Pacer Advisors Inc. Acquires 261,564 Shares of Owens Corning (NYSE:OC)

Pacer Advisors Inc. lifted its stake in Owens Corning (NYSE:OC) by 16.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,854,100 shares of the construction company’s stock after purchasing an additional 261,564 shares during the quarter. Pacer Advisors Inc. owned about 2.16% of Owens Corning worth $327,286,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA grew its holdings in shares of Owens Corning by 18.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 4,749 shares of the construction company’s stock worth $838,000 after acquiring an additional 743 shares during the period. Foundry Partners LLC bought a new position in shares of Owens Corning in the 3rd quarter worth approximately $611,000. Moran Wealth Management LLC boosted its holdings in shares of Owens Corning by 0.5% in the third quarter. Moran Wealth Management LLC now owns 106,547 shares of the construction company’s stock worth $18,808,000 after buying an additional 534 shares during the last quarter. Commerce Bank grew its position in Owens Corning by 13.8% during the third quarter. Commerce Bank now owns 3,300 shares of the construction company’s stock valued at $583,000 after buying an additional 399 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG bought a new position in Owens Corning in the third quarter worth approximately $607,000. Institutional investors own 88.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Royal Bank of Canada upped their price objective on Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Evercore ISI raised their price objective on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. The Goldman Sachs Group boosted their price objective on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Wells Fargo & Company lifted their price target on shares of Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Finally, UBS Group increased their price objective on shares of Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus price target of $192.62.

Insider Activity at Owens Corning

In related news, insider Marcio A. Sandri sold 3,050 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the transaction, the insider now owns 60,130 shares of the company’s stock, valued at $10,222,100. This trade represents a 4.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.89% of the stock is currently owned by insiders.

Owens Corning Stock Performance

NYSE:OC opened at $194.27 on Thursday. Owens Corning has a 1 year low of $129.24 and a 1 year high of $199.54. The company has a market cap of $16.66 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 2.18 and a beta of 1.41. The stock’s 50 day simple moving average is $181.30 and its two-hundred day simple moving average is $175.06. 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 posted its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.05 by $0.33. The business had revenue of $3.05 billion during the quarter, compared to analyst estimates 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 for the quarter was up 22.9% on a year-over-year basis. During the same period last year, the company earned $4.15 EPS. As a group, equities analysts anticipate that Owens Corning will post 15.39 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.24%. Owens Corning’s dividend payout ratio is presently 20.43%.

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.