ProShare Advisors LLC Sells 249 Shares of Owens Corning (NYSE:OC)

ProShare Advisors LLC reduced its position in Owens Corning (NYSE:OC) by 5.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,087 shares of the construction company’s stock after selling 249 shares during the quarter. ProShare Advisors LLC’s holdings in Owens Corning were worth $710,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of OC. Nordea Investment Management AB increased its stake in Owens Corning by 74.4% in the 1st quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock worth $210,040,000 after purchasing an additional 533,910 shares during the period. Pacer Advisors Inc. increased its stake in shares of Owens Corning by 38.9% in the second quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock worth $276,655,000 after buying an additional 446,073 shares during the period. Panagora Asset Management Inc. raised its holdings in Owens Corning by 2,813.6% during the 2nd quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock valued at $65,815,000 after buying an additional 365,853 shares during the last quarter. Swedbank AB purchased a new stake in Owens Corning during the 1st quarter valued at $60,424,000. Finally, William Blair Investment Management LLC purchased a new position in shares of Owens Corning in the second quarter valued at about $31,818,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Insider Buying and Selling

In other Owens Corning 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 transaction, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction on 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 owns 60,130 shares of the company’s stock, valued at $10,222,100. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction 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 sale, the insider now owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. The disclosure for this sale can be found here. 0.89% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on OC. Benchmark reiterated a “hold” rating on shares of Owens Corning in a report on Wednesday, August 7th. Loop Capital boosted their price target on shares of Owens Corning from $188.00 to $215.00 and gave the company a “buy” rating in a research report on Friday, June 21st. Citigroup raised shares of Owens Corning from a “neutral” rating to a “buy” rating and increased their price target for the stock from $178.00 to $191.00 in a research note on Thursday, July 11th. UBS Group lifted their price objective on Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Finally, Royal Bank of Canada increased their target price 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 investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $184.23.

Owens Corning Stock Performance

Shares of OC stock opened at $174.30 on Monday. The company has a market capitalization of $15.10 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 3.47 and a beta of 1.41. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37. Owens Corning has a one year low of $109.95 and a one year high of $191.13. The company’s 50-day moving average is $167.46 and its 200 day moving average is $170.20.

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 analysts’ consensus estimates of $4.37 by $0.27. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The company had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.92 billion. During the same period in the previous year, the business earned $4.22 EPS. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. Sell-side analysts expect that Owens Corning will post 15.38 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The firm 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. The ex-dividend date of this dividend is Friday, October 18th. This represents a $2.40 annualized dividend and a dividend yield of 1.38%. Owens Corning’s dividend payout ratio (DPR) is presently 19.43%.

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.