Costello Asset Management INC Buys New Position in Owens Corning (NYSE:OC)

Costello Asset Management INC purchased a new position in Owens Corning (NYSE:OC) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 13,265 shares of the construction company’s stock, valued at approximately $2,259,000. Owens Corning comprises 1.5% of Costello Asset Management INC’s holdings, making the stock its 23rd biggest holding.

Several other large investors also recently bought and sold shares of the company. Creative Planning grew its holdings in Owens Corning by 10.1% during the 2nd quarter. Creative Planning now owns 8,410 shares of the construction company’s stock valued at $1,461,000 after purchasing an additional 772 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Owens Corning by 215.1% in the 2nd quarter. NewEdge Advisors LLC now owns 5,568 shares of the construction company’s stock worth $967,000 after buying an additional 3,801 shares in the last quarter. Quarry LP boosted its position in Owens Corning by 165.5% in the 2nd quarter. Quarry LP now owns 231 shares of the construction company’s stock valued at $40,000 after buying an additional 144 shares during the last quarter. Truist Financial Corp grew its stake in shares of Owens Corning by 17.3% during the second quarter. Truist Financial Corp now owns 25,937 shares of the construction company’s stock valued at $4,506,000 after acquiring an additional 3,816 shares in the last quarter. Finally, Cetera Investment Advisers increased its position in shares of Owens Corning by 18.8% during the second quarter. Cetera Investment Advisers now owns 15,170 shares of the construction company’s stock worth $2,635,000 after acquiring an additional 2,405 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Price Performance

Shares of OC opened at $184.57 on Friday. Owens Corning has a one year low of $138.70 and a one year high of $214.53. The stock’s fifty day moving average is $184.59 and its 200-day moving average is $178.55. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The firm has a market capitalization of $15.83 billion, a price-to-earnings ratio of 15.71, a price-to-earnings-growth ratio of 2.04 and a beta of 1.46.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, beating the consensus estimate of $4.05 by $0.33. The firm had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. Owens Corning’s quarterly revenue was up 22.9% on a year-over-year basis. During the same quarter last year, the company earned $4.15 EPS. Equities analysts anticipate that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Monday, January 6th were given a dividend of $0.69 per share. The ex-dividend date was Monday, January 6th. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. This represents a $2.76 annualized dividend and a dividend yield of 1.50%. Owens Corning’s dividend payout ratio (DPR) is 23.49%.

Insider Transactions at Owens Corning

In other news, insider Gunner Smith sold 17,450 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the completion of the sale, the insider now owns 18,866 shares in the company, valued at approximately $3,606,990.54. This represents a 48.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.89% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on OC shares. Loop Capital reduced their target price on Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, January 10th. Royal Bank of Canada raised their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. StockNews.com upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Citigroup decreased their price target on Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, UBS Group upped their price objective on Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $201.75.

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.