Neo Ivy Capital Management Invests $260,000 in Owens Corning (NYSE:OC)

Neo Ivy Capital Management acquired a new position in Owens Corning (NYSE:OC) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,470 shares of the construction company’s stock, valued at approximately $260,000.

Other institutional investors have also added to or reduced their stakes in the company. Point72 Asset Management L.P. boosted its stake in shares of Owens Corning by 168.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock valued at $128,772,000 after purchasing an additional 464,981 shares during the last quarter. Pacer Advisors Inc. boosted its position in Owens Corning by 38.9% during the second 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. grew its holdings in Owens Corning by 2,813.6% during the 2nd quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock worth $65,815,000 after acquiring an additional 365,853 shares during the period. Goldentree Asset Management LP bought a new position in shares of Owens Corning in the 3rd quarter worth about $43,559,000. Finally, Kimelman & Baird LLC bought a new position in shares of Owens Corning in the 2nd quarter worth about $35,970,000. 88.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. This represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.89% of the stock is currently owned by insiders.

Owens Corning Price Performance

OC opened at $198.58 on Thursday. The firm has a market cap of $17.03 billion, a P/E ratio of 16.90, a PEG ratio of 2.26 and a beta of 1.42. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. Owens Corning has a fifty-two week low of $138.70 and a fifty-two week high of $214.53. The firm has a 50-day moving average of $190.50 and a 200 day moving average of $177.76.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.33. The company had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.15 EPS. On average, research analysts expect that Owens Corning will post 15.46 EPS for the current year.

Owens Corning Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Monday, January 6th will be given a $0.69 dividend. This is a positive change from Owens Corning’s previous quarterly dividend of $0.60. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date is Monday, January 6th. Owens Corning’s dividend payout ratio (DPR) is 23.49%.

Analyst Ratings Changes

Several research firms recently commented on OC. UBS Group raised their target price on Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Barclays raised shares of Owens Corning from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $192.00 to $245.00 in a research report on Wednesday. StockNews.com upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. The Goldman Sachs Group raised their price target on shares of Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Royal Bank of Canada upped their price objective 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. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $198.33.

Owens Corning 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.