Alliancebernstein L.P. Sells 18,749 Shares of Owens Corning (NYSE:OC)

Alliancebernstein L.P. cut its holdings in shares of Owens Corning (NYSE:OC - Free Report) by 10.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 164,625 shares of the construction company's stock after selling 18,749 shares during the quarter. Alliancebernstein L.P. owned 0.19% of Owens Corning worth $28,039,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. FPC Investment Advisory Inc. acquired a new stake in Owens Corning during the fourth quarter worth about $28,000. Venturi Wealth Management LLC lifted its holdings in shares of Owens Corning by 55.8% during the 4th quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company's stock worth $30,000 after acquiring an additional 63 shares during the period. Global Trust Asset Management LLC acquired a new stake in shares of Owens Corning during the 4th quarter worth approximately $31,000. Wilmington Savings Fund Society FSB increased its stake in Owens Corning by 193.7% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company's stock valued at $32,000 after acquiring an additional 122 shares during the last quarter. Finally, Whipplewood Advisors LLC acquired a new position in Owens Corning during the fourth quarter valued at approximately $34,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on OC shares. Barclays decreased their price target on Owens Corning from $215.00 to $179.00 and set an "overweight" rating on the stock in a research note on Tuesday. Citigroup lowered their target price on Owens Corning from $212.00 to $207.00 and set a "buy" rating for the company in a research note on Monday, January 6th. Royal Bank of Canada restated an "outperform" rating and issued a $212.00 price target on shares of Owens Corning in a research note on Monday, March 17th. Loop Capital lowered their price objective on shares of Owens Corning from $215.00 to $210.00 and set a "buy" rating for the company in a research report on Friday, January 10th. Finally, Benchmark restated a "hold" rating on shares of Owens Corning in a research report on Monday, March 3rd. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Owens Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $199.42.

Remove Ads

Insider Transactions at Owens Corning

In related news, insider Monaco Nicolas Del sold 1,750 shares of the company's stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the sale, the insider now owns 11,635 shares in the company, valued at $2,140,490.95. This represents a 13.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.82% of the stock is currently owned by corporate insiders.

Owens Corning Trading Up 3.2 %

NYSE:OC traded up $4.36 during trading hours on Friday, hitting $138.84. 1,018,788 shares of the company were exchanged, compared to its average volume of 799,733. The stock has a market capitalization of $11.88 billion, a price-to-earnings ratio of 11.82, a price-to-earnings-growth ratio of 1.88 and a beta of 1.39. Owens Corning has a one year low of $123.41 and a one year high of $214.53. The company has a fifty day simple moving average of $152.71 and a 200 day simple moving average of $173.49. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC - Get Free Report) last issued its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.87 by $0.35. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.88 billion. During the same period last year, the company earned $3.21 earnings per share. The firm's revenue was up 23.3% compared to the same quarter last year. Sell-side analysts expect that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Stockholders of record on Monday, March 10th were paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend was Monday, March 10th. Owens Corning's dividend payout ratio is currently 37.70%.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.