Mn Services Vermogensbeheer B.V. Sells 3,300 Shares of Owens Corning (NYSE:OC)
Mn Services Vermogensbeheer B.V. lessened its stake in shares of Owens Corning (NYSE:OC – Get Rating) by 5.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 54,990 shares of the construction company’s stock after selling 3,300 shares during the quarter. Mn Services Vermogensbeheer B.V. owned approximately 0.06% of Owens Corning worth $4,323,000 as of its most recent SEC filing.
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Several other institutional investors also recently modified their holdings of OC. AQR Capital Management LLC raised its holdings in Owens Corning by 26.4% in the 2nd quarter. AQR Capital Management LLC now owns 1,931,471 shares of the construction company’s stock valued at $142,272,000 after buying an additional 403,154 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Owens Corning by 135.1% in the first quarter. Bank of America Corp DE now owns 1,692,633 shares of the construction company’s stock worth $154,876,000 after purchasing an additional 972,789 shares during the last quarter. Deutsche Bank AG increased its holdings in Owens Corning by 22.3% in the second quarter. Deutsche Bank AG now owns 1,358,924 shares of the construction company’s stock valued at $100,983,000 after purchasing an additional 247,486 shares during the period. Northern Trust Corp raised its position in Owens Corning by 6.9% during the 2nd quarter. Northern Trust Corp now owns 1,137,022 shares of the construction company’s stock worth $84,492,000 after purchasing an additional 73,107 shares during the last quarter. Finally, Amundi lifted its holdings in Owens Corning by 20.8% during the 2nd quarter. Amundi now owns 900,198 shares of the construction company’s stock worth $69,133,000 after buying an additional 154,777 shares during the period. 94.59% of the stock is currently owned by institutional investors and hedge funds.
Owens Corning Stock Performance
Shares of OC stock opened at $91.63 on Tuesday. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.64. The firm has a fifty day simple moving average of $89.75 and a two-hundred day simple moving average of $86.08. Owens Corning has a 12 month low of $72.97 and a 12 month high of $101.12. The firm has a market capitalization of $8.56 billion, a PE ratio of 6.74, a price-to-earnings-growth ratio of 0.80 and a beta of 1.41.
Owens Corning (NYSE:OC – Get Rating) last posted its earnings results on Wednesday, October 26th. The construction company reported $3.57 EPS for the quarter, topping the consensus estimate of $3.17 by $0.40. The company had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.55 billion. Owens Corning had a net margin of 13.99% and a return on equity of 27.52%. The firm’s revenue for the quarter was up 14.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.52 earnings per share. Analysts forecast that Owens Corning will post 12.67 EPS for the current fiscal year.
Owens Corning Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, January 19th. Stockholders of record on Wednesday, January 4th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Tuesday, January 3rd. This is a positive change from Owens Corning’s previous quarterly dividend of $0.35. Owens Corning’s dividend payout ratio (DPR) is currently 15.31%.
Analyst Ratings Changes
A number of brokerages have recently issued reports on OC. Barclays lowered their price objective on Owens Corning from $91.00 to $86.00 in a research report on Wednesday, December 14th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Owens Corning from $99.00 to $100.00 and gave the stock a “hold” rating in a research report on Tuesday, January 10th. Citigroup increased their price objective on shares of Owens Corning from $88.00 to $90.00 in a research report on Tuesday, January 10th. JPMorgan Chase & Co. lowered shares of Owens Corning from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $85.00 to $79.00 in a report on Tuesday, December 20th. Finally, StockNews.com downgraded Owens Corning from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 19th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $100.93.
Insider Activity at Owens Corning
In other Owens Corning news, insider Marcio A. Sandri sold 3,600 shares of Owens Corning stock in a transaction on Monday, November 28th. The shares were sold at an average price of $90.06, for a total transaction of $324,216.00. Following the transaction, the insider now directly owns 46,428 shares of the company’s stock, valued at approximately $4,181,305.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Kelly Schmidt sold 2,181 shares of Owens Corning stock in a transaction on Friday, December 9th. The stock was sold at an average price of $93.74, for a total transaction of $204,446.94. Following the sale, the vice president now directly owns 13,018 shares in the company, valued at approximately $1,220,307.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marcio A. Sandri sold 3,600 shares of the stock in a transaction dated Monday, November 28th. The shares were sold at an average price of $90.06, for a total transaction of $324,216.00. Following the transaction, the insider now owns 46,428 shares of the company’s stock, valued at approximately $4,181,305.68. The disclosure for this sale can be found here. 0.44% of the stock is owned by insiders.
About Owens Corning
Owens Corning manufactures and markets insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.
Further Reading
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