Davis Selected Advisers Purchases 269,216 Shares of Owens Corning Inc $OC

Davis Selected Advisers increased its position in Owens Corning Inc (NYSE:OC) by 15.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,046,583 shares of the construction company’s stock after buying an additional 269,216 shares during the period. Owens Corning comprises approximately 1.0% of Davis Selected Advisers’ holdings, making the stock its 24th largest position. Davis Selected Advisers’ holdings in Owens Corning were worth $229,035,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of OC. Migdal Insurance & Financial Holdings Ltd. bought a new position in Owens Corning in the 4th quarter worth $37,000. Root Financial Partners LLC bought a new position in Owens Corning in the 3rd quarter worth $39,000. Measured Wealth Private Client Group LLC bought a new position in Owens Corning in the 3rd quarter worth $42,000. SJS Investment Consulting Inc. boosted its holdings in Owens Corning by 3,766.7% in the 3rd quarter. SJS Investment Consulting Inc. now owns 348 shares of the construction company’s stock worth $49,000 after buying an additional 339 shares during the period. Finally, V Square Quantitative Management LLC bought a new position in Owens Corning in the 4th quarter worth $49,000. Institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Down 0.6%

OC opened at $122.58 on Friday. The firm has a 50-day simple moving average of $114.25 and a two-hundred day simple moving average of $117.22. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.42. The company has a market capitalization of $9.85 billion, a PE ratio of -19.15, a price-to-earnings-growth ratio of 2.09 and a beta of 1.35. The company has a quick ratio of 0.70, a current ratio of 1.26 and a debt-to-equity ratio of 1.20.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.26). The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The firm’s revenue for the quarter was down 16.8% on a year-over-year basis. During the same period last year, the company earned $3.22 EPS. Analysts forecast that Owens Corning Inc will post 9.45 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 9th were given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Monday, March 9th. Owens Corning’s dividend payout ratio is currently -49.38%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of Owens Corning from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Royal Bank Of Canada set a $143.00 price objective on shares of Owens Corning in a report on Friday, January 9th. Bank of America dropped their price objective on shares of Owens Corning from $140.00 to $138.00 and set a “buy” rating for the company in a report on Monday, April 20th. Weiss Ratings reissued a “sell (d+)” rating on shares of Owens Corning in a report on Friday, March 27th. Finally, Argus raised shares of Owens Corning to a “strong-buy” rating in a report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $145.09.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.