KLP Kapitalforvaltning AS Invests $21.09 Million in Owens Corning (NYSE:OC)

KLP Kapitalforvaltning AS acquired a new position in shares of Owens Corning (NYSE:OC) in the 4th quarter, HoldingsChannel reports. The firm acquired 123,843 shares of the construction company’s stock, valued at approximately $21,093,000.

Several other hedge funds also recently modified their holdings of the company. FPC Investment Advisory Inc. acquired a new stake in shares of Owens Corning in the fourth quarter valued at approximately $28,000. Venturi Wealth Management LLC increased its holdings in shares of Owens Corning by 55.8% in the fourth quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company’s stock valued at $30,000 after purchasing an additional 63 shares in the last quarter. Global Trust Asset Management LLC acquired a new stake in shares of Owens Corning in the fourth quarter valued at approximately $31,000. Wilmington Savings Fund Society FSB boosted its stake in Owens Corning by 193.7% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company’s stock valued at $32,000 after acquiring an additional 122 shares during the last quarter. Finally, Whipplewood Advisors LLC bought a new position in Owens Corning in the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Trading Down 1.8 %

OC opened at $144.49 on Friday. The stock has a market capitalization of $12.36 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.88 and a beta of 1.52. Owens Corning has a 12 month low of $137.50 and a 12 month high of $214.53. The firm’s fifty day simple moving average is $167.56 and its 200 day simple moving average is $176.64. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, beating the consensus estimate of $2.87 by $0.35. The business had revenue of $2.84 billion for 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 firm’s revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.21 EPS. As a group, research analysts anticipate that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 10th will be paid a $0.69 dividend. The ex-dividend date is Monday, March 10th. This represents a $2.76 annualized dividend and a yield of 1.91%. Owens Corning’s payout ratio is currently 37.70%.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Monaco Nicolas Del sold 1,750 shares of Owens Corning stock in a transaction 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 sale, the insider now directly owns 11,635 shares in the company, valued at approximately $2,140,490.95. The trade was a 13.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on OC. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $212.00 price objective on shares of Owens Corning in a research note on Monday, March 17th. StockNews.com cut shares of Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. JPMorgan Chase & Co. reduced their price objective on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Barclays reduced their price objective on shares of Owens Corning from $245.00 to $215.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Finally, Benchmark reissued a “hold” rating on shares of Owens Corning in a research report on Monday, March 3rd. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Owens Corning presently has an average rating of “Moderate Buy” and a consensus target price of $204.18.

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.