Assenagon Asset Management S.A. Lowers Stock Position in Owens Corning (NYSE:OC)

Assenagon Asset Management S.A. reduced its holdings in Owens Corning (NYSE:OC) by 52.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 34,510 shares of the construction company’s stock after selling 37,916 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Owens Corning were worth $6,092,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. International Assets Investment Management LLC purchased a new position in Owens Corning in the third quarter worth $156,000. Greenleaf Trust increased its holdings in shares of Owens Corning by 3.8% in the 3rd quarter. Greenleaf Trust now owns 3,839 shares of the construction company’s stock valued at $678,000 after purchasing an additional 141 shares in the last quarter. Lecap Asset Management Ltd. acquired a new stake in shares of Owens Corning in the third quarter valued at about $3,212,000. Sebold Capital Management Inc. acquired a new position in Owens Corning during the third quarter worth about $214,000. Finally, Precision Wealth Strategies LLC increased its holdings in Owens Corning by 6.4% in the third quarter. Precision Wealth Strategies LLC now owns 2,369 shares of the construction company’s stock valued at $418,000 after buying an additional 142 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OC has been the topic of several research analyst reports. UBS Group boosted their price target on Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a research report on Thursday, October 24th. Royal Bank of Canada boosted their price objective on shares of Owens Corning from $211.00 to $213.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Benchmark restated a “hold” rating on shares of Owens Corning in a report on Wednesday, August 7th. Finally, Evercore ISI upped their price target on shares of Owens Corning from $175.00 to $189.00 and gave the company an “in-line” rating in a report on Wednesday, October 16th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $187.77.

Insider Buying and Selling

In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total transaction of $518,500.00. Following the completion of the sale, the insider now owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total transaction of $518,500.00. Following the transaction, the insider now directly owns 60,130 shares of the company’s stock, valued at $10,222,100. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now directly owns 57,079 shares of the company’s stock, valued at $10,074,443.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company’s stock.

Owens Corning Stock Performance

NYSE OC opened at $185.05 on Tuesday. The business’s 50-day moving average price is $172.92 and its 200 day moving average price is $172.54. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91. Owens Corning has a twelve month low of $111.57 and a twelve month high of $191.44. The company has a market capitalization of $16.09 billion, a PE ratio of 15.67, a price-to-earnings-growth ratio of 2.23 and a beta of 1.41.

Owens Corning (NYSE:OC) last announced 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. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same period in the prior year, the firm posted $4.22 EPS. The company’s revenue was up 8.8% on a year-over-year basis. On average, research analysts predict that Owens Corning will post 15.34 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 18th will be issued a dividend of $0.60 per share. The ex-dividend date is Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.30%. Owens Corning’s payout ratio is 20.32%.

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.