Great Lakes Advisors LLC Cuts Stake in Owens Corning (NYSE:OC)

Great Lakes Advisors LLC reduced its position in Owens Corning (NYSE:OC - Free Report) by 1.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 247,933 shares of the construction company's stock after selling 2,400 shares during the quarter. Great Lakes Advisors LLC owned about 0.29% of Owens Corning worth $42,228,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Stratos Wealth Partners LTD. grew its holdings in Owens Corning by 4.3% in the fourth quarter. Stratos Wealth Partners LTD. now owns 1,297 shares of the construction company's stock worth $221,000 after purchasing an additional 53 shares during the last quarter. Greenleaf Trust grew its holdings in Owens Corning by 1.5% in the fourth quarter. Greenleaf Trust now owns 3,895 shares of the construction company's stock worth $663,000 after purchasing an additional 56 shares during the last quarter. Retirement Guys Formula LLC grew its holdings in shares of Owens Corning by 3.1% during the fourth quarter. Retirement Guys Formula LLC now owns 1,999 shares of the construction company's stock valued at $341,000 after buying an additional 60 shares during the last quarter. IFP Advisors Inc grew its holdings in shares of Owens Corning by 35.6% during the fourth quarter. IFP Advisors Inc now owns 236 shares of the construction company's stock valued at $40,000 after buying an additional 62 shares during the last quarter. Finally, Venturi Wealth Management LLC grew its holdings in shares of Owens Corning by 55.8% during the fourth 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. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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 shares were sold at an average price of $183.97, for a total value of $321,947.50. Following the transaction, the insider now directly owns 11,635 shares in the company, valued at approximately $2,140,490.95. This represents a 13.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Gunner Smith sold 17,450 shares of the company's stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the completion of the transaction, the insider now owns 18,866 shares in the company, valued at approximately $3,606,990.54. This represents a 48.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on OC shares. Royal Bank of Canada dropped their price objective on shares of Owens Corning from $224.00 to $212.00 and set an "outperform" rating on the stock in a report on Tuesday, February 25th. StockNews.com lowered shares of Owens Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Benchmark reissued a "hold" rating on shares of Owens Corning in a report on Monday, March 3rd. UBS Group dropped their price objective on shares of Owens Corning from $245.00 to $235.00 and set a "buy" rating on the stock in a report on Tuesday, February 25th. Finally, Barclays decreased their target price on shares of Owens Corning from $245.00 to $215.00 and set an "overweight" rating for the company in a research report on Wednesday, February 26th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, Owens Corning currently has a consensus rating of "Moderate Buy" and an average target price of $204.18.

Remove Ads

Owens Corning Stock Down 0.1 %

Shares of NYSE OC opened at $139.62 on Wednesday. The company has a 50-day moving average of $171.71 and a 200 day moving average of $177.99. Owens Corning has a 12-month low of $137.50 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 stock has a market cap of $11.94 billion, a PE ratio of 11.88, a P/E/G ratio of 1.88 and a beta of 1.52.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, beating the consensus estimate of $2.87 by $0.35. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $2.84 billion during the quarter, compared to analysts' expectations of $2.88 billion. During the same quarter in the prior year, the company posted $3.21 EPS. The business's revenue for the quarter was up 23.3% on a year-over-year basis. As a group, sell-side analysts predict that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be paid a $0.69 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.76 annualized dividend and a dividend yield of 1.98%. Owens Corning's dividend payout ratio (DPR) is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.