Verition Fund Management LLC Has $2.74 Million Position in Owens Corning (NYSE:OC)

Verition Fund Management LLC increased its holdings in shares of Owens Corning (NYSE:OC) by 24.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,516 shares of the construction company’s stock after acquiring an additional 3,070 shares during the quarter. Verition Fund Management LLC’s holdings in Owens Corning were worth $2,739,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Innealta Capital LLC bought a new stake in Owens Corning in the 2nd quarter valued at $32,000. Tobam boosted its stake in Owens Corning by 115.7% in the 2nd quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after purchasing an additional 103 shares during the period. Brooklyn Investment Group bought a new stake in Owens Corning in the 3rd quarter valued at $38,000. Quarry LP boosted its stake in Owens Corning by 165.5% in the 2nd quarter. Quarry LP now owns 231 shares of the construction company’s stock valued at $40,000 after purchasing an additional 144 shares during the period. Finally, Friedenthal Financial bought a new stake in Owens Corning in the 2nd quarter valued at $48,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OC has been the subject of several recent research reports. Benchmark restated a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Evercore ISI upped their target price 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. The Goldman Sachs Group upped their target price on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Finally, Royal Bank of Canada upped 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. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $192.62.

Owens Corning Price Performance

Shares of OC opened at $203.24 on Thursday. Owens Corning has a 12-month low of $137.29 and a 12-month high of $214.53. The business has a 50-day simple moving average of $187.34 and a two-hundred day simple moving average of $176.84. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. The stock has a market cap of $17.43 billion, a PE ratio of 17.30, a PEG ratio of 2.28 and a beta of 1.42.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter in the prior year, the firm earned $4.15 EPS. The business’s revenue for the quarter was up 22.9% compared to the same quarter last year. Analysts anticipate that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Friday, October 18th were issued a $0.60 dividend. The ex-dividend date was Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a yield of 1.18%. Owens Corning’s payout ratio is presently 20.43%.

Insider Activity

In other news, insider Marcio A. Sandri sold 3,051 shares of the 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 sale, the insider now owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. This represents a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.90% of the company’s stock.

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.