Meadow Creek Investment Management LLC lifted its position in Owens Corning (NYSE:OC) by 24.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,946 shares of the construction company’s stock after acquiring an additional 21,538 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Owens Corning were worth $10,200,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in OC. The Manufacturers Life Insurance Company raised its holdings in Owens Corning by 9.0% in the second quarter. The Manufacturers Life Insurance Company now owns 3,689 shares of the construction company’s stock worth $247,000 after purchasing an additional 304 shares in the last quarter. Nationwide Fund Advisors raised its holdings in Owens Corning by 92.7% in the third quarter. Nationwide Fund Advisors now owns 376,228 shares of the construction company’s stock worth $29,101,000 after purchasing an additional 181,026 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in Owens Corning in the third quarter worth about $387,000. Crossmark Global Holdings Inc. bought a new position in Owens Corning in the third quarter worth about $202,000. Finally, State of Tennessee Treasury Department bought a new position in Owens Corning in the third quarter worth about $999,000. Hedge funds and other institutional investors own 92.74% of the company’s stock.
OC has been the subject of a number of recent research reports. Bank of America boosted their target price on shares of Owens Corning from $84.00 to $97.00 and gave the stock a “buy” rating in a report on Friday, November 17th. Credit Suisse Group boosted their target price on shares of Owens Corning from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday, November 17th. SunTrust Banks upped their price objective on shares of Owens Corning to $85.00 and gave the company a “hold” rating in a report on Tuesday, November 21st. Royal Bank of Canada upgraded shares of Owens Corning from an “outperform” rating to a “top pick” rating in a report on Monday, December 4th. Finally, Zacks Investment Research downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Wednesday, December 6th. Nine investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $87.95.
Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, February 21st. The construction company reported $1.11 EPS for the quarter, beating the Zacks’ consensus estimate of $1.04 by $0.07. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.52 billion. Owens Corning had a return on equity of 12.26% and a net margin of 4.53%. Owens Corning’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.72 earnings per share. sell-side analysts forecast that Owens Corning will post 5.66 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 3rd. Investors of record on Friday, March 9th will be given a $0.21 dividend. The ex-dividend date is Thursday, March 8th. This represents a $0.84 dividend on an annualized basis and a yield of 1.01%. Owens Corning’s dividend payout ratio is currently 32.94%.
Owens Corning Profile
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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