Grantham Mayo Van Otterloo & Co. LLC Sells 23,421 Shares of Owens Corning (NYSE:OC)

Grantham Mayo Van Otterloo & Co. LLC cut its holdings in shares of Owens Corning (NYSE:OC - Free Report) by 27.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 61,090 shares of the construction company's stock after selling 23,421 shares during the period. Grantham Mayo Van Otterloo & Co. LLC owned approximately 0.07% of Owens Corning worth $10,405,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. State Street Corp increased its position in shares of Owens Corning by 4.7% during the third quarter. State Street Corp now owns 4,181,421 shares of the construction company's stock worth $738,104,000 after acquiring an additional 187,001 shares in the last quarter. Nordea Investment Management AB increased its holdings in Owens Corning by 12.5% during the 4th quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company's stock worth $366,166,000 after purchasing an additional 238,694 shares in the last quarter. Norges Bank bought a new position in Owens Corning during the 4th quarter worth about $208,519,000. JPMorgan Chase & Co. raised its stake in shares of Owens Corning by 113.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company's stock valued at $140,818,000 after purchasing an additional 424,786 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Owens Corning by 2.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 640,506 shares of the construction company's stock valued at $109,091,000 after purchasing an additional 16,958 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Remove Ads

Owens Corning Stock Performance

NYSE OC traded up $2.93 during trading on Friday, reaching $137.41. 329,246 shares of the company's stock were exchanged, compared to its average volume of 795,575. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The business has a 50 day moving average price of $153.55 and a 200-day moving average price of $173.70. The stock has a market capitalization of $11.75 billion, a P/E ratio of 11.67, a PEG ratio of 1.88 and a beta of 1.39. Owens Corning has a fifty-two week low of $123.41 and a fifty-two week high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last issued its 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 the consensus estimate of $2.88 billion. During the same period in the previous year, the company posted $3.21 EPS. The firm's revenue for the quarter was up 23.3% compared to the same quarter last year. Sell-side analysts forecast that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Stockholders of record on Monday, March 10th were paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date was Monday, March 10th. Owens Corning's dividend payout ratio is presently 37.70%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on OC shares. Citigroup dropped 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. StockNews.com downgraded shares of Owens Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Barclays reduced their target price on shares of Owens Corning from $215.00 to $179.00 and set an "overweight" rating for the company in a report on Tuesday. JPMorgan Chase & Co. lowered their price target on shares of Owens Corning from $200.00 to $176.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Finally, Benchmark restated a "hold" rating on shares of Owens Corning in a research note on Monday, March 3rd. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $199.42.

Insider Transactions at Owens Corning

In other news, insider Monaco Nicolas Del sold 1,750 shares of the 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 in the company, valued at approximately $2,140,490.95. This trade represents 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 this link. 0.82% of the stock is currently owned by corporate 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.