Xact Kapitalforvaltning AB decreased its position in shares of Owens Corning (NYSE:OC) by 7.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,446 shares of the construction company’s stock after selling 1,403 shares during the quarter. Xact Kapitalforvaltning AB’s holdings in Owens Corning were worth $947,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew its position in shares of Owens Corning by 22.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 5,957 shares of the construction company’s stock worth $479,000 after buying an additional 1,102 shares during the period. LPL Financial LLC grew its position in shares of Owens Corning by 58.6% during the 1st quarter. LPL Financial LLC now owns 18,294 shares of the construction company’s stock worth $1,471,000 after buying an additional 6,760 shares during the period. DnB Asset Management AS grew its position in shares of Owens Corning by 10.2% during the 2nd quarter. DnB Asset Management AS now owns 14,100 shares of the construction company’s stock worth $894,000 after buying an additional 1,300 shares during the period. IFM Investors Pty Ltd acquired a new stake in shares of Owens Corning during the 2nd quarter worth approximately $225,000. Finally, State of Alaska Department of Revenue grew its position in shares of Owens Corning by 40.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 12,190 shares of the construction company’s stock worth $772,000 after buying an additional 3,480 shares during the period. Hedge funds and other institutional investors own 94.89% of the company’s stock.
NYSE OC opened at $49.35 on Monday. Owens Corning has a 12-month low of $42.88 and a 12-month high of $96.52. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.62 and a quick ratio of 0.87. The firm has a market capitalization of $5.39 billion, a P/E ratio of 11.22, a price-to-earnings-growth ratio of 0.77 and a beta of 1.14.
Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, October 24th. The construction company reported $1.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by ($0.11). Owens Corning had a net margin of 5.33% and a return on equity of 12.37%. The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same period in the previous year, the business posted $1.25 EPS. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, sell-side analysts expect that Owens Corning will post 4.74 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 2nd. Investors of record on Tuesday, October 16th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend was Monday, October 15th. Owens Corning’s payout ratio is currently 19.09%.
Several brokerages have recently commented on OC. Wells Fargo & Co reaffirmed a “hold” rating on shares of Owens Corning in a research report on Thursday, July 26th. Bank of America downgraded shares of Owens Corning from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $90.00 to $75.00 in a research report on Thursday, July 26th. Credit Suisse Group reduced their price objective on shares of Owens Corning from $84.00 to $72.00 and set an “outperform” rating for the company in a research report on Thursday, July 26th. Barclays raised shares of Owens Corning from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $62.00 to $58.00 in a research report on Thursday, October 25th. Finally, Northcoast Research reaffirmed a “buy” rating and set a $81.00 price objective on shares of Owens Corning in a research report on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $74.94.
In related news, Director W Howard Morris sold 1,514 shares of Owens Corning stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $58.47, for a total value of $88,523.58. Following the completion of the sale, the director now owns 36,332 shares of the company’s stock, valued at approximately $2,124,332.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.60% of the company’s stock.
Owens Corning Profile
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.
Read More: How can you know how many shares are floating?
Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning (NYSE:OC).
Receive News & Ratings for Owens Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning and related companies with MarketBeat.com's FREE daily email newsletter.