Raymond James Financial Inc. Takes $51.22 Million Position in Owens Corning (NYSE:OC)

Raymond James Financial Inc. acquired a new position in Owens Corning (NYSE:OC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 300,728 shares of the construction company’s stock, valued at approximately $51,220,000. Raymond James Financial Inc. owned about 0.35% of Owens Corning at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rathbones Group PLC boosted its holdings in shares of Owens Corning by 34.3% in the 4th quarter. Rathbones Group PLC now owns 36,474 shares of the construction company’s stock worth $6,212,000 after buying an additional 9,324 shares during the last quarter. Bank of Montreal Can raised its position in Owens Corning by 8.7% in the fourth quarter. Bank of Montreal Can now owns 17,143 shares of the construction company’s stock worth $2,920,000 after acquiring an additional 1,365 shares during the period. Polymer Capital Management US LLC purchased a new position in Owens Corning in the fourth quarter valued at about $222,000. Aster Capital Management DIFC Ltd grew its position in shares of Owens Corning by 2,436.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 2,942 shares of the construction company’s stock valued at $501,000 after acquiring an additional 2,826 shares during the period. Finally, Ilmarinen Mutual Pension Insurance Co purchased a new stake in shares of Owens Corning during the 4th quarter worth approximately $2,299,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on OC shares. UBS Group reduced their price objective on Owens Corning from $245.00 to $235.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. StockNews.com cut shares of Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Royal Bank of Canada lowered their target price on shares of Owens Corning from $212.00 to $199.00 and set an “outperform” rating on the stock in a report on Monday. Loop Capital reduced their price target on Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Finally, Wells Fargo & Company dropped their price objective on Owens Corning from $200.00 to $155.00 and set an “overweight” rating on the stock in a report on Monday. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and a consensus target price of $194.58.

Insider Activity at Owens Corning

In other news, insider Monaco Nicolas Del sold 1,750 shares of the stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the sale, the insider now directly owns 11,635 shares in the company, valued at approximately $2,140,490.95. This represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.82% of the stock is currently owned by company insiders.

Owens Corning Stock Performance

NYSE OC opened at $140.20 on Tuesday. The company has a market capitalization of $11.99 billion, a P/E ratio of 11.93, a P/E/G ratio of 1.88 and a beta of 1.39. 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 has a 52-week low of $123.41 and a 52-week high of $214.53. The company has a fifty day moving average of $151.87 and a 200-day moving average of $173.24.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, beating the consensus estimate of $2.87 by $0.35. The firm had revenue of $2.84 billion for 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 company’s revenue was up 23.3% on a year-over-year basis. During the same period in the prior year, the company earned $3.21 EPS. As a group, equities research analysts predict 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 was paid on Thursday, April 10th. Stockholders of record on Monday, March 10th were issued a $0.69 dividend. The ex-dividend date was Monday, March 10th. This represents a $2.76 annualized dividend and a dividend yield of 1.97%. Owens Corning’s dividend payout ratio is currently 37.70%.

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.