QRG Capital Management Inc. Has $1.86 Million Holdings in Owens Corning Inc $OC

QRG Capital Management Inc. cut its position in Owens Corning Inc (NYSE:OC) by 36.2% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 13,130 shares of the construction company’s stock after selling 7,466 shares during the period. QRG Capital Management Inc.’s holdings in Owens Corning were worth $1,857,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OC. Vanguard Group Inc. grew its position in shares of Owens Corning by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 9,947,480 shares of the construction company’s stock valued at $1,367,977,000 after acquiring an additional 131,795 shares during the period. Nordea Investment Management AB lifted its stake in Owens Corning by 0.7% in the 2nd quarter. Nordea Investment Management AB now owns 2,225,800 shares of the construction company’s stock valued at $305,291,000 after purchasing an additional 15,927 shares during the last quarter. Norges Bank bought a new position in Owens Corning during the second quarter worth about $163,719,000. Qube Research & Technologies Ltd increased its position in Owens Corning by 43.0% during the second quarter. Qube Research & Technologies Ltd now owns 1,102,722 shares of the construction company’s stock worth $151,646,000 after buying an additional 331,835 shares during the last quarter. Finally, Amundi raised its stake in Owens Corning by 92.9% in the second quarter. Amundi now owns 1,086,735 shares of the construction company’s stock valued at $157,279,000 after buying an additional 523,376 shares during the period. 88.40% of the stock is owned by institutional investors.

Owens Corning Stock Down 0.1%

Shares of OC opened at $124.54 on Tuesday. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $192.96. The firm’s 50 day moving average is $112.54 and its 200-day moving average is $130.54. The stock has a market capitalization of $10.24 billion, a PE ratio of -21.77, a P/E/G ratio of 11.88 and a beta of 1.35. The company has a current ratio of 1.40, a quick ratio of 0.86 and a debt-to-equity ratio of 1.05.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.64 by $0.03. Owens Corning had a positive return on equity of 24.42% and a negative net margin of 4.46%.The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.71 billion. During the same period in the previous year, the company posted $4.38 earnings per share. The firm’s revenue for the quarter was down 2.9% compared to the same quarter last year. Equities research analysts forecast that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 21st. Stockholders of record on Monday, January 5th will be issued a dividend of $0.79 per share. This is an increase from Owens Corning’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Monday, January 5th. This represents a $3.16 annualized dividend and a dividend yield of 2.5%. Owens Corning’s payout ratio is currently -55.24%.

Wall Street Analysts Forecast Growth

OC has been the subject of several research analyst reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a research note on Monday, December 29th. Zacks Research raised shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Wells Fargo & Company upped their price objective on shares of Owens Corning from $130.00 to $145.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Evercore ISI cut their target price on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a research note on Thursday, December 4th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Owens Corning from $157.00 to $113.00 and set a “neutral” rating for the company in a report on Tuesday, November 11th. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $149.75.

Owens Corning Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.