Principal Financial Group Inc. Trims Holdings in Owens Corning Inc $OC

Principal Financial Group Inc. trimmed its holdings in shares of Owens Corning Inc (NYSE:OC) by 3.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 379,164 shares of the construction company’s stock after selling 13,862 shares during the quarter. Principal Financial Group Inc.’s holdings in Owens Corning were worth $53,638,000 at the end of the most recent reporting period.

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

Owens Corning Stock Performance

OC stock opened at $132.77 on Thursday. The firm has a market cap of $10.91 billion, a price-to-earnings ratio of -23.21, a PEG ratio of 2.62 and a beta of 1.36. The firm has a 50-day simple moving average of $117.41 and a two-hundred day simple moving average of $128.89. Owens Corning Inc has a one year low of $97.53 and a one year high of $186.18. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.86 and a current ratio of 1.40.

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 for the quarter, compared to the consensus estimate of $2.71 billion. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The company’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.38 EPS. On average, equities analysts forecast that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 21st. Shareholders of record on Monday, January 5th were issued a $0.79 dividend. This is an increase from Owens Corning’s previous quarterly dividend of $0.69. This represents a $3.16 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Monday, January 5th. Owens Corning’s dividend payout ratio is presently -55.24%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Owens Corning in a research report on Monday, December 29th. Vertical Research began coverage on shares of Owens Corning in a report on Monday, October 20th. They set a “hold” rating on the stock. Zacks Research raised shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Argus raised shares of Owens Corning to a “strong-buy” rating in a research report on Wednesday, January 14th. Finally, Evercore ISI dropped their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $149.75.

About Owens Corning

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.