Handelsbanken Fonder AB Sells 15,334 Shares of Owens Corning Inc $OC

Handelsbanken Fonder AB lowered its position in Owens Corning Inc (NYSE:OC) by 11.9% during the 2nd quarter, HoldingsChannel reports. The firm owned 113,858 shares of the construction company’s stock after selling 15,334 shares during the period. Handelsbanken Fonder AB’s holdings in Owens Corning were worth $18,099,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Geneos Wealth Management Inc. boosted its position in shares of Owens Corning by 61.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock valued at $69,000 after acquiring an additional 184 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in Owens Corning in the second quarter valued at approximately $277,000. EverSource Wealth Advisors LLC lifted its position in Owens Corning by 1,433.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company’s stock valued at $175,000 after purchasing an additional 1,190 shares during the last quarter. Cerity Partners LLC grew its stake in Owens Corning by 294.3% in the 2nd quarter. Cerity Partners LLC now owns 17,372 shares of the construction company’s stock worth $2,389,000 after buying an additional 12,966 shares in the last quarter. Finally, Bank of Nova Scotia grew its stake in Owens Corning by 12.2% in the 2nd quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company’s stock worth $421,000 after buying an additional 333 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Bank of America dropped their price target on Owens Corning from $140.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Wall Street Zen upgraded Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. JPMorgan Chase & Co. raised their price objective on Owens Corning from $115.00 to $121.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Finally, Royal Bank Of Canada boosted their target price on Owens Corning from $148.00 to $172.00 and gave the stock an “outperform” rating in a research report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $163.25.

Owens Corning Trading Down 2.2%

NYSE OC opened at $155.44 on Thursday. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.91. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The stock has a 50-day moving average of $138.83 and a 200-day moving average of $125.84. The firm has a market cap of $12.29 billion, a PE ratio of -19.29, a price-to-earnings-growth ratio of 2.76 and a beta of 1.32.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same period last year, the company earned $4.21 EPS. Owens Corning’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, sell-side analysts forecast that Owens Corning Inc will post 9.65 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) is -39.21%.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the transaction, the insider owned 15,848 shares in the company, valued at approximately $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by company insiders.

Owens Corning Company 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.