Voss Capital LLC Makes New Investment in Owens Corning (NYSE:OC)

Voss Capital LLC acquired a new position in Owens Corning (NYSE:OC) during the 4th quarter, HoldingsChannel reports. The fund acquired 40,000 shares of the construction company’s stock, valued at approximately $5,929,000.

Several other hedge funds have also bought and sold shares of the stock. Oak Family Advisors LLC boosted its position in Owens Corning by 2.2% in the 4th quarter. Oak Family Advisors LLC now owns 8,027 shares of the construction company’s stock worth $1,190,000 after purchasing an additional 176 shares in the last quarter. Vontobel Holding Ltd. lifted its position in shares of Owens Corning by 1.7% during the 4th quarter. Vontobel Holding Ltd. now owns 6,113 shares of the construction company’s stock valued at $906,000 after buying an additional 105 shares in the last quarter. Lecap Asset Management Ltd. purchased a new position in shares of Owens Corning during the 4th quarter valued at approximately $1,791,000. Louisiana State Employees Retirement System purchased a new position in shares of Owens Corning during the 4th quarter valued at approximately $3,706,000. Finally, Cerity Partners LLC lifted its position in shares of Owens Corning by 22.4% during the 4th quarter. Cerity Partners LLC now owns 5,160 shares of the construction company’s stock valued at $765,000 after buying an additional 945 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Insider Transactions at Owens Corning

In other news, EVP Paula Russell sold 3,765 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the transaction, the executive vice president now directly owns 20,419 shares in the company, valued at approximately $3,307,878. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Brian Chambers sold 9,100 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was 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 directly owns 269,696 shares in the company, valued at approximately $41,417,214.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Paula Russell sold 3,765 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $162.00, for a total value of $609,930.00. Following the transaction, the executive vice president now owns 20,419 shares of the company’s stock, valued at $3,307,878. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,672 shares of company stock worth $3,325,799. 0.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

OC has been the topic of a number of recent analyst reports. Barclays lowered Owens Corning from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $170.00 to $160.00 in a research report on Monday, February 12th. UBS Group decreased their target price on Owens Corning from $175.00 to $169.00 and set a “buy” rating on the stock in a research report on Thursday, February 15th. Royal Bank of Canada decreased their target price on Owens Corning from $183.00 to $175.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. JPMorgan Chase & Co. reduced their price objective on Owens Corning from $164.00 to $163.00 and set a “neutral” rating for the company in a research note on Tuesday, February 20th. Finally, Citigroup increased their price objective on Owens Corning from $150.00 to $169.00 and gave the company a “neutral” rating in a research note on Friday, April 5th. Eight research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Owens Corning currently has an average rating of “Moderate Buy” and a consensus price target of $162.14.

Owens Corning Trading Down 1.0 %

Shares of OC traded down $1.59 during midday trading on Monday, reaching $163.92. The company had a trading volume of 531,966 shares, compared to its average volume of 666,202. Owens Corning has a 1-year low of $98.00 and a 1-year high of $173.65. The stock has a market cap of $14.26 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 0.29 and a beta of 1.47. The firm has a 50 day simple moving average of $156.93 and a 200-day simple moving average of $144.36. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.50.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, February 14th. The construction company reported $3.21 earnings per share for the quarter, topping analysts’ consensus estimates of $2.82 by $0.39. The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Owens Corning had a return on equity of 25.88% and a net margin of 12.36%. The company’s revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.49 EPS. Research analysts forecast that Owens Corning will post 13.77 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Monday, March 4th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend was Friday, March 1st. Owens Corning’s dividend payout ratio is presently 18.29%.

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.