Wells Fargo & Company MN Has $25.26 Million Stake in Owens Corning (NYSE:OC)

Wells Fargo & Company MN raised its stake in Owens Corning (NYSE:OC) by 153.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 148,284 shares of the construction company’s stock after acquiring an additional 89,825 shares during the quarter. Wells Fargo & Company MN owned approximately 0.17% of Owens Corning worth $25,256,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in Owens Corning during the 4th quarter worth $208,519,000. JPMorgan Chase & Co. boosted its stake in shares of Owens Corning by 113.9% during the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock valued at $140,818,000 after purchasing an additional 424,786 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Owens Corning during the fourth quarter worth about $51,220,000. Nordea Investment Management AB increased 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 during the period. Finally, LGT Group Foundation acquired a new stake in Owens Corning during the 4th quarter worth approximately $39,054,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Owens Corning

In related news, insider Monaco Nicolas Del sold 1,750 shares of the firm’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 transaction, the insider now owns 11,635 shares of the company’s stock, valued at approximately $2,140,490.95. This trade represents a 13.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.82% of the stock is currently owned by insiders.

Owens Corning Trading Up 3.2 %

OC opened at $138.84 on Friday. The company has a fifty day moving average price of $152.71 and a two-hundred day moving average price of $173.49. Owens Corning has a 1-year low of $123.41 and a 1-year high of $214.53. The company has a market cap of $11.88 billion, a P/E ratio of 11.82, a price-to-earnings-growth ratio of 1.88 and a beta of 1.39. 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 (NYSE:OC) last issued its earnings results on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.88 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm’s revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the company posted $3.21 EPS. Analysts predict that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Monday, March 10th were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date was Monday, March 10th. Owens Corning’s dividend payout ratio is currently 37.70%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $212.00 price target on shares of Owens Corning in a research report on Monday, March 17th. Wells Fargo & Company lowered their target price on Owens Corning from $225.00 to $200.00 and set an “overweight” rating for the company in a research report on Tuesday, February 25th. JPMorgan Chase & Co. reduced their price target on Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Benchmark restated a “hold” rating on shares of Owens Corning in a research report on Monday, March 3rd. Finally, Barclays reduced their target price on Owens Corning from $215.00 to $179.00 and set an “overweight” rating on the stock in a report on Tuesday. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $199.42.

About Owens Corning

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.