Van ECK Associates Corp Lowers Holdings in Owens Corning Inc $OC

Van ECK Associates Corp trimmed its stake in Owens Corning Inc (NYSE:OC) by 78.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,835 shares of the construction company’s stock after selling 62,182 shares during the quarter. Van ECK Associates Corp’s holdings in Owens Corning were worth $2,676,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. HM Payson & Co. increased its holdings in shares of Owens Corning by 203.6% during the second quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock valued at $27,000 after acquiring an additional 112 shares in the last quarter. Fiduciary Financial Advisors bought a new position in Owens Corning in the 2nd quarter worth about $35,000. Itau Unibanco Holding S.A. purchased a new stake in Owens Corning during the 4th quarter valued at about $29,000. Cassaday & Co Wealth Management LLC purchased a new stake in Owens Corning during the 1st quarter valued at about $30,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in Owens Corning during the 3rd quarter valued at about $42,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 900 shares of the stock in a transaction 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 transaction, the insider directly owned 21,449 shares of the company’s stock, valued at $3,090,157.43. This represents a 4.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by insiders.

Owens Corning Stock Performance

Shares of OC stock opened at $134.53 on Friday. The company has a 50 day moving average price of $145.60 and a 200-day moving average price of $127.75. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $159.91. The firm has a market capitalization of $10.63 billion, a PE ratio of -16.69, a P/E/G ratio of 2.02 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 (NYSE:OC) last issued its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter in the prior year, the firm earned $4.21 earnings per share. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, equities research analysts expect that Owens Corning Inc will post 9.9 earnings per share for the current year.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were paid a dividend of $0.79 per share. The ex-dividend date was Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a yield of 2.3%. Owens Corning’s payout ratio is currently -39.21%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, June 24th. Benchmark reissued a “hold” rating on shares of Owens Corning in a research report on Wednesday, July 15th. JPMorgan Chase & Co. boosted their price objective on shares of Owens Corning from $115.00 to $121.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. Barclays upped their price objective on Owens Corning from $170.00 to $177.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Finally, Wells Fargo & Company lifted their target price on Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $165.31.

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.