Clare Market Investments LLC Takes Position in Owens Corning (NYSE:OC)

Clare Market Investments LLC acquired a new stake in shares of Owens Corning (NYSE:OC) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 3,300 shares of the construction company’s stock, valued at approximately $562,000.

A number of other large investors also recently added to or reduced their stakes in the business. Independent Advisor Alliance purchased a new position in Owens Corning in the 4th quarter worth $244,000. Moran Wealth Management LLC boosted its stake in shares of Owens Corning by 0.4% during the 4th quarter. Moran Wealth Management LLC now owns 106,937 shares of the construction company’s stock valued at $18,214,000 after purchasing an additional 390 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Owens Corning by 2.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 640,506 shares of the construction company’s stock valued at $109,091,000 after purchasing an additional 16,958 shares in the last quarter. Ruffer LLP bought a new stake in shares of Owens Corning during the 4th quarter valued at about $5,236,000. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Owens Corning by 5.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,188 shares of the construction company’s stock valued at $1,054,000 after purchasing an additional 327 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

OC has been the topic of a number of research reports. Royal Bank of Canada cut their target price on shares of Owens Corning from $224.00 to $212.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 25th. StockNews.com lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. UBS Group cut their target price on shares of Owens Corning from $245.00 to $235.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Loop Capital cut 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. Finally, Wells Fargo & Company dropped their price objective on shares of Owens Corning from $225.00 to $200.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 25th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $204.18.

Insiders Place Their Bets

In related news, insider Gunner Smith sold 17,450 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the transaction, the insider now owns 18,866 shares in the company, valued at $3,606,990.54. This represents a 48.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Monaco Nicolas Del sold 1,750 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the transaction, the insider now owns 11,635 shares in the company, valued at approximately $2,140,490.95. This trade represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company’s stock.

Owens Corning Stock Down 3.2 %

Shares of Owens Corning stock opened at $139.91 on Tuesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The stock has a market capitalization of $11.97 billion, a PE ratio of 11.91, a price-to-earnings-growth ratio of 1.88 and a beta of 1.52. Owens Corning has a 52-week low of $137.50 and a 52-week high of $214.53. The company has a 50-day simple moving average of $172.32 and a two-hundred day simple moving average of $178.21.

Owens Corning (NYSE:OC) last issued its earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.87 by $0.35. The business had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.88 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period in the previous year, the company earned $3.21 earnings per share. On average, analysts anticipate that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 10th will be issued a $0.69 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.76 annualized dividend and a yield of 1.97%. Owens Corning’s dividend payout ratio (DPR) is presently 37.70%.

About Owens Corning

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.