Distillate Capital Partners LLC Lowers Position in Owens Corning (NYSE:OC)

Distillate Capital Partners LLC lowered its holdings in shares of Owens Corning (NYSE:OC - Free Report) by 53.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 98,598 shares of the construction company's stock after selling 115,054 shares during the period. Distillate Capital Partners LLC owned 0.11% of Owens Corning worth $16,793,000 as of its most recent filing with the SEC.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on OC. Deutsche Bank Aktiengesellschaft began coverage on Owens Corning in a research note on Tuesday, April 1st. They set a "buy" rating and a $183.00 price objective on the stock. Loop Capital dropped their price target on shares of Owens Corning from $215.00 to $210.00 and set a "buy" rating on the stock in a research note on Friday, January 10th. Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a report on Monday, March 3rd. Royal Bank of Canada cut their price objective on Owens Corning from $212.00 to $199.00 and set an "outperform" rating for the company in a report on Monday. Finally, Citigroup lowered their target price on Owens Corning from $212.00 to $207.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $194.58.

Remove Ads

Owens Corning Price Performance

OC traded up $0.36 during trading hours on Tuesday, hitting $140.59. The company's stock had a trading volume of 26,768 shares, compared to its average volume of 797,261. Owens Corning has a 12 month low of $123.41 and a 12 month high of $214.53. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. The business's 50-day moving average price is $151.87 and its 200-day moving average price is $173.24. The stock has a market cap of $12.03 billion, a price-to-earnings ratio of 11.96, a P/E/G ratio of 1.88 and a beta of 1.39.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $2.88 billion. During the same quarter last year, the business posted $3.21 earnings per share. The firm's revenue was up 23.3% on a year-over-year basis. Sell-side analysts expect that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Monday, March 10th were given a $0.69 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $2.76 dividend on an annualized basis and a yield of 1.96%. Owens Corning's dividend payout ratio is presently 37.70%.

Insiders Place Their Bets

In other news, insider Monaco Nicolas Del sold 1,750 shares of the company's stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the transaction, the insider now owns 11,635 shares of the company's stock, valued at approximately $2,140,490.95. This represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.82% of the stock is owned by insiders.

Owens Corning Company Profile

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.