1832 Asset Management L.P. Decreases Stock Position in Owens Corning (NYSE:OC)

1832 Asset Management L.P. lessened its stake in Owens Corning (NYSE:OC) by 10.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,394 shares of the construction company’s stock after selling 1,228 shares during the period. 1832 Asset Management L.P.’s holdings in Owens Corning were worth $1,806,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of OC. GAMMA Investing LLC boosted its stake in shares of Owens Corning by 7.5% during the first quarter. GAMMA Investing LLC now owns 1,104 shares of the construction company’s stock valued at $184,000 after purchasing an additional 77 shares during the period. Bessemer Group Inc. boosted its position in Owens Corning by 24.9% during the 1st quarter. Bessemer Group Inc. now owns 391 shares of the construction company’s stock valued at $65,000 after buying an additional 78 shares during the period. MV Capital Management Inc. grew its holdings in Owens Corning by 112.9% in the 1st quarter. MV Capital Management Inc. now owns 149 shares of the construction company’s stock worth $25,000 after acquiring an additional 79 shares during the last quarter. Tobam increased its position in shares of Owens Corning by 115.7% in the second quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after acquiring an additional 103 shares during the period. Finally, Atlas Capital Advisors LLC raised its stake in shares of Owens Corning by 2.5% during the second quarter. Atlas Capital Advisors LLC now owns 4,508 shares of the construction company’s stock valued at $783,000 after acquiring an additional 112 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Price Performance

Shares of NYSE OC opened at $170.31 on Thursday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37. The company has a 50 day simple moving average of $167.44 and a two-hundred day simple moving average of $169.92. Owens Corning has a fifty-two week low of $109.95 and a fifty-two week high of $191.13. The company has a market capitalization of $14.81 billion, a price-to-earnings ratio of 13.79, a P/E/G ratio of 3.47 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 (EPS) for the quarter, beating analysts’ consensus estimates of $4.37 by $0.27. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The business had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.92 billion. During the same quarter in the previous year, the business earned $4.22 earnings per share. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. Analysts expect that Owens Corning will post 15.38 EPS for the current fiscal year.

Owens Corning Announces Dividend

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

Insider Buying and Selling at Owens Corning

In other news, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the transaction, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $518,500.00. Following 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 company insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Citigroup upgraded Owens Corning from a “neutral” rating to a “buy” rating and boosted their price target for the company from $178.00 to $191.00 in a report on Thursday, July 11th. Benchmark restated a “hold” rating on shares of Owens Corning in a report on Wednesday, August 7th. UBS Group raised 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. Barclays reduced their price objective on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a research report on Friday, July 12th. Finally, Royal Bank of Canada raised their target price 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. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average 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.