Tredje AP fonden Trims Stake in Owens Corning (NYSE:OC)

Tredje AP fonden cut its holdings in shares of Owens Corning (NYSE:OC) by 1.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,969 shares of the construction company’s stock after selling 381 shares during the quarter. Tredje AP fonden’s holdings in Owens Corning were worth $4,511,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. MV Capital Management Inc. raised its position in Owens Corning by 112.9% in the first quarter. MV Capital Management Inc. now owns 149 shares of the construction company’s stock valued at $25,000 after purchasing an additional 79 shares during the period. ST Germain D J Co. Inc. grew its stake in shares of Owens Corning by 794.1% in the second quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock valued at $26,000 after buying an additional 135 shares in the last quarter. NBC Securities Inc. purchased a new stake in shares of Owens Corning in the 1st quarter valued at $26,000. Riverview Trust Co acquired a new position in Owens Corning during the 1st quarter worth about $28,000. Finally, ORG Partners LLC purchased a new position in Owens Corning during the 1st quarter valued at about $31,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Price Performance

OC stock opened at $172.33 on Thursday. The business has a 50 day moving average price of $167.53 and a 200 day moving average price of $169.16. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91. The stock has a market cap of $14.93 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 3.18 and a beta of 1.41. Owens Corning has a fifty-two week low of $109.95 and a fifty-two week high of $191.13.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, topping the consensus estimate of $4.37 by $0.27. The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.92 billion. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The company’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.22 EPS. Equities research analysts anticipate that Owens Corning will post 15.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Jefferies Financial Group began coverage on shares of Owens Corning in a research note on Wednesday, May 22nd. They set a “buy” rating and a $215.00 price target on the stock. Citigroup raised shares of Owens Corning from a “neutral” rating to a “buy” rating and upped their target price for the stock from $178.00 to $191.00 in a research note on Thursday, July 11th. Barclays decreased their price target on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $187.00 price target on shares of Owens Corning in a research report on Monday, June 17th. Finally, Royal Bank of Canada boosted their price objective on Owens Corning from $211.00 to $213.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $184.23.

Insider Buying and Selling at Owens Corning

In other news, CFO Todd W. Fister sold 3,000 shares of Owens Corning stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $173.65, for a total transaction of $520,950.00. Following the sale, the chief financial officer now owns 31,626 shares in the company, valued at $5,491,854.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.89% of the stock is currently owned by insiders.

About Owens Corning

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.