GAMMA Investing LLC Acquires New Holdings in Owens Corning (NYSE:OC)

GAMMA Investing LLC acquired a new stake in shares of Owens Corning (NYSE:OC) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,027 shares of the construction company’s stock, valued at approximately $156,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Contravisory Investment Management Inc. purchased a new stake in Owens Corning in the fourth quarter valued at about $27,000. Bruce G. Allen Investments LLC purchased a new stake in shares of Owens Corning in the 4th quarter valued at $27,000. VisionPoint Advisory Group LLC boosted its holdings in shares of Owens Corning by 53.0% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 254 shares of the construction company’s stock valued at $35,000 after acquiring an additional 88 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Owens Corning by 42.2% in the 4th quarter. Blue Trust Inc. now owns 263 shares of the construction company’s stock valued at $36,000 after acquiring an additional 78 shares during the last quarter. Finally, BluePath Capital Management LLC purchased a new stake in shares of Owens Corning in the 3rd quarter valued at $36,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Price Performance

Shares of NYSE OC opened at $168.55 on Friday. The firm has a 50-day simple moving average of $159.88 and a 200-day simple moving average of $146.32. The stock has a market capitalization of $14.61 billion, a price-to-earnings ratio of 13.65, a price-to-earnings-growth ratio of 6.97 and a beta of 1.47. The company has a quick ratio of 1.17, a current ratio of 1.76 and a debt-to-equity ratio of 0.50. Owens Corning has a 52 week low of $99.49 and a 52 week high of $173.65.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, April 24th. The construction company reported $3.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.04 by $0.55. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. The firm had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.28 billion. During the same period last year, the business earned $2.77 earnings per share. Owens Corning’s revenue was down 1.3% compared to the same quarter last year. On average, equities analysts predict that Owens Corning will post 13.92 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Monday, March 4th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.42%. The ex-dividend date of this dividend was Friday, March 1st. Owens Corning’s payout ratio is currently 19.43%.

Insider Buying and Selling

In other Owens Corning news, CEO Brian Chambers sold 9,100 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $153.57, for a total transaction of $1,397,487.00. Following the completion of the transaction, the chief executive officer now owns 269,696 shares of the company’s stock, valued at $41,417,214.72. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Owens Corning news, CEO Brian Chambers sold 9,100 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $153.57, for a total transaction of $1,397,487.00. Following the completion of the transaction, the chief executive officer now owns 269,696 shares of the company’s stock, valued at $41,417,214.72. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Gunner Smith sold 708 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $153.73, for a total transaction of $108,840.84. Following the completion of the transaction, the insider now directly owns 39,994 shares of the company’s stock, valued at approximately $6,148,277.62. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,672 shares of company stock worth $3,325,799. Insiders own 0.89% of the company’s stock.

Analysts Set New Price Targets

OC has been the topic of several recent research reports. Citigroup upped their price objective on shares of Owens Corning from $150.00 to $169.00 and gave the company a “neutral” rating in a report on Friday, April 5th. UBS Group increased their price target on shares of Owens Corning from $169.00 to $192.00 and gave the stock a “buy” rating in a report on Thursday. Loop Capital increased their price target on shares of Owens Corning from $167.00 to $188.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Truist Financial increased their price target on shares of Owens Corning from $115.00 to $145.00 and gave the stock a “hold” rating in a report on Thursday, February 15th. Finally, Argus upped their price objective on shares of Owens Corning from $175.00 to $182.00 and gave the stock a “buy” rating in a research report on Thursday. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $168.21.

Owens Corning 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.