Wedge Capital Management L L P NC Acquires 12,712 Shares of Owens Corning Inc $OC

Wedge Capital Management L L P NC boosted its holdings in Owens Corning Inc (NYSE:OC) by 17.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 83,675 shares of the construction company’s stock after acquiring an additional 12,712 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Owens Corning were worth $9,364,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of OC. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Owens Corning during the second quarter worth $26,000. Rexford Capital Inc. purchased a new position in shares of Owens Corning in the second quarter valued at $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Owens Corning during the 2nd quarter valued at $30,000. Root Financial Partners LLC purchased a new stake in Owens Corning during the 3rd quarter worth about $39,000. Finally, Measured Wealth Private Client Group LLC purchased a new stake in Owens Corning during the 3rd quarter worth about $42,000. Institutional investors own 88.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on OC shares. Zacks Research lowered Owens Corning from a “hold” rating to a “strong sell” rating in a report on Monday, March 16th. Argus raised shares of Owens Corning to a “strong-buy” rating in a report on Wednesday, January 14th. UBS Group raised their price objective on shares of Owens Corning from $160.00 to $172.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Royal Bank Of Canada set a $143.00 target price on shares of Owens Corning in a report on Friday, January 9th. Finally, Evercore lowered their target price on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating on the stock in a research note on Thursday, December 4th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $151.58.

Owens Corning Stock Down 2.8%

Shares of OC opened at $104.54 on Friday. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.42. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.26 and a quick ratio of 0.70. The stock has a 50 day simple moving average of $120.13 and a two-hundred day simple moving average of $121.45. The firm has a market cap of $8.40 billion, a P/E ratio of -16.33, a P/E/G ratio of 1.69 and a beta of 1.35.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.26). Owens Corning had a positive return on equity of 21.93% and a negative net margin of 5.17%.The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.17 billion. During the same period last year, the business posted $3.22 earnings per share. The company’s revenue was down 16.8% compared to the same quarter last year. On average, analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Monday, March 9th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Monday, March 9th. This represents a $3.16 annualized dividend and a yield of 3.0%. Owens Corning’s payout ratio is currently -49.38%.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.