Avanza Fonder AB Makes New $1.58 Million Investment in Owens Corning (NYSE:OC)

Avanza Fonder AB bought a new stake in shares of Owens Corning (NYSE:OC) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 9,303 shares of the construction company’s stock, valued at approximately $1,584,000.

Other hedge funds have also recently made changes to their positions in the company. Ritholtz Wealth Management increased its stake in Owens Corning by 2.9% during the 4th quarter. Ritholtz Wealth Management now owns 16,399 shares of the construction company’s stock valued at $2,793,000 after purchasing an additional 466 shares in the last quarter. Carolina Wealth Advisors LLC increased its position in shares of Owens Corning by 2.6% during the fourth quarter. Carolina Wealth Advisors LLC now owns 4,427 shares of the construction company’s stock valued at $754,000 after acquiring an additional 113 shares in the last quarter. Park Avenue Securities LLC raised its holdings in Owens Corning by 31.6% in the 4th quarter. Park Avenue Securities LLC now owns 5,964 shares of the construction company’s stock worth $1,016,000 after acquiring an additional 1,431 shares during the last quarter. Accurate Wealth Management LLC lifted its position in Owens Corning by 47.3% in the 4th quarter. Accurate Wealth Management LLC now owns 5,221 shares of the construction company’s stock valued at $875,000 after acquiring an additional 1,676 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in Owens Corning by 1.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,893 shares of the construction company’s stock valued at $1,217,000 after purchasing an additional 100 shares during the last quarter. 88.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on OC. UBS Group boosted their price target on Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Loop Capital lowered their target price on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Royal Bank of Canada raised their price target on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. The Goldman Sachs Group lifted their price objective on Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Citigroup lowered their target price on Owens Corning from $212.00 to $207.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $201.75.

Insiders Place Their Bets

In other news, insider Gunner Smith sold 17,450 shares of Owens Corning stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $191.19, for a total value of $3,336,265.50. Following the completion of the transaction, the insider now owns 18,866 shares in the company, valued at approximately $3,606,990.54. The trade was a 48.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.90% of the company’s stock.

Owens Corning Stock Performance

OC opened at $182.86 on Friday. The company has a 50 day simple moving average of $186.08 and a two-hundred day simple moving average of $177.36. Owens Corning has a 1-year low of $138.70 and a 1-year high of $214.53. The firm has a market cap of $15.69 billion, a P/E ratio of 15.56, a PEG ratio of 1.84 and a beta of 1.46. 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) last announced 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. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.04 billion. During the same period in the prior year, the company earned $4.15 earnings per share. The firm’s revenue was up 22.9% on a year-over-year basis. Equities analysts forecast that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Monday, January 6th were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Monday, January 6th. This represents a $2.76 annualized dividend and a yield of 1.51%. This is a positive change from Owens Corning’s previous quarterly dividend of $0.60. Owens Corning’s dividend payout ratio (DPR) is 23.49%.

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.