0.33. The business had revenue of $3.05 billion for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm earned $4.15 earnings per share. Equities research analysts predict that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The business also recently declared 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 is Monday, January 6th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.42%. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. Owens Corning’s dividend payout ratio (DPR) is currently 23.49%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on OC shares. The Goldman Sachs Group lifted their price objective 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. StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Royal Bank of Canada lifted their target price on Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Wells Fargo & Company raised their price target on Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Finally, Evercore ISI upped their price objective on shares of Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Six investment 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, Owens Corning presently has an average rating of “Moderate Buy” and a consensus target price of $198.33.

Owens Corning Company 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.