AustralianSuper Pty Ltd Trims Position in Owens Corning Inc $OC

AustralianSuper Pty Ltd trimmed its position in Owens Corning Inc (NYSE:OC) by 35.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 351,009 shares of the construction company’s stock after selling 189,267 shares during the period. AustralianSuper Pty Ltd’s holdings in Owens Corning were worth $49,654,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Twin Peaks Wealth Advisors LLC purchased a new position in shares of Owens Corning in the second quarter worth approximately $26,000. Rexford Capital Inc. bought a new position in Owens Corning in the second quarter worth approximately $28,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Owens Corning in the second quarter worth approximately $30,000. Vermillion & White Wealth Management Group LLC boosted its stake in shares of Owens Corning by 149.4% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock worth $31,000 after acquiring an additional 133 shares during the last quarter. Finally, Chilton Capital Management LLC bought a new stake in shares of Owens Corning during the 2nd quarter valued at $37,000. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Trading Down 0.6%

Shares of OC opened at $120.48 on Thursday. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $192.64. The company has a 50 day simple moving average of $115.58 and a two-hundred day simple moving average of $129.51. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.40 and a quick ratio of 0.86. The firm has a market cap of $9.90 billion, a P/E ratio of -21.06, a price-to-earnings-growth ratio of 2.51 and a beta of 1.35.

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

Owens Corning Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 21st. Stockholders of record on Monday, January 5th were issued a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 2.6%. This is a positive change from Owens Corning’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend was Monday, January 5th. Owens Corning’s payout ratio is presently -55.24%.

Analysts Set New Price Targets

A number of equities analysts recently commented on OC shares. Barclays raised their target price on Owens Corning from $130.00 to $138.00 and gave the stock an “overweight” rating in a report on Thursday, January 15th. Bank of America lowered their price objective on Owens Corning from $180.00 to $168.00 and set a “buy” rating on the stock in a research report on Wednesday, October 1st. Argus upgraded Owens Corning to a “strong-buy” rating in a research note on Wednesday, January 14th. Evercore ISI decreased their target price on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating on the stock in a research note on Thursday, December 4th. Finally, Citigroup dropped their price target on shares of Owens Corning from $137.00 to $135.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average 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.