Owens Corning (OC) Stake Decreased by Janney Montgomery Scott LLC
Janney Montgomery Scott LLC trimmed its stake in shares of Owens Corning (NYSE:OC) by 17.3% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 9,997 shares of the construction company’s stock after selling 2,091 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Owens Corning were worth $773,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in OC. Grove Bank & Trust increased its holdings in Owens Corning by 213.5% in the 3rd quarter. Grove Bank & Trust now owns 1,630 shares of the construction company’s stock worth $126,000 after purchasing an additional 1,110 shares in the last quarter. Penserra Capital Management LLC increased its holdings in Owens Corning by 11.1% in the 2nd quarter. Penserra Capital Management LLC now owns 2,964 shares of the construction company’s stock worth $198,000 after purchasing an additional 296 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new position in Owens Corning in the 3rd quarter worth about $202,000. Worth Venture Partners LLC acquired a new position in Owens Corning in the 3rd quarter worth about $213,000. Finally, Advisors Asset Management Inc. increased its stake in shares of Owens Corning by 214.4% in the third quarter. Advisors Asset Management Inc. now owns 2,764 shares of the construction company’s stock valued at $214,000 after buying an additional 1,885 shares during the period. Hedge funds and other institutional investors own 94.50% of the company’s stock.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research cut Owens Corning from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. Argus assumed coverage on Owens Corning in a research note on Wednesday, December 6th. They issued a “buy” rating and a $109.00 price target for the company. Royal Bank of Canada raised Owens Corning from an “outperform” rating to a “top pick” rating in a research note on Monday, December 4th. SunTrust Banks increased their price target on Owens Corning to $85.00 and gave the company a “hold” rating in a research note on Tuesday, November 21st. Finally, Bank of America increased their price target on Owens Corning from $84.00 to $97.00 and gave the company a “buy” rating in a research note on Friday, November 17th. Nine investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $81.10.
Owens Corning (NYSE OC) opened at $91.20 on Friday. Owens Corning has a fifty-two week low of $50.77 and a fifty-two week high of $91.88. The company has a quick ratio of 0.99, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $10,090.00, a P/E ratio of 27.22, a PEG ratio of 1.38 and a beta of 1.09.
Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, October 25th. The construction company reported $1.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.26 by ($0.01). Owens Corning had a net margin of 6.15% and a return on equity of 11.40%. The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the business earned $1.09 EPS. The firm’s revenue for the quarter was up 12.2% compared to the same quarter last year. sell-side analysts forecast that Owens Corning will post 4.33 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd will be issued a dividend of $0.21 per share. This is a positive change from Owens Corning’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date is Friday, December 29th. Owens Corning’s dividend payout ratio (DPR) is 23.88%.
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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