Bowling Portfolio Management LLC Lowers Holdings in Owens Corning (OC)
Bowling Portfolio Management LLC reduced its holdings in shares of Owens Corning (NYSE:OC) by 16.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 42,426 shares of the construction company’s stock after selling 8,080 shares during the period. Bowling Portfolio Management LLC’s holdings in Owens Corning were worth $3,901,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the business. Foster & Motley Inc. purchased a new position in Owens Corning during the 4th quarter worth $1,037,000. Personal Capital Advisors Corp lifted its stake in shares of Owens Corning by 5.0% in the 4th quarter. Personal Capital Advisors Corp now owns 153,694 shares of the construction company’s stock worth $14,131,000 after acquiring an additional 7,375 shares during the period. State of Alaska Department of Revenue acquired a new stake in shares of Owens Corning in the 4th quarter worth $634,000. BKD Wealth Advisors LLC lifted its stake in shares of Owens Corning by 17.3% in the 4th quarter. BKD Wealth Advisors LLC now owns 5,674 shares of the construction company’s stock worth $522,000 after acquiring an additional 836 shares during the period. Finally, Westpac Banking Corp acquired a new stake in shares of Owens Corning in the 4th quarter worth $648,000. 94.58% of the stock is currently owned by institutional investors.
Several analysts have recently commented on OC shares. Royal Bank of Canada restated a “buy” rating on shares of Owens Corning in a research note on Tuesday, October 3rd. Citigroup restated a “sell” rating and issued a $69.00 target price (up previously from $49.00) on shares of Owens Corning in a research note on Tuesday, October 3rd. Jefferies Group restated a “buy” rating and issued a $82.00 target price on shares of Owens Corning in a research note on Friday, October 6th. Evercore ISI restated an “outperform” rating and issued a $80.00 target price (down previously from $88.00) on shares of Owens Corning in a research note on Wednesday, October 11th. Finally, Credit Suisse Group set a $90.00 target price on shares of Owens Corning and gave the stock an “outperform” rating in a research note on Tuesday, October 17th. Nine investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $85.45.
Shares of Owens Corning (OC) traded up $0.41 during midday trading on Monday, hitting $96.03. 518,300 shares of the company traded hands, compared to its average volume of 764,362. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.99. Owens Corning has a 12-month low of $53.04 and a 12-month high of $96.40. The firm has a market capitalization of $10,670.00, a PE ratio of 28.67, a price-to-earnings-growth ratio of 1.17 and a beta of 1.09.
Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.01). The business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.63 billion. Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. The business’s revenue was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.09 EPS. research analysts forecast that Owens Corning will post 4.34 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 17th. Shareholders of record on Tuesday, January 2nd were given a dividend of $0.21 per share. The ex-dividend date was Friday, December 29th. This represents a $0.84 dividend on an annualized basis and a yield of 0.87%. This is a boost from Owens Corning’s previous quarterly dividend of $0.20. Owens Corning’s payout ratio is presently 25.07%.
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About Owens Corning
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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