Owens Corning Inc $OC Stock Sold by Nan Fung Trinity HK Ltd.

Nan Fung Trinity HK Ltd. lowered its stake in Owens Corning Inc (NYSE:OC) by 57.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 193,724 shares of the construction company’s stock after selling 256,276 shares during the quarter. Owens Corning accounts for 2.2% of Nan Fung Trinity HK Ltd.’s portfolio, making the stock its 19th biggest position. Nan Fung Trinity HK Ltd.’s holdings in Owens Corning were worth $22,615,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in OC. Tiptree Advisors LLC bought a new stake in Owens Corning in the 2nd quarter worth $11,445,000. Nykredit A S bought a new position in shares of Owens Corning during the second quarter valued at about $166,083,000. Bank of America Corp DE bought a new position in shares of Owens Corning during the second quarter valued at about $133,685,000. Cibc World Market Inc. bought a new position in shares of Owens Corning during the second quarter valued at about $4,578,000. Finally, Empowered Funds LLC purchased a new stake in shares of Owens Corning during the second quarter worth about $3,582,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

OC stock opened at $117.56 on Friday. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.13 and a quick ratio of 0.58. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.91. The firm has a 50-day moving average of $120.75 and a 200 day moving average of $126.09. The company has a market cap of $9.07 billion, a P/E ratio of -22.10, a PEG ratio of 2.95 and a beta of 1.31.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, November 4th. The construction company reported $2.44 earnings per share for the quarter, missing the consensus estimate of $3.07 by ($0.63). Owens Corning had a negative net margin of 4.42% and a positive return on equity of 19.14%. The firm had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same period in the previous year, the firm posted $3.67 earnings per share. The business’s revenue was down 7.3% compared to the same quarter last year. On average, sell-side analysts forecast that Owens Corning Inc will post 8.47 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Monday, October 19th were paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Monday, October 19th. Owens Corning’s dividend payout ratio (DPR) is presently -59.40%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on OC. Wells Fargo & Company upped their price target on Owens Corning from $125.00 to $133.00 and gave the company an “overweight” rating in a research report on Thursday, November 5th. The Goldman Sachs Group dropped their price target on Owens Corning from $169.00 to $128.00 and set a “neutral” rating for the company in a research note on Monday, October 12th. Weiss Ratings lowered Owens Corning from a “sell (d+)” rating to a “sell (d-)” rating in a research note on Monday. Truist Financial lifted their price target on shares of Owens Corning from $115.00 to $120.00 and gave the company a “hold” rating in a report on Thursday, November 5th. Finally, Bank of America reduced their price objective on shares of Owens Corning from $155.00 to $145.00 and set a “buy” rating on the stock in a research report on Tuesday, October 27th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $140.93.

Insider Activity at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the sale, the insider directly owned 21,449 shares in the company, valued at $3,090,157.43. The trade was a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by insiders.

Owens Corning Profile

Owens Corning is a building-products company that develops and manufactures materials for residential and commercial construction. Its products include roofing shingles and components, insulation for buildings and industrial applications, and interior and exterior doors. Founded in 1938 through the combination of Owens-Illinois Glass Company and Corning Glass Works’ fiberglass operations, the company has a long history of developing glass-fiber-based materials. It is headquartered in Toledo, Ohio, and serves customers in North America and international markets.