Credit Suisse AG cut its stake in shares of Owens Corning (NYSE:OC) by 2.1% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 213,088 shares of the construction company’s stock after selling 4,510 shares during the period. Credit Suisse AG owned about 0.19% of Owens Corning worth $11,564,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Zacks Investment Management lifted its stake in Owens Corning by 4.9% in the second quarter. Zacks Investment Management now owns 18,662 shares of the construction company’s stock valued at $1,183,000 after acquiring an additional 880 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its stake in Owens Corning by 10.3% in the second quarter. Nissay Asset Management Corp Japan ADV now owns 9,802 shares of the construction company’s stock valued at $621,000 after acquiring an additional 912 shares during the last quarter. Vident Investment Advisory LLC lifted its stake in Owens Corning by 2.8% in the second quarter. Vident Investment Advisory LLC now owns 37,334 shares of the construction company’s stock valued at $2,366,000 after acquiring an additional 1,028 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in Owens Corning by 1.5% in the second quarter. Teacher Retirement System of Texas now owns 74,111 shares of the construction company’s stock valued at $4,696,000 after acquiring an additional 1,128 shares during the last quarter. Finally, DNB Asset Management AS lifted its stake in Owens Corning by 8.5% in the third quarter. DNB Asset Management AS now owns 15,300 shares of the construction company’s stock valued at $830,000 after acquiring an additional 1,200 shares during the last quarter. 94.02% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have issued reports on the stock. Nomura set a $88.00 target price on shares of Owens Corning and gave the company a “buy” rating in a research note on Wednesday, August 29th. Longbow Research restated a “buy” rating on shares of Owens Corning in a research note on Monday, September 24th. Goldman Sachs Group initiated coverage on shares of Owens Corning in a research note on Tuesday, October 2nd. They issued a “buy” rating and a $75.00 price objective for the company. Zacks Investment Research upgraded shares of Owens Corning from a “sell” rating to a “hold” rating in a research note on Tuesday, October 9th. Finally, Northcoast Research boosted their price objective on shares of Owens Corning to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, November 27th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $73.87.
Shares of Owens Corning stock opened at $49.01 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.62 and a debt-to-equity ratio of 0.87. Owens Corning has a 1-year low of $42.88 and a 1-year high of $96.52. The firm has a market capitalization of $5.37 billion, a PE ratio of 11.14, a PEG ratio of 0.77 and a beta of 1.13.
Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, October 24th. The construction company reported $1.54 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.65 by ($0.11). The firm had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.89 billion. Owens Corning had a return on equity of 12.37% and a net margin of 5.33%. Owens Corning’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.25 earnings per share. As a group, analysts anticipate that Owens Corning will post 4.74 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 18th. Investors of record on Thursday, January 3rd will be paid a dividend of $0.22 per share. This is a boost from Owens Corning’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend is Wednesday, January 2nd. Owens Corning’s dividend payout ratio is presently 19.09%.
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Owens Corning Profile
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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