Van ECK Associates Corp Raises Holdings in Owens Corning (NYSE:OC)

Van ECK Associates Corp boosted its position in shares of Owens Corning (NYSE:OC) by 1.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 39,805 shares of the construction company’s stock after acquiring an additional 487 shares during the period. Van ECK Associates Corp’s holdings in Owens Corning were worth $6,780,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. JPMorgan Chase & Co. raised its position in shares of Owens Corning by 113.9% in the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock valued at $140,818,000 after buying an additional 424,786 shares during the last quarter. Pacer Advisors Inc. lifted its position in Owens Corning by 16.4% in the third quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company’s stock valued at $327,286,000 after buying an additional 261,564 shares during the last quarter. Goldentree Asset Management LP purchased a new position in shares of Owens Corning during the 3rd quarter worth approximately $43,559,000. Nordea Investment Management AB grew its stake in shares of Owens Corning by 12.5% in the fourth quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock valued at $366,166,000 after buying an additional 238,694 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its position in Owens Corning by 31.6% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company’s stock valued at $145,455,000 after acquiring an additional 197,667 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Up 0.8 %

Owens Corning stock opened at $179.44 on Tuesday. The company has a market capitalization of $15.39 billion, a P/E ratio of 15.27, a PEG ratio of 2.01 and a beta of 1.46. Owens Corning has a fifty-two week low of $138.70 and a fifty-two week high of $214.53. The stock has a 50-day simple moving average of $179.27 and a 200-day simple moving average of $178.64. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be paid a dividend of $0.69 per share. The ex-dividend date is Monday, March 10th. This represents a $2.76 annualized dividend and a dividend yield of 1.54%. Owens Corning’s dividend payout ratio (DPR) is 23.49%.

Insider Buying and Selling

In other news, insider Monaco Nicolas Del sold 1,750 shares of the firm’s 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 completion of the sale, the insider now owns 11,635 shares in the company, valued at approximately $2,140,490.95. This trade represents a 13.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gunner Smith sold 17,450 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 18,866 shares in the company, valued at approximately $3,606,990.54. This trade represents a 48.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on OC shares. Royal Bank of Canada lifted their price objective on Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Evercore ISI boosted their price target on shares of Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Wells Fargo & Company upgraded shares of Owens Corning from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $195.00 to $225.00 in a report on Tuesday, December 17th. Loop Capital lowered their target price on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, January 10th. Finally, Barclays upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $192.00 to $245.00 in a research note on Wednesday, December 11th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $206.91.

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.