Millennium Management LLC Sells 81,257 Shares of Owens Corning (NYSE:OC)

Millennium Management LLC lessened its position in shares of Owens Corning (NYSE:OC) by 17.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 389,196 shares of the construction company’s stock after selling 81,257 shares during the period. Millennium Management LLC owned approximately 0.45% of Owens Corning worth $67,611,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OC. MV Capital Management Inc. raised its position 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 in the last quarter. NBC Securities Inc. acquired a new stake in shares of Owens Corning in the first quarter valued at approximately $26,000. ST Germain D J Co. Inc. raised its position in Owens Corning by 794.1% during the second quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock valued at $26,000 after purchasing an additional 135 shares in the last quarter. Riverview Trust Co acquired a new position in Owens Corning during the first quarter valued at approximately $28,000. Finally, ORG Partners LLC acquired a new position in Owens Corning during the first quarter valued at approximately $31,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Marcio A. Sandri sold 3,050 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was 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 approximately $10,222,100. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, insider Marcio A. Sandri sold 3,051 shares of the business’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 sale, the insider now directly owns 57,079 shares of the company’s stock, valued at $10,074,443.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Marcio A. Sandri sold 3,050 shares of the stock in a transaction that occurred 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 directly owns 60,130 shares of the company’s stock, valued at $10,222,100. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by company insiders.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $174.30 on Monday. Owens Corning has a 1-year low of $109.95 and a 1-year 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. The business has a 50-day moving average price of $167.46 and a two-hundred day moving average price of $170.20. The company has a market cap of $15.10 billion, a P/E ratio of 14.11, a PEG ratio of 3.47 and a beta of 1.41.

Owens Corning (NYSE:OC) last released its quarterly earnings data 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 company had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.92 billion. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. Owens Corning’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.22 EPS. As a group, analysts anticipate that Owens Corning will post 15.38 EPS for the current year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.38%. Owens Corning’s dividend payout ratio (DPR) is presently 19.43%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on OC. StockNews.com upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, September 7th. UBS Group upped their price target on shares of Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Citigroup upgraded shares of Owens Corning from a “neutral” rating to a “buy” rating and upped their price target for the stock from $178.00 to $191.00 in a report on Thursday, July 11th. Loop Capital upped their price target on shares of Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Finally, Evercore ISI lowered their price target on shares of Owens Corning from $188.00 to $175.00 and set an “in-line” rating for the company in a report on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $184.23.

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.