Pathstone Holdings LLC Sells 195 Shares of Owens Corning (NYSE:OC)

Pathstone Holdings LLC lowered its stake in Owens Corning (NYSE:OC) by 2.2% in the third quarter, Holdings Channel reports. The fund owned 8,753 shares of the construction company’s stock after selling 195 shares during the quarter. Pathstone Holdings LLC’s holdings in Owens Corning were worth $1,545,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Pacer Advisors Inc. increased its holdings in Owens Corning by 38.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock worth $276,655,000 after purchasing an additional 446,073 shares in the last quarter. Point72 Asset Management L.P. increased its stake in shares of Owens Corning by 168.3% in the second quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock valued at $128,772,000 after buying an additional 464,981 shares during the period. Skandinaviska Enskilda Banken AB publ raised its holdings in Owens Corning by 6.4% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 716,704 shares of the construction company’s stock valued at $124,506,000 after buying an additional 43,180 shares during the last quarter. AustralianSuper Pty Ltd boosted its position in Owens Corning by 2.2% during the 2nd quarter. AustralianSuper Pty Ltd now owns 590,977 shares of the construction company’s stock worth $102,665,000 after buying an additional 12,707 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in Owens Corning by 54.1% during the 3rd quarter. Victory Capital Management Inc. now owns 523,001 shares of the construction company’s stock worth $92,320,000 after acquiring an additional 183,666 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This represents a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.89% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on OC. Evercore ISI raised their price target on shares of Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. UBS Group lifted their target price on Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Benchmark reissued a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Royal Bank of Canada lifted their price objective on Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company increased their target price on shares of Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a research 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 data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $192.62.

Owens Corning Price Performance

Shares of NYSE OC opened at $205.10 on Friday. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. The firm’s 50-day moving average price is $185.03 and its 200-day moving average price is $176.07. The firm has a market capitalization of $17.59 billion, a P/E ratio of 17.46, a P/E/G ratio of 2.36 and a beta of 1.41. Owens Corning has a 1-year low of $131.67 and a 1-year high of $214.53.

Owens Corning (NYSE:OC) last announced 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. The business had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company’s quarterly revenue was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.15 earnings per share. Equities research analysts anticipate that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Friday, October 18th were issued a dividend of $0.60 per share. The ex-dividend date was Friday, October 18th. This represents a $2.40 annualized dividend and a yield of 1.17%. Owens Corning’s payout ratio is 20.43%.

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.