Teachers Retirement System of The State of Kentucky Trims Stake in Owens Corning (NYSE:OC)

Teachers Retirement System of The State of Kentucky trimmed its holdings in shares of Owens Corning (NYSE:OCGet Rating) by 6.2% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 15,100 shares of the construction company’s stock after selling 1,000 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Owens Corning were worth $1,382,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Huntington National Bank boosted its stake in Owens Corning by 1,566.7% in the first quarter. Huntington National Bank now owns 350 shares of the construction company’s stock worth $32,000 after buying an additional 329 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in Owens Corning in the first quarter worth approximately $37,000. Quadrant Capital Group LLC boosted its stake in Owens Corning by 32.0% in the first quarter. Quadrant Capital Group LLC now owns 487 shares of the construction company’s stock worth $44,000 after buying an additional 118 shares in the last quarter. Quent Capital LLC purchased a new stake in Owens Corning in the fourth quarter worth approximately $48,000. Finally, Zions Bancorporation N.A. boosted its stake in Owens Corning by 611.0% in the first quarter. Zions Bancorporation N.A. now owns 583 shares of the construction company’s stock worth $53,000 after buying an additional 501 shares in the last quarter. 93.64% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Trading Down 2.7 %

OC opened at $77.08 on Friday. The business has a 50 day simple moving average of $85.59 and a two-hundred day simple moving average of $87.35. The firm has a market capitalization of $7.42 billion, a price-to-earnings ratio of 6.85, a PEG ratio of 0.68 and a beta of 1.53. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.87 and a quick ratio of 1.23. Owens Corning has a one year low of $72.97 and a one year high of $101.12.

Owens Corning (NYSE:OCGet Rating) last released its quarterly earnings results on Wednesday, July 27th. The construction company reported $3.83 EPS for the quarter, beating analysts’ consensus estimates of $3.31 by $0.52. Owens Corning had a return on equity of 26.22% and a net margin of 12.20%. The business had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.58 billion. During the same quarter in the prior year, the company posted $2.60 EPS. Owens Corning’s quarterly revenue was up 16.2% compared to the same quarter last year. Analysts predict that Owens Corning will post 12.49 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 3rd. Stockholders of record on Monday, October 17th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.82%. The ex-dividend date is Friday, October 14th. Owens Corning’s dividend payout ratio is currently 12.44%.

Analysts Set New Price Targets

Several brokerages have issued reports on OC. StockNews.com raised Owens Corning from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, September 13th. Wells Fargo & Company boosted their target price on Owens Corning from $83.00 to $89.00 and gave the company an “equal weight” rating in a research note on Thursday, July 28th. JPMorgan Chase & Co. lowered their target price on Owens Corning from $102.00 to $86.00 in a research note on Friday, July 15th. The Goldman Sachs Group lowered their target price on Owens Corning from $90.00 to $77.00 and set a “sell” rating for the company in a research note on Thursday, June 23rd. Finally, UBS Group lowered their target price on Owens Corning from $137.00 to $128.00 and set a “buy” rating for the company in a research note on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $102.92.

Insider Transactions at Owens Corning

In other news, CEO Brian Chambers sold 7,600 shares of the stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $80.80, for a total value of $614,080.00. Following the completion of the transaction, the chief executive officer now owns 183,384 shares of the company’s stock, valued at approximately $14,817,427.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Brian Chambers sold 7,600 shares of the stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $80.80, for a total value of $614,080.00. Following the completion of the transaction, the chief executive officer now owns 183,384 shares of the company’s stock, valued at approximately $14,817,427.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gunner Smith sold 2,700 shares of the stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $83.12, for a total value of $224,424.00. Following the completion of the transaction, the insider now directly owns 24,460 shares of the company’s stock, valued at approximately $2,033,115.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,641 shares of company stock valued at $1,050,536. Corporate insiders own 0.44% of the company’s stock.

Owens Corning Company Profile

(Get Rating)

Owens Corning manufactures and markets insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.

See Also

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Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

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