Profund Advisors LLC Sells 1,003 Shares of Owens Corning (NYSE:OC)

Profund Advisors LLC lessened its holdings in Owens Corning (NYSE:OC) by 28.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,513 shares of the construction company’s stock after selling 1,003 shares during the period. Profund Advisors LLC’s holdings in Owens Corning were worth $437,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in OC. MV Capital Management Inc. boosted its stake in shares of 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 buying an additional 79 shares during the period. ST Germain D J Co. Inc. lifted its position in shares of Owens Corning by 794.1% during the 2nd quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock valued at $26,000 after acquiring an additional 135 shares during the period. NBC Securities Inc. acquired a new stake in shares of Owens Corning during the 1st quarter worth $26,000. Riverview Trust Co bought a new position in shares of Owens Corning in the first quarter worth $28,000. Finally, ORG Partners LLC acquired a new position in Owens Corning in the first quarter valued at about $31,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Price Performance

OC stock opened at $170.31 on Thursday. The firm has a 50 day moving average of $167.44 and a 200-day moving average of $169.92. The firm has a market capitalization of $14.81 billion, a P/E ratio of 13.79, a price-to-earnings-growth ratio of 3.47 and a beta of 1.41. Owens Corning has a 12 month low of $109.95 and a 12 month high of $191.13. 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 (NYSE:OC) last released its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, beating the consensus estimate of $4.37 by $0.27. The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The company’s revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the firm posted $4.22 EPS. As a group, sell-side analysts predict that Owens Corning will post 15.38 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Friday, October 18th will be given a $0.60 dividend. The ex-dividend date of this dividend is Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a yield of 1.41%. Owens Corning’s payout ratio is 19.43%.

Insiders Place Their Bets

In related news, insider Marcio A. Sandri sold 3,050 shares of the stock in a transaction 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 owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were 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 directly owns 57,079 shares of the company’s stock, valued at $10,074,443.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Marcio A. Sandri sold 3,050 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the sale, the insider now directly owns 60,130 shares in the company, valued at $10,222,100. The disclosure for this sale can be found here. 0.89% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on OC shares. Evercore ISI dropped their target price on shares of Owens Corning from $188.00 to $175.00 and set an “in-line” rating for the company in a research report on Wednesday, August 7th. Benchmark restated a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $187.00 price target on shares of Owens Corning in a research note on Monday, June 17th. Citigroup upgraded Owens Corning from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $178.00 to $191.00 in a research report on Thursday, July 11th. Finally, StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, September 7th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $184.23.

Owens Corning Company 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.