Bridgewater Associates LP reduced its position in Owens Corning (NYSE:OC) by 61.2% in the 3rd quarter, Holdings Channel reports. The firm owned 4,705 shares of the construction company’s stock after selling 7,427 shares during the quarter. Bridgewater Associates LP’s holdings in Owens Corning were worth $255,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Gradient Investments LLC acquired a new stake in shares of Owens Corning in the 3rd quarter worth $138,000. Pendal Group Ltd acquired a new stake in shares of Owens Corning in the 3rd quarter worth $145,000. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new stake in shares of Owens Corning in the 2nd quarter worth $163,000. Cornerstone Wealth Management LLC acquired a new stake in shares of Owens Corning in the 2nd quarter worth $218,000. Finally, Eqis Capital Management Inc. acquired a new stake in shares of Owens Corning in the 2nd quarter worth $232,000. 94.02% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have issued reports on the company. Bank of America downgraded Owens Corning from a “neutral” rating to an “underperform” rating in a research note on Tuesday, October 23rd. Credit Suisse Group cut their target price on Owens Corning from $57.00 to $47.00 and set a “neutral” rating for the company in a research note on Thursday, October 25th. Barclays raised Owens Corning from an “equal weight” rating to an “overweight” rating and cut their target price for the stock from $62.00 to $58.00 in a research note on Thursday, October 25th. Zacks Investment Research raised Owens Corning from a “sell” rating to a “hold” rating in a research note on Tuesday, October 9th. Finally, TheStreet downgraded Owens Corning from a “b-” rating to a “c+” rating in a research note on Tuesday, October 30th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. Owens Corning currently has a consensus rating of “Hold” and a consensus target price of $73.87.
NYSE OC opened at $49.55 on Friday. The firm has a market cap of $5.37 billion, a PE ratio of 11.26, a price-to-earnings-growth ratio of 0.77 and a beta of 1.13. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.62 and a quick ratio of 0.87. Owens Corning has a twelve month low of $42.88 and a twelve month high of $96.52.
Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, October 24th. The construction company reported $1.54 earnings per share for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.11). The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.89 billion. Owens Corning had a return on equity of 12.37% and a net margin of 5.33%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.25 earnings per share. As a group, equities 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 will be paid on Friday, January 18th. Stockholders of record on Thursday, January 3rd will be issued a dividend of $0.22 per share. This is a boost from Owens Corning’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.78%. Owens Corning’s dividend payout ratio is currently 19.09%.
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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.
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