Guggenheim Capital LLC Raises Stake in Owens Corning (OC)
Guggenheim Capital LLC lifted its position in shares of Owens Corning (NYSE:OC) by 138.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 143,693 shares of the construction company’s stock after purchasing an additional 83,351 shares during the period. Guggenheim Capital LLC’s holdings in Owens Corning were worth $13,211,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OC. Cerebellum GP LLC purchased a new position in Owens Corning in the 4th quarter worth approximately $119,000. Grove Bank & Trust boosted its holdings in Owens Corning by 213.5% in the 3rd quarter. Grove Bank & Trust now owns 1,630 shares of the construction company’s stock worth $126,000 after acquiring an additional 1,110 shares during the period. Strs Ohio purchased a new position in Owens Corning in the 4th quarter worth approximately $129,000. Focused Wealth Management Inc purchased a new position in Owens Corning in the 4th quarter worth approximately $175,000. Finally, LS Investment Advisors LLC purchased a new position in Owens Corning in the 4th quarter worth approximately $198,000. Hedge funds and other institutional investors own 92.57% of the company’s stock.
Owens Corning (NYSE OC) opened at $79.08 on Friday. Owens Corning has a 52-week low of $59.26 and a 52-week high of $96.52. The stock has a market capitalization of $9,018.01, a P/E ratio of 18.30, a price-to-earnings-growth ratio of 0.79 and a beta of 1.08. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.55 and a quick ratio of 0.89.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 3rd. Investors of record on Friday, March 9th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.06%. The ex-dividend date of this dividend is Thursday, March 8th. Owens Corning’s dividend payout ratio is currently 32.94%.
A number of equities analysts have weighed in on OC shares. Royal Bank of Canada upgraded Owens Corning from an “outperform” rating to a “top pick” rating in a report on Monday, December 4th. Zacks Investment Research upgraded Owens Corning from a “hold” rating to a “buy” rating and set a $102.00 price target for the company in a report on Wednesday, December 27th. KeyCorp restated a “buy” rating and issued a $115.00 price target on shares of Owens Corning in a report on Friday, January 12th. Argus started coverage on Owens Corning in a report on Wednesday, December 6th. They issued a “buy” rating and a $109.00 price target for the company. Finally, Seaport Global Securities upped their price target on Owens Corning from $90.00 to $107.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Ten analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Owens Corning currently has a consensus rating of “Buy” and an average price target of $87.95.
In related news, insider Arnaud Genis sold 59,541 shares of the company’s stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $81.32, for a total transaction of $4,841,874.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Ava Harter sold 1,100 shares of the company’s stock in a transaction that occurred on Tuesday, March 13th. The shares were sold at an average price of $84.00, for a total value of $92,400.00. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.
Owens Corning Profile
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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