Acadian Asset Management LLC Invests $167,000 in Owens Corning (NYSE:OC)

Acadian Asset Management LLC bought a new position in shares of Owens Corning (NYSE:OC) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 965 shares of the construction company’s stock, valued at approximately $167,000.

Other hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new stake in Owens Corning in the 4th quarter worth $118,251,000. Nordea Investment Management AB grew its position in Owens Corning by 74.4% during the first quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock worth $210,040,000 after buying an additional 533,910 shares in the last quarter. Panagora Asset Management Inc. grew its position in Owens Corning by 2,813.6% during the second quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock worth $65,815,000 after buying an additional 365,853 shares in the last quarter. Swedbank AB acquired a new position in Owens Corning in the 1st quarter valued at approximately $60,424,000. Finally, Guinness Asset Management LTD acquired a new position in Owens Corning in the 2nd quarter valued at approximately $30,708,000. 88.40% of the stock is currently owned by institutional investors.

Insider Activity at Owens Corning

In related news, insider Marcio A. Sandri sold 3,050 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the completion of the transaction, the insider now directly owns 60,130 shares in the company, valued at $10,222,100. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Marcio A. Sandri sold 3,050 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the transaction, the insider now owns 60,130 shares of the company’s stock, valued at $10,222,100. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Todd W. Fister sold 3,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $173.65, for a total transaction of $520,950.00. Following the sale, the chief financial officer now directly owns 31,626 shares in the company, valued at $5,491,854.90. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. StockNews.com upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, September 7th. UBS Group lifted their price objective on Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. Barclays lowered their price objective on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a research note on Friday, July 12th. Loop Capital boosted their price target on Owens Corning from $188.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Finally, Benchmark reiterated a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $184.23.

Owens Corning Stock Performance

Shares of NYSE:OC opened at $174.28 on Friday. The firm’s 50 day simple moving average is $167.69 and its 200 day simple moving average is $169.24. Owens Corning has a fifty-two week low of $109.95 and a fifty-two week high of $191.13. The company has a market capitalization of $15.10 billion, a price-to-earnings ratio of 14.11, a P/E/G ratio of 3.18 and a beta of 1.41. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.37 and a quick ratio of 0.79.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Tuesday, August 6th. The construction company reported $4.64 EPS for the quarter, topping the consensus estimate of $4.37 by $0.27. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The business had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.92 billion. During the same quarter last year, the business posted $4.22 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Owens Corning will post 15.38 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Friday, October 18th will be issued a dividend of $0.60 per share. The ex-dividend date is Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.38%. Owens Corning’s payout ratio is 19.43%.

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.