Geode Capital Management LLC Lowers Holdings in Owens Corning (NYSE:OC)

Geode Capital Management LLC lessened its stake in shares of Owens Corning (NYSE:OC - Free Report) by 0.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,562,873 shares of the construction company's stock after selling 3,534 shares during the quarter. Geode Capital Management LLC owned 1.82% of Owens Corning worth $265,733,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Norges Bank purchased a new position in Owens Corning during the 4th quarter valued at about $208,519,000. JPMorgan Chase & Co. lifted its position in shares of Owens Corning by 113.9% during the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company's stock worth $140,818,000 after purchasing an additional 424,786 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Owens Corning in the fourth quarter valued at approximately $51,220,000. Nordea Investment Management AB grew its holdings in shares of Owens Corning by 12.5% in the fourth quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company's stock valued at $366,166,000 after purchasing an additional 238,694 shares in the last quarter. Finally, LGT Group Foundation acquired a new stake in Owens Corning during the 4th quarter worth approximately $39,054,000. Hedge funds and other institutional investors own 88.40% of the company's stock.

Insider Activity

In related news, insider Monaco Nicolas Del sold 1,750 shares of the firm'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 transaction, the insider now owns 11,635 shares of the company's stock, valued at $2,140,490.95. This trade represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.82% of the company's stock.

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Wall Street Analysts Forecast Growth

OC has been the subject of several research reports. Wells Fargo & Company dropped their price target on shares of Owens Corning from $225.00 to $200.00 and set an "overweight" rating for the company in a research note on Tuesday, February 25th. StockNews.com downgraded Owens Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Barclays decreased their price objective on Owens Corning from $215.00 to $179.00 and set an "overweight" rating for the company in a research note on Tuesday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Owens Corning in a research note on Tuesday, April 1st. They set a "buy" rating and a $183.00 target price on the stock. Finally, JPMorgan Chase & Co. decreased their price target on shares of Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Five 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 stock presently has a consensus rating of "Moderate Buy" and an average target price of $199.42.

Owens Corning Stock Down 6.6 %

Shares of NYSE OC traded down $9.32 during mid-day trading on Thursday, reaching $132.00. The company had a trading volume of 211,047 shares, compared to its average volume of 792,936. The firm has a 50 day simple moving average of $154.47 and a two-hundred day simple moving average of $173.98. Owens Corning has a 52-week low of $123.41 and a 52-week 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 stock has a market cap of $11.29 billion, a P/E ratio of 11.25, a PEG ratio of 1.88 and a beta of 1.39.

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 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 for the quarter, compared to analyst estimates of $2.88 billion. During the same quarter last year, the company posted $3.21 earnings per share. The business's quarterly revenue was up 23.3% compared to the same quarter last year. Sell-side analysts predict that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 10th will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend is 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.