Allianz Asset Management GmbH Lowers Stake in Owens Corning Inc $OC

Allianz Asset Management GmbH lessened its holdings in Owens Corning Inc (NYSE:OC) by 22.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 359,190 shares of the construction company’s stock after selling 102,900 shares during the period. Allianz Asset Management GmbH’s holdings in Owens Corning were worth $50,811,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of OC. Ariel Investments LLC raised its holdings in shares of Owens Corning by 24.8% during the second quarter. Ariel Investments LLC now owns 140,449 shares of the construction company’s stock valued at $19,315,000 after acquiring an additional 27,871 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Owens Corning by 6.7% in the second quarter. JPMorgan Chase & Co. now owns 456,952 shares of the construction company’s stock worth $62,840,000 after acquiring an additional 28,814 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its stake in Owens Corning by 6.1% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 42,020 shares of the construction company’s stock valued at $5,779,000 after purchasing an additional 2,421 shares during the last quarter. Nordea Investment Management AB lifted its holdings 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 in the last quarter. Finally, Aviva PLC boosted its stake in Owens Corning by 7.2% during the 2nd quarter. Aviva PLC now owns 60,634 shares of the construction company’s stock worth $8,338,000 after purchasing an additional 4,091 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

NYSE:OC opened at $132.77 on Thursday. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $186.18. The stock’s fifty day moving average is $117.41 and its two-hundred day moving average is $128.89. The company has a market capitalization of $10.91 billion, a P/E ratio of -23.21, a P/E/G ratio of 2.62 and a beta of 1.36. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.05.

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

Owens Corning Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 21st. Shareholders of record on Monday, January 5th were given a dividend of $0.79 per share. This is a boost from Owens Corning’s previous quarterly dividend of $0.69. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Monday, January 5th. Owens Corning’s dividend payout ratio (DPR) is -55.24%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on OC. Wells Fargo & Company increased their target price on shares of Owens Corning from $130.00 to $145.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Evercore ISI cut their price objective on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a report on Thursday, December 4th. UBS Group cut their price target on Owens Corning from $179.00 to $160.00 and set a “buy” rating for the company in a report on Tuesday, January 6th. Barclays boosted their price objective on Owens Corning from $130.00 to $138.00 and gave the stock an “overweight” rating in a research note on Thursday, January 15th. Finally, Argus raised Owens Corning to a “strong-buy” rating in a research note on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Owens Corning currently has an average rating of “Moderate Buy” and a consensus price target of $149.75.

Owens Corning Company 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.