Picton Mahoney Asset Management cut its position in Owens Corning (NYSE:OC) by 15.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,800 shares of the construction company’s stock after selling 5,100 shares during the quarter. Picton Mahoney Asset Management’s holdings in Owens Corning were worth $1,509,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in OC. The Manufacturers Life Insurance Company boosted its holdings in Owens Corning by 22.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 5,957 shares of the construction company’s stock valued at $479,000 after acquiring an additional 1,102 shares during the period. DnB Asset Management AS raised its position in Owens Corning by 10.2% during the 2nd quarter. DnB Asset Management AS now owns 14,100 shares of the construction company’s stock valued at $894,000 after purchasing an additional 1,300 shares during the last quarter. IFM Investors Pty Ltd bought a new position in Owens Corning during the 2nd quarter valued at approximately $225,000. State of Alaska Department of Revenue raised its position in Owens Corning by 40.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 12,190 shares of the construction company’s stock valued at $772,000 after purchasing an additional 3,480 shares during the last quarter. Finally, Handelsbanken Fonder AB bought a new position in Owens Corning during the 2nd quarter valued at approximately $11,787,000. Institutional investors and hedge funds own 94.89% of the company’s stock.
In other news, Director W Howard Morris sold 1,514 shares of the stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $58.47, for a total value of $88,523.58. Following the completion of the transaction, the director now owns 36,332 shares of the company’s stock, valued at approximately $2,124,332.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by corporate insiders.
OC has been the subject of a number of recent analyst reports. Goldman Sachs Group initiated coverage on Owens Corning in a research report on Tuesday, October 2nd. They set a “buy” rating and a $75.00 price target for the company. Longbow Research reaffirmed a “buy” rating on shares of Owens Corning in a research report on Monday, September 24th. Bank of America lowered Owens Corning from a “neutral” rating to an “underperform” rating in a research report on Tuesday, October 23rd. Nomura set a $88.00 price target on Owens Corning and gave the company a “buy” rating in a research report on Wednesday, August 29th. Finally, Barclays raised Owens Corning from an “equal weight” rating to an “overweight” rating and lowered their price target for the company from $62.00 to $58.00 in a research report on Thursday, October 25th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $74.94.
Shares of NYSE:OC opened at $47.37 on Friday. Owens Corning has a 52-week low of $42.88 and a 52-week high of $96.52. The company has a market capitalization of $5.40 billion, a PE ratio of 10.77, a PEG ratio of 0.77 and a beta of 1.14. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.62 and a quick ratio of 0.87.
Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, October 24th. The construction company reported $1.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.65 by ($0.11). Owens Corning had a return on equity of 12.37% and a net margin of 5.33%. The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the prior year, the company posted $1.25 EPS. The firm’s revenue was up 6.8% on a year-over-year basis. Equities research analysts forecast that Owens Corning will post 4.74 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, November 2nd. Stockholders of record on Tuesday, October 16th were given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.77%. The ex-dividend date was Monday, October 15th. Owens Corning’s dividend payout ratio is currently 19.09%.
About Owens Corning
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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