FIL Ltd Cuts Stock Position in Owens Corning (NYSE:OC)

FIL Ltd lessened its holdings in Owens Corning (NYSE:OC - Free Report) by 55.6% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,572 shares of the construction company's stock after selling 18,262 shares during the period. FIL Ltd's holdings in Owens Corning were worth $2,482,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Rathbones Group PLC raised its stake in shares of Owens Corning by 34.3% during the fourth quarter. Rathbones Group PLC now owns 36,474 shares of the construction company's stock worth $6,212,000 after acquiring an additional 9,324 shares in the last quarter. Bank of Montreal Can grew its stake in shares of Owens Corning by 8.7% during the fourth quarter. Bank of Montreal Can now owns 17,143 shares of the construction company's stock valued at $2,920,000 after buying an additional 1,365 shares during the last quarter. Polymer Capital Management US LLC bought a new stake in shares of Owens Corning in the 4th quarter valued at about $222,000. Aster Capital Management DIFC Ltd grew its position in Owens Corning by 2,436.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 2,942 shares of the construction company's stock worth $501,000 after acquiring an additional 2,826 shares during the last quarter. Finally, Ilmarinen Mutual Pension Insurance Co purchased a new position in Owens Corning in the 4th quarter worth approximately $2,299,000. Institutional investors own 88.40% of the company's stock.

Owens Corning Price Performance

Shares of OC traded down $2.13 during midday trading on Tuesday, hitting $138.10. 592,787 shares of the company traded hands, compared to its average volume of 800,531. The firm has a 50 day moving average of $150.96 and a 200-day moving average of $173.00. Owens Corning has a 52 week low of $123.41 and a 52 week high of $214.53. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The stock has a market cap of $11.81 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 1.88 and a beta of 1.39.

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

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Monday, March 10th were issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date was Monday, March 10th. Owens Corning's payout ratio is currently 37.70%.

Insider Buying and Selling at Owens Corning

In related news, insider Monaco Nicolas Del sold 1,750 shares of the business'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 value of $321,947.50. Following the completion of the sale, the insider now owns 11,635 shares in the company, valued at approximately $2,140,490.95. The trade was a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.82% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Royal Bank of Canada lowered their price target on shares of Owens Corning from $212.00 to $199.00 and set an "outperform" rating for the company in a report on Monday. Citigroup reduced their price objective on shares of Owens Corning from $212.00 to $207.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. Barclays cut their target price on shares of Owens Corning from $215.00 to $179.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. StockNews.com downgraded Owens Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. decreased their price objective on Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $194.58.

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.