Korea Investment CORP Sells 61,643 Shares of Owens Corning (NYSE:OC)

Korea Investment CORP decreased its position in shares of Owens Corning (NYSE:OC - Free Report) by 33.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 120,944 shares of the construction company's stock after selling 61,643 shares during the quarter. Korea Investment CORP owned approximately 0.14% of Owens Corning worth $20,599,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Private Trust Co. NA grew its holdings in shares of Owens Corning by 44.8% during the third quarter. Private Trust Co. NA now owns 566 shares of the construction company's stock worth $100,000 after purchasing an additional 175 shares in the last quarter. Brooklyn Investment Group purchased a new stake in Owens Corning in the third quarter worth approximately $38,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Owens Corning by 3.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 727,275 shares of the construction company's stock valued at $128,379,000 after acquiring an additional 24,522 shares during the last quarter. Financial Counselors Inc. purchased a new position in shares of Owens Corning during the third quarter worth approximately $247,000. Finally, Captrust Financial Advisors boosted its stake in shares of Owens Corning by 20.9% in the 3rd quarter. Captrust Financial Advisors now owns 15,113 shares of the construction company's stock valued at $2,668,000 after purchasing an additional 2,613 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OC has been the subject of several recent research reports. UBS Group lowered their price objective on Owens Corning from $245.00 to $235.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. Loop Capital cut their target price 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. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Owens Corning in a research note on Tuesday. They issued a "buy" rating and a $183.00 price target for the company. Barclays reduced their target price on Owens Corning from $245.00 to $215.00 and set an "overweight" rating on the stock in a report on Wednesday, February 26th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $212.00 target price on shares of Owens Corning in a research note on Monday, March 17th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Owens Corning currently has an average rating of "Moderate Buy" and an average price target of $202.42.

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Insiders Place Their Bets

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 value of $321,947.50. Following the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.82% of the stock is currently owned by insiders.

Owens Corning Stock Performance

OC stock traded down $12.43 on Thursday, hitting $134.76. The company had a trading volume of 196,930 shares, compared to its average volume of 778,647. The stock has a market cap of $11.53 billion, a price-to-earnings ratio of 11.47, a P/E/G ratio of 1.88 and a beta of 1.52. Owens Corning has a 12-month low of $134.18 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's 50-day simple moving average is $162.15 and its 200 day simple moving average is $175.91.

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, topping analysts' consensus estimates 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 analyst estimates of $2.88 billion. During the same period in the prior year, the business posted $3.21 earnings per share. The company's revenue was up 23.3% on a year-over-year basis. As a group, equities research 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 will be paid on Thursday, April 10th. Investors of record on Monday, March 10th will be given a $0.69 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.76 annualized dividend and a yield of 2.05%. 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.