Strategic Global Advisors LLC Lowers Stock Position in Owens Corning (NYSE:OC)

Strategic Global Advisors LLC reduced its holdings in shares of Owens Corning (NYSE:OC) by 8.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,098 shares of the construction company’s stock after selling 3,625 shares during the period. Strategic Global Advisors LLC’s holdings in Owens Corning were worth $3,937,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sigma Planning Corp raised its stake in Owens Corning by 4.3% during the 1st quarter. Sigma Planning Corp now owns 3,543 shares of the construction company’s stock valued at $339,000 after buying an additional 145 shares during the last quarter. Banque Pictet & Cie SA increased its position in Owens Corning by 99.1% during the first quarter. Banque Pictet & Cie SA now owns 13,595 shares of the construction company’s stock valued at $1,302,000 after acquiring an additional 6,768 shares during the last quarter. Prime Capital Investment Advisors LLC bought a new position in Owens Corning in the first quarter valued at about $232,000. Clearstead Advisors LLC boosted its position in Owens Corning by 13.0% in the first quarter. Clearstead Advisors LLC now owns 3,485 shares of the construction company’s stock worth $334,000 after purchasing an additional 400 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Owens Corning during the 1st quarter valued at about $265,000. 90.22% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on OC shares. Benchmark downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Thursday, July 20th. Argus boosted their price objective on shares of Owens Corning from $120.00 to $155.00 and gave the company a “buy” rating in a research report on Tuesday, August 1st. Barclays raised their target price on Owens Corning from $161.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday, July 27th. JPMorgan Chase & Co. upgraded Owens Corning from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $95.00 to $133.00 in a research report on Friday, July 28th. Finally, The Goldman Sachs Group raised Owens Corning from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $113.00 to $150.00 in a research report on Thursday, September 7th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $141.57.

Owens Corning Price Performance

Shares of Owens Corning stock traded down $2.66 on Tuesday, hitting $140.98. The company’s stock had a trading volume of 346,404 shares, compared to its average volume of 845,089. The company has a market capitalization of $12.66 billion, a price-to-earnings ratio of 10.18, a price-to-earnings-growth ratio of 1.34 and a beta of 1.49. Owens Corning has a 1 year low of $74.22 and a 1 year high of $147.00. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.37 and a current ratio of 2.07. The firm has a fifty day moving average price of $137.78 and a 200-day moving average price of $116.91.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, July 26th. The construction company reported $4.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.25 by $0.97. Owens Corning had a return on equity of 25.59% and a net margin of 13.62%. The firm had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the firm posted $3.83 EPS. The business’s revenue was down 1.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Owens Corning will post 13.59 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 4th. Stockholders of record on Monday, July 17th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date of this dividend was Friday, July 14th. Owens Corning’s payout ratio is 14.74%.

Insider Transactions at Owens Corning

In related news, insider Todd W. Fister sold 5,375 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $136.23, for a total transaction of $732,236.25. Following the sale, the insider now directly owns 26,067 shares of the company’s stock, valued at approximately $3,551,107.41. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director W Howard Morris sold 1,033 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $141.63, for a total value of $146,303.79. Following the completion of the sale, the director now owns 40,889 shares in the company, valued at $5,791,109.07. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Todd W. Fister sold 5,375 shares of Owens Corning stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $136.23, for a total transaction of $732,236.25. Following the sale, the insider now owns 26,067 shares of the company’s stock, valued at $3,551,107.41. The disclosure for this sale can be found here. Insiders own 0.89% of the company’s stock.

Owens Corning Company Profile

Owens Corning engages in manufacture and sale of insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, Latin America, 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.