Gallacher Capital Management LLC Acquires Shares of 1,269 Owens Corning (NYSE:OC)

Gallacher Capital Management LLC bought a new stake in Owens Corning (NYSE:OC) in the 4th quarter, Holdings Channel reports. The institutional investor bought 1,269 shares of the construction company’s stock, valued at approximately $216,000.

A number of other large investors have also recently modified their holdings of OC. Prime Capital Investment Advisors LLC increased its stake in Owens Corning by 7.0% in the third quarter. Prime Capital Investment Advisors LLC now owns 1,784 shares of the construction company’s stock valued at $315,000 after purchasing an additional 116 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of Owens Corning by 4.8% in the third quarter. CIBC Asset Management Inc now owns 3,513 shares of the construction company’s stock valued at $620,000 after acquiring an additional 162 shares in the last quarter. Natixis Advisors LLC raised its stake in shares of Owens Corning by 1.9% during the 3rd quarter. Natixis Advisors LLC now owns 17,903 shares of the construction company’s stock worth $3,160,000 after purchasing an additional 339 shares during the period. Chesapeake Capital Corp IL raised its position in Owens Corning by 28.2% in the third quarter. Chesapeake Capital Corp IL now owns 4,134 shares of the construction company’s stock worth $721,000 after acquiring an additional 909 shares during the period. Finally, Thrivent Financial for Lutherans grew its stake in shares of Owens Corning by 15.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 231,352 shares of the construction company’s stock worth $40,838,000 after acquiring an additional 30,192 shares during the period. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Price Performance

NYSE OC opened at $144.09 on Monday. 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 company has a market cap of $12.33 billion, a PE ratio of 12.26, a P/E/G 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 firm’s 50 day moving average price is $169.96 and its 200-day moving average price is $177.43.

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

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be given a dividend of $0.69 per share. The ex-dividend date is Monday, March 10th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.92%. Owens Corning’s dividend payout ratio (DPR) is 37.70%.

Analyst Upgrades and Downgrades

Several brokerages have commented on OC. Benchmark restated a “hold” rating on shares of Owens Corning in a research note on Monday, March 3rd. Royal Bank of Canada reduced their price target on shares of Owens Corning from $224.00 to $212.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 25th. Wells Fargo & Company dropped their target price on Owens Corning from $225.00 to $200.00 and set an “overweight” rating for the company in a report on Tuesday, February 25th. StockNews.com downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, Loop Capital cut their price target on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $204.18.

Insider Activity

In other news, 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 value of $321,947.50. Following the completion of the sale, the insider now owns 11,635 shares of the company’s stock, valued at $2,140,490.95. This represents a 13.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.89% of the company’s stock.

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.