Fortem Financial Group LLC Sells 9,770 Shares of Owens Corning Inc $OC

Fortem Financial Group LLC cut its stake in Owens Corning Inc (NYSE:OC) by 74.0% during the third quarter, HoldingsChannel reports. The fund owned 3,441 shares of the construction company’s stock after selling 9,770 shares during the quarter. Fortem Financial Group LLC’s holdings in Owens Corning were worth $487,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Norges Bank bought a new position in Owens Corning in the second quarter worth about $163,719,000. First Trust Advisors LP boosted its holdings in shares of Owens Corning by 164.6% in the 2nd quarter. First Trust Advisors LP now owns 920,726 shares of the construction company’s stock valued at $126,618,000 after buying an additional 572,770 shares in the last quarter. Amundi grew its position in shares of Owens Corning by 92.9% in the 2nd quarter. Amundi now owns 1,086,735 shares of the construction company’s stock worth $157,279,000 after buying an additional 523,376 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Owens Corning by 17,614.0% during the 2nd quarter. Marshall Wace LLP now owns 422,832 shares of the construction company’s stock worth $58,148,000 after acquiring an additional 420,445 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in Owens Corning by 70.9% during the second quarter. AQR Capital Management LLC now owns 960,604 shares of the construction company’s stock valued at $132,102,000 after acquiring an additional 398,440 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on OC shares. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Owens Corning in a research report on Monday, December 29th. Evercore ISI dropped their target price on 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. Barclays increased their price target on Owens Corning from $130.00 to $138.00 and gave the company an “overweight” rating in a research note on Thursday, January 15th. Argus raised Owens Corning to a “strong-buy” rating in a report on Wednesday, January 14th. Finally, Royal Bank Of Canada set a $143.00 price objective on shares of Owens Corning in a report on Friday, January 9th. 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 given a Sell rating to the stock. Based on data from MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.75.

Owens Corning Stock Down 0.0%

Shares of OC stock opened at $119.84 on Friday. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $192.60. The stock has a market cap of $9.85 billion, a P/E ratio of -20.95, a P/E/G ratio of 2.48 and a beta of 1.35. The stock has a 50 day moving average of $116.33 and a 200 day moving average of $129.19. 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 released its quarterly earnings data on Wednesday, November 5th. The construction company reported $3.67 earnings per share for the quarter, beating analysts’ consensus estimates of $3.64 by $0.03. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.71 billion. During the same quarter in the previous year, the company earned $4.38 earnings per share. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. As a group, sell-side analysts expect that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 21st. Shareholders of record on Monday, January 5th were issued a dividend of $0.79 per share. The ex-dividend date of this dividend was Monday, January 5th. This is an increase 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 2.6%. Owens Corning’s payout ratio is currently -55.24%.

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.