Bridgewater Associates LP Has $7.04 Million Stake in Owens Corning (NYSE:OC)

Bridgewater Associates LP reduced its stake in shares of Owens Corning (NYSE:OC) by 45.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,907 shares of the construction company’s stock after selling 32,935 shares during the quarter. Bridgewater Associates LP’s holdings in Owens Corning were worth $7,044,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. ST Germain D J Co. Inc. boosted its holdings in shares of Owens Corning by 794.1% in the 2nd quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock worth $26,000 after acquiring an additional 135 shares in the last quarter. Innealta Capital LLC acquired a new position in Owens Corning in the second quarter worth $32,000. Tobam grew its holdings in shares of Owens Corning by 115.7% during the second quarter. Tobam now owns 192 shares of the construction company’s stock worth $33,000 after purchasing an additional 103 shares during the last quarter. Brooklyn Investment Group bought a new stake in shares of Owens Corning during the third quarter worth $38,000. Finally, Quarry LP increased its stake in shares of Owens Corning by 165.5% in the second quarter. Quarry LP now owns 231 shares of the construction company’s stock valued at $40,000 after buying an additional 144 shares in the last quarter. 88.40% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. The trade was a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.89% of the company’s stock.

Owens Corning Price Performance

Owens Corning stock opened at $206.03 on Friday. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $17.67 billion, a P/E ratio of 17.53, a PEG ratio of 2.29 and a beta of 1.41. The business has a 50-day moving average of $185.57 and a 200-day moving average of $176.27. Owens Corning has a 1 year low of $132.62 and a 1 year high of $214.53.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. The firm had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.15 earnings per share. On average, equities analysts anticipate that Owens Corning will post 15.46 EPS for the current year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend was Friday, October 18th. Owens Corning’s payout ratio is presently 20.43%.

Analysts Set New Price Targets

Several brokerages recently issued reports on OC. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Wells Fargo & Company increased their price target on shares of Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. Royal Bank of Canada boosted their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Finally, Evercore ISI lifted their target price on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $192.62.

Owens Corning Company 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.