Guinness Asset Management LTD Has $7.12 Million Stock Position in Owens Corning Inc $OC

Guinness Asset Management LTD cut its holdings in Owens Corning Inc (NYSE:OC) by 8.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 50,466 shares of the construction company’s stock after selling 4,637 shares during the period. Guinness Asset Management LTD owned about 0.06% of Owens Corning worth $7,119,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of OC. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Owens Corning during the 2nd quarter worth approximately $26,000. Rexford Capital Inc. bought a new stake in Owens Corning during the second quarter worth $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Owens Corning in the second quarter valued at $30,000. Vermillion & White Wealth Management Group LLC lifted its stake in Owens Corning by 149.4% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock valued at $31,000 after acquiring an additional 133 shares during the last quarter. Finally, Chilton Capital Management LLC bought a new position in shares of Owens Corning in the 2nd quarter valued at about $37,000. Institutional investors own 88.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Royal Bank Of Canada set a $143.00 target price on shares of Owens Corning in a research note on Friday, January 9th. Evercore ISI cut their price objective 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 boosted their target price on Owens Corning from $130.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday, January 14th. Argus upgraded Owens Corning to a “strong-buy” rating in a research note on Wednesday, January 14th. Finally, UBS Group reduced their price objective on shares of Owens Corning from $179.00 to $160.00 and set a “buy” rating for the company in a research report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $149.75.

Owens Corning Price Performance

Shares of Owens Corning stock opened at $132.33 on Friday. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $186.18. The company has a 50-day simple moving average of $117.83 and a two-hundred day simple moving average of $128.92. The stock has a market capitalization of $10.88 billion, a price-to-earnings ratio of -23.13, a price-to-earnings-growth ratio of 2.78 and a beta of 1.36. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.05.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.64 by $0.03. The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.71 billion. Owens Corning had a positive return on equity of 24.42% and a negative net margin of 4.46%.The firm’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the previous year, the company posted $4.38 earnings per share. Analysts forecast that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Monday, March 9th will be issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, March 9th. Owens Corning’s dividend payout ratio is -55.24%.

Owens Corning 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.