Fmr LLC Reduces Position in Owens Corning (NYSE:OC)

Fmr LLC decreased its holdings in Owens Corning (NYSE:OC) by 30.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 758,393 shares of the construction company’s stock after selling 327,066 shares during the period. Fmr LLC’s holdings in Owens Corning were worth $133,871,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of OC. B. Riley Wealth Advisors Inc. purchased a new position in Owens Corning during the 1st quarter valued at about $305,000. Atria Investments Inc bought a new stake in Owens Corning during the 1st quarter worth approximately $1,031,000. Cetera Investment Advisers lifted its stake in Owens Corning by 196.2% in the 1st quarter. Cetera Investment Advisers now owns 12,765 shares of the construction company’s stock worth $2,129,000 after purchasing an additional 8,456 shares in the last quarter. Cetera Advisors LLC bought a new position in Owens Corning in the 1st quarter valued at $421,000. Finally, GAMMA Investing LLC grew its position in shares of Owens Corning by 32.8% during the 2nd quarter. GAMMA Investing LLC now owns 1,466 shares of the construction company’s stock valued at $255,000 after purchasing an additional 362 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

NYSE OC opened at $202.35 on Wednesday. The firm has a market cap of $17.36 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 2.28 and a beta of 1.42. The company has a 50-day simple moving average of $186.78 and a two-hundred day simple moving average of $176.66. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. Owens Corning has a 12-month low of $137.09 and a 12-month high of $214.53.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.05 by $0.33. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same period last year, the company earned $4.15 EPS. Owens Corning’s revenue for the quarter was up 22.9% compared to the same quarter last year. On average, equities analysts forecast that Owens Corning will post 15.46 EPS for the current year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a yield of 1.19%. Owens Corning’s dividend payout ratio is currently 20.43%.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This represents a 5.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

OC has been the subject of several research analyst reports. Evercore ISI lifted their price objective on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. Wells Fargo & Company upped their price objective on shares of Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Royal Bank of Canada lifted their target price on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, The Goldman Sachs Group increased their price target on shares of Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $192.62.

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.