Swiss National Bank Sells 13,200 Shares of Owens Corning Inc $OC

Swiss National Bank reduced its stake in shares of Owens Corning Inc (NYSE:OC) by 5.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 245,100 shares of the construction company’s stock after selling 13,200 shares during the period. Swiss National Bank’s holdings in Owens Corning were worth $34,672,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. LGT Fund Management Co Ltd. boosted its holdings in Owens Corning by 14.5% in the 3rd quarter. LGT Fund Management Co Ltd. now owns 4,745 shares of the construction company’s stock valued at $670,000 after purchasing an additional 600 shares during the period. Schroder Investment Management Group grew its position in Owens Corning by 9.4% during the 3rd quarter. Schroder Investment Management Group now owns 550,775 shares of the construction company’s stock worth $77,692,000 after acquiring an additional 47,524 shares during the last quarter. Inceptionr LLC boosted its stake in shares of Owens Corning by 13.4% during the third quarter. Inceptionr LLC now owns 9,808 shares of the construction company’s stock valued at $1,387,000 after purchasing an additional 1,160 shares during the period. Private Advisor Group LLC bought a new position in shares of Owens Corning in the third quarter worth approximately $243,000. Finally, Jefferies Financial Group Inc. purchased a new position in shares of Owens Corning in the third quarter worth $2,128,000. Institutional investors own 88.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on OC. UBS Group increased their price target on shares of Owens Corning from $160.00 to $172.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Argus upgraded Owens Corning to a “strong-buy” rating in a report on Wednesday, January 14th. Evercore lowered their price target on Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a research report on Thursday, December 4th. Wells Fargo & Company increased their price objective on Owens Corning from $145.00 to $155.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Finally, Zacks Research raised Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $151.58.

Owens Corning Stock Performance

NYSE OC traded up $1.05 during trading hours on Friday, hitting $104.10. The company’s stock had a trading volume of 142,560 shares, compared to its average volume of 1,455,372. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.26 and a quick ratio of 0.70. The company’s 50 day simple moving average is $123.03 and its two-hundred day simple moving average is $125.15. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.42. The company has a market cap of $8.37 billion, a P/E ratio of -16.24, a price-to-earnings-growth ratio of 1.74 and a beta of 1.35.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.26). The business had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. During the same period in the prior year, the company posted $3.22 earnings per share. The firm’s quarterly revenue was down 16.8% 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 fiscal year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 9th will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 3.0%. The ex-dividend date is Monday, March 9th. Owens Corning’s payout ratio is currently -49.38%.

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.