Owens Corning Inc $OC Position Trimmed by Skylands Capital LLC

Skylands Capital LLC decreased its position in Owens Corning Inc (NYSE:OC) by 6.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 106,915 shares of the construction company’s stock after selling 7,525 shares during the quarter. Owens Corning accounts for 1.6% of Skylands Capital LLC’s portfolio, making the stock its 17th biggest holding. Skylands Capital LLC owned approximately 0.14% of Owens Corning worth $12,481,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Owens Corning in the second quarter valued at $1,401,161,000. Dimensional Fund Advisors LP raised its stake in Owens Corning by 7.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock valued at $299,167,000 after purchasing an additional 188,211 shares in the last quarter. First Trust Advisors LP raised its stake in Owens Corning by 22.7% during the first quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock valued at $235,835,000 after purchasing an additional 403,803 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Owens Corning by 721.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock valued at $125,513,000 after purchasing an additional 1,027,800 shares during the last quarter. Finally, Nykredit A S purchased a new stake in shares of Owens Corning during the 2nd quarter valued at about $166,083,000. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Up 0.3%

NYSE OC opened at $112.15 on Thursday. The company has a fifty day moving average of $128.93 and a two-hundred day moving average of $129.43. The firm has a market capitalization of $8.87 billion, a price-to-earnings ratio of -13.91, a PEG ratio of 2.59 and a beta of 1.32. The company has a quick ratio of 0.67, a current ratio of 1.16 and a debt-to-equity ratio of 1.10. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.84. The firm had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the company earned $4.21 EPS. On average, analysts predict that Owens Corning Inc will post 9.59 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Monday, October 19th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Monday, October 19th. This represents a $3.16 annualized dividend and a yield of 2.8%. Owens Corning’s dividend payout ratio (DPR) is presently -39.21%.

Insider Activity

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the transaction, the insider owned 21,449 shares in the company, valued at $3,090,157.43. The trade was a 4.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on OC. Wells Fargo & Company lowered their price target on shares of Owens Corning from $150.00 to $125.00 and set an “overweight” rating for the company in a report on Friday, October 16th. Royal Bank Of Canada lowered Owens Corning from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $172.00 to $127.00 in a research report on Wednesday, October 7th. Citigroup boosted their price objective on Owens Corning from $149.00 to $177.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Benchmark restated a “hold” rating on shares of Owens Corning in a research report on Wednesday, July 15th. Finally, Evercore set a $185.00 price objective on Owens Corning in a research report on Thursday, October 1st. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $141.57.

Owens Corning Company Profile

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its offerings are designed to improve energy efficiency, weather protection, durability and comfort in buildings.

The company’s primary businesses include roofing, insulation and doors. Its products include asphalt roofing shingles and components, fiberglass and mineral wool insulation, and residential and commercial door systems.