Tidal Investments LLC Reduces Holdings in Owens Corning (NYSE:OC)

Tidal Investments LLC decreased its holdings in shares of Owens Corning (NYSE:OC) by 12.6% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 10,421 shares of the construction company’s stock after selling 1,498 shares during the period. Tidal Investments LLC’s holdings in Owens Corning were worth $1,840,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of OC. Retirement Guys Formula LLC boosted its position in Owens Corning by 3.1% in the third quarter. Retirement Guys Formula LLC now owns 1,939 shares of the construction company’s stock valued at $342,000 after buying an additional 58 shares during the last quarter. PFG Investments LLC boosted its position in Owens Corning by 3.9% in the third quarter. PFG Investments LLC now owns 1,828 shares of the construction company’s stock valued at $323,000 after buying an additional 68 shares during the last quarter. Tobam boosted its position in Owens Corning by 38.0% in the third quarter. Tobam now owns 265 shares of the construction company’s stock valued at $47,000 after buying an additional 73 shares during the last quarter. First Bank & Trust boosted its position in Owens Corning by 2.0% in the third quarter. First Bank & Trust now owns 3,658 shares of the construction company’s stock valued at $646,000 after buying an additional 73 shares during the last quarter. Finally, KMG Fiduciary Partners LLC boosted its position in Owens Corning by 1.5% in the third quarter. KMG Fiduciary Partners LLC now owns 5,432 shares of the construction company’s stock valued at $959,000 after buying an additional 80 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Trading Down 1.1 %

Shares of OC stock opened at $183.31 on Wednesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The company has a market cap of $15.73 billion, a price-to-earnings ratio of 15.60, a PEG ratio of 2.14 and a beta of 1.42. The stock has a 50 day simple moving average of $191.43 and a 200-day simple moving average of $178.04. Owens Corning has a 1-year low of $138.70 and a 1-year high of $214.53.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.33. The business had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the company posted $4.15 EPS. On average, equities research analysts expect that Owens Corning will post 15.46 EPS for the current fiscal year.

Owens Corning Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Monday, January 6th will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 1.51%. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, January 6th. Owens Corning’s payout ratio is presently 23.49%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on OC shares. Wells Fargo & Company upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $195.00 to $225.00 in a research report on Tuesday. UBS Group boosted their price target on Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Barclays raised Owens Corning from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $192.00 to $245.00 in a report on Wednesday, December 11th. StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. Finally, Royal Bank of Canada boosted their price target on Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $200.83.

Insider Buying and Selling

In related news, insider Gunner Smith sold 17,450 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the completion of the sale, the insider now directly owns 18,866 shares in the company, valued at approximately $3,606,990.54. The trade was a 48.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the sale, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. The trade was a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.90% of the stock is owned by company insiders.

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.