Owens Corning (NYSE:OC) Shares Acquired by M&T Bank Corp

M&T Bank Corp increased its holdings in shares of Owens Corning (NYSE:OC) by 96.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,030 shares of the construction company’s stock after purchasing an additional 4,443 shares during the quarter. M&T Bank Corp’s holdings in Owens Corning were worth $1,538,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of OC. Stratos Wealth Partners LTD. boosted its stake in Owens Corning by 4.3% during the fourth quarter. Stratos Wealth Partners LTD. now owns 1,297 shares of the construction company’s stock worth $221,000 after buying an additional 53 shares during the period. Greenleaf Trust boosted its position in shares of Owens Corning by 1.5% during the 4th quarter. Greenleaf Trust now owns 3,895 shares of the construction company’s stock worth $663,000 after purchasing an additional 56 shares during the period. Retirement Guys Formula LLC boosted its position in shares of Owens Corning by 3.1% during the 4th quarter. Retirement Guys Formula LLC now owns 1,999 shares of the construction company’s stock worth $341,000 after purchasing an additional 60 shares during the period. IFP Advisors Inc increased its holdings in Owens Corning by 35.6% in the 4th quarter. IFP Advisors Inc now owns 236 shares of the construction company’s stock valued at $40,000 after purchasing an additional 62 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its position in Owens Corning by 55.8% in the fourth quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company’s stock valued at $30,000 after purchasing an additional 63 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on OC shares. Wells Fargo & Company dropped their price objective on Owens Corning from $225.00 to $200.00 and set an “overweight” rating for the company in a research note on Tuesday, February 25th. JPMorgan Chase & Co. dropped their target price on Owens Corning from $200.00 to $176.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. StockNews.com lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Royal Bank of Canada cut their target price on shares of Owens Corning from $224.00 to $212.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 25th. Finally, Citigroup decreased their price target on shares of Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Owens Corning has a consensus rating of “Moderate Buy” and an average target price of $204.18.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of the firm’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 of the company’s stock, valued at approximately $3,606,990.54. This trade represents a 48.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Monaco Nicolas Del sold 1,750 shares of the business’s stock in a transaction dated 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 directly owns 11,635 shares of the company’s stock, valued at $2,140,490.95. The trade was a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.89% of the company’s stock.

Owens Corning Price Performance

Owens Corning stock opened at $139.91 on Tuesday. The stock has a market cap of $11.97 billion, a P/E ratio of 11.91, a price-to-earnings-growth ratio of 1.88 and a beta of 1.52. The company has a fifty day simple moving average of $172.32 and a 200-day simple moving average of $178.21. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. Owens Corning has a 12-month low of $137.50 and a 12-month high of $214.53.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.87 by $0.35. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.88 billion. During the same period in the prior year, the firm posted $3.21 EPS. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. Equities analysts expect that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 10th will be issued a dividend of $0.69 per share. The ex-dividend date is Monday, March 10th. This represents a $2.76 dividend on an annualized basis and a yield of 1.97%. Owens Corning’s payout ratio is currently 37.70%.

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.