Raymond James Financial Inc. Buys New Position in Owens Corning (NYSE:OC)

Raymond James Financial Inc. purchased a new position in shares of Owens Corning (NYSE:OC - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 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 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of OC. Nordea Investment Management AB boosted its holdings in Owens Corning by 12.5% in the 4th quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company's stock valued at $366,166,000 after purchasing an additional 238,694 shares during the period. Norges Bank bought a new stake in shares of Owens Corning in the fourth quarter valued at about $208,519,000. JPMorgan Chase & Co. grew its position in Owens Corning by 113.9% during the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company's stock worth $140,818,000 after buying an additional 424,786 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Owens Corning by 2.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 640,506 shares of the construction company's stock valued at $109,091,000 after acquiring an additional 16,958 shares during the period. Finally, AustralianSuper Pty Ltd raised its holdings in Owens Corning by 1.8% in the 4th quarter. AustralianSuper Pty Ltd now owns 593,831 shares of the construction company's stock valued at $101,141,000 after acquiring an additional 10,448 shares in the last quarter. 88.40% of the stock is owned by institutional investors.

Insider Buying and Selling at Owens Corning

In other news, insider Monaco Nicolas Del sold 1,750 shares of the business's stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total value of $321,947.50. Following the completion of the transaction, the insider now owns 11,635 shares of the company's stock, valued at $2,140,490.95. The trade was a 13.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.82% of the company's stock.

Owens Corning Price Performance

Shares of Owens Corning stock traded up $1.35 during midday trading on Friday, reaching $137.98. The company had a trading volume of 1,891,879 shares, compared to its average volume of 809,392. The stock has a fifty day simple moving average of $148.43 and a 200 day simple moving average of $172.23. Owens Corning has a 1-year low of $123.41 and a 1-year high of $214.53. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $11.80 billion, a price-to-earnings ratio of 11.74, a price-to-earnings-growth ratio of 1.88 and a beta of 1.39.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $0.35. The business 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 firm's revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.21 earnings per share. As a group, equities research analysts forecast that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Monday, March 10th were issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend was Monday, March 10th. Owens Corning's dividend payout ratio is presently 37.70%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on OC shares. Barclays dropped their price objective on shares of Owens Corning from $215.00 to $179.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Loop Capital cut their price target on shares of Owens Corning from $215.00 to $210.00 and set a "buy" rating for the company in a research note on Friday, January 10th. Benchmark reissued a "hold" rating on shares of Owens Corning in a report on Monday, March 3rd. StockNews.com lowered Owens Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, UBS Group dropped their price objective on Owens Corning from $245.00 to $235.00 and set a "buy" rating for the company in a research note on Tuesday, February 25th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, Owens Corning has a consensus rating of "Moderate Buy" and a consensus target price of $194.58.

Owens Corning Company 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.