Schonfeld Strategic Advisors LLC Makes New Investment in Owens Corning (NYSE:OC)

Schonfeld Strategic Advisors LLC acquired a new position in shares of Owens Corning (NYSE:OC - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 242,205 shares of the construction company's stock, valued at approximately $41,252,000. Schonfeld Strategic Advisors LLC owned 0.28% of Owens Corning as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Owens Corning during the fourth quarter worth about $208,519,000. JPMorgan Chase & Co. grew its position in shares of Owens Corning by 113.9% in the 3rd 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 during the period. Price T Rowe Associates Inc. MD increased its stake in Owens Corning by 41.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock worth $242,337,000 after purchasing an additional 414,770 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Owens Corning during the 4th quarter worth approximately $51,220,000. Finally, Nordea Investment Management AB boosted its holdings 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. Institutional investors and hedge funds own 88.40% of the company's stock.

Insiders Place Their Bets

In other news, insider Monaco Nicolas Del sold 1,750 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was 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 owns 11,635 shares of the company's stock, 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 can be accessed through this hyperlink. Insiders own 0.82% of the company's stock.

Owens Corning Stock Up 1.3 %

Shares of OC traded up $1.91 during trading hours on Friday, reaching $147.58. 688,852 shares of the stock traded hands, compared to its average volume of 806,679. Owens Corning has a 52 week low of $123.41 and a 52 week 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 stock has a fifty day simple moving average of $142.67 and a 200 day simple moving average of $169.96. The company has a market cap of $12.62 billion, a price-to-earnings ratio of 12.56, a PEG 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, topping the consensus estimate of $2.87 by $0.35. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same quarter last year, the business posted $3.21 EPS. Owens Corning's quarterly revenue was up 23.3% compared to the same quarter last year. On average, equities analysts forecast that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Monday, March 10th were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend was Monday, March 10th. Owens Corning's payout ratio is currently 37.70%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company cut their target price on shares of Owens Corning from $200.00 to $155.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Owens Corning in a research report on Tuesday, April 1st. They set a "buy" rating and a $183.00 target price on the stock. Barclays cut their price target on Owens Corning from $215.00 to $179.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Benchmark reiterated a "hold" rating on shares of Owens Corning in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. dropped their price target on Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Owens Corning currently has an average rating of "Moderate Buy" and a consensus target price of $195.73.

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.