Whalen Wealth Management Inc. Invests $736,000 in Owens Corning (NYSE:OC)

Whalen Wealth Management Inc. bought a new stake in Owens Corning (NYSE:OC) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 4,170 shares of the construction company’s stock, valued at approximately $736,000.

A number of other hedge funds also recently made changes to their positions in OC. Caprock Group LLC raised its position in shares of Owens Corning by 14.6% in the 3rd quarter. Caprock Group LLC now owns 5,548 shares of the construction company’s stock valued at $979,000 after purchasing an additional 708 shares in the last quarter. Lindenwold Advisors INC lifted its position in shares of Owens Corning by 3.2% in the 3rd quarter. Lindenwold Advisors INC now owns 3,168 shares of the construction company’s stock worth $559,000 after buying an additional 97 shares during the last quarter. Quest Partners LLC boosted its stake in Owens Corning by 67.7% in the third quarter. Quest Partners LLC now owns 8,940 shares of the construction company’s stock valued at $1,578,000 after acquiring an additional 3,608 shares during the period. Thrivent Financial for Lutherans boosted its position in Owens Corning by 15.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 231,352 shares of the construction company’s stock valued at $40,838,000 after purchasing an additional 30,192 shares during the period. Finally, Chesapeake Capital Corp IL grew its position in shares of Owens Corning by 28.2% during the third quarter. Chesapeake Capital Corp IL now owns 4,134 shares of the construction company’s stock worth $721,000 after acquiring an additional 909 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

NYSE OC opened at $195.27 on Tuesday. Owens Corning has a fifty-two week low of $129.24 and a fifty-two week high of $199.54. The stock’s 50-day moving average is $179.89 and its two-hundred day moving average is $174.79. The firm has a market cap of $16.75 billion, a P/E ratio of 16.62, a price-to-earnings-growth ratio of 2.18 and a beta of 1.41. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, topping 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 return on equity of 25.82% and a net margin of 9.92%. The company’s revenue was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.15 earnings per share. On average, analysts anticipate that Owens Corning will post 15.39 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently announced 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 1.23%. The ex-dividend date of this dividend was Friday, October 18th. Owens Corning’s payout ratio is currently 20.43%.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the sale, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. The trade was a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.90% of the company’s stock.

Wall Street Analysts Forecast Growth

OC has been the subject of a number of analyst reports. Evercore ISI boosted their price target on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Royal Bank of Canada increased their target price on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. The Goldman Sachs Group upped their target price on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Benchmark reissued a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Finally, UBS Group boosted their target price on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and an average price target of $192.62.

Owens Corning 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.