Pinebridge Investments L.P. Decreases Stake in Owens Corning (OC)
Pinebridge Investments L.P. cut its holdings in Owens Corning (NYSE:OC) by 10.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 7,023 shares of the construction company’s stock after selling 814 shares during the period. Pinebridge Investments L.P.’s holdings in Owens Corning were worth $543,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Investec Asset Management LTD bought a new stake in Owens Corning in the 3rd quarter valued at about $75,591,000. Boston Partners bought a new stake in Owens Corning in the 2nd quarter valued at about $26,195,000. FMR LLC lifted its position in Owens Corning by 118.4% in the 2nd quarter. FMR LLC now owns 572,911 shares of the construction company’s stock valued at $38,339,000 after purchasing an additional 310,559 shares during the last quarter. Principal Financial Group Inc. lifted its position in Owens Corning by 213.0% in the 3rd quarter. Principal Financial Group Inc. now owns 436,865 shares of the construction company’s stock valued at $33,792,000 after purchasing an additional 297,311 shares during the last quarter. Finally, LSV Asset Management lifted its position in Owens Corning by 21.2% in the 2nd quarter. LSV Asset Management now owns 1,680,100 shares of the construction company’s stock valued at $112,432,000 after purchasing an additional 294,400 shares during the last quarter. 94.55% of the stock is owned by institutional investors and hedge funds.
A number of analysts have commented on the stock. Zacks Investment Research downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Wednesday, December 6th. Citigroup restated a “sell” rating and set a $69.00 price target (up from $49.00) on shares of Owens Corning in a research report on Tuesday, October 3rd. BidaskClub upgraded shares of Owens Corning from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Argus assumed coverage on shares of Owens Corning in a research report on Wednesday, December 6th. They set a “buy” rating and a $109.00 price target on the stock. Finally, Credit Suisse Group set a $90.00 price target on shares of Owens Corning and gave the stock an “outperform” rating in a research report on Tuesday, October 17th. Nine research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $81.10.
Shares of Owens Corning (NYSE OC) traded down $0.24 on Monday, hitting $88.35. 167,755 shares of the stock traded hands, compared to its average volume of 1,058,779. The firm has a market cap of $9,854.84, a PE ratio of 22.04, a P/E/G ratio of 1.33 and a beta of 1.09. 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 $50.77 and a 12 month high of $91.40.
Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, October 25th. The construction company reported $1.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.26 by ($0.01). The business had revenue of $1.70 billion during 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 for the quarter was up 12.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.09 EPS. equities research analysts forecast that Owens Corning will post 4.33 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 17th. Stockholders of record on Tuesday, January 2nd will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, December 29th. This represents a $0.84 annualized dividend and a dividend yield of 0.95%. This is a boost from Owens Corning’s previous quarterly dividend of $0.20. Owens Corning’s payout ratio is currently 23.88%.
In other news, VP Ava Harter sold 487 shares of Owens Corning stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $81.96, for a total value of $39,914.52. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael C. Mcmurray sold 18,000 shares of Owens Corning stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $90.78, for a total transaction of $1,634,040.00. Following the completion of the transaction, the chief financial officer now directly owns 52,228 shares in the company, valued at $4,741,257.84. The disclosure for this sale can be found here. Insiders sold a total of 260,633 shares of company stock worth $20,992,687 in the last ninety days. Corporate insiders own 1.80% of the company’s stock.
Owens Corning Profile
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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