Legal & General Group Plc Lowers Stake in Owens Corning (NYSE:OC)

Legal & General Group Plc cut its holdings in Owens Corning (NYSE:OC - Free Report) by 30.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 331,551 shares of the construction company's stock after selling 145,716 shares during the period. Legal & General Group Plc owned approximately 0.39% of Owens Corning worth $56,470,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. FPC Investment Advisory Inc. bought a new position in Owens Corning in the 4th quarter valued at about $28,000. Venturi Wealth Management LLC increased its stake in Owens Corning by 55.8% in the fourth quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company's stock valued at $30,000 after acquiring an additional 63 shares during the last quarter. Global Trust Asset Management LLC acquired a new position in shares of Owens Corning during the 4th quarter worth $31,000. Wilmington Savings Fund Society FSB lifted its holdings in shares of Owens Corning by 193.7% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company's stock worth $32,000 after acquiring an additional 122 shares during the last quarter. Finally, Whipplewood Advisors LLC acquired a new stake in shares of Owens Corning in the 4th quarter valued at approximately $34,000. 88.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OC. Deutsche Bank Aktiengesellschaft assumed coverage on Owens Corning in a report on Tuesday, April 1st. They issued a "buy" rating and a $183.00 target price for the company. Benchmark restated a "hold" rating on shares of Owens Corning in a report on Monday, March 3rd. Royal Bank of Canada lowered their target price on Owens Corning from $212.00 to $199.00 and set an "outperform" rating for the company in a report on Monday. 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, StockNews.com cut Owens Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Owens Corning presently has an average rating of "Moderate Buy" and a consensus target price of $194.58.

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Owens Corning Stock Performance

Shares of NYSE:OC traded down $2.13 during midday trading on Tuesday, reaching $138.10. The company had a trading volume of 592,787 shares, compared to its average volume of 799,465. The stock has a market cap of $11.81 billion, a P/E ratio of 11.75, a P/E/G ratio of 1.88 and a beta of 1.39. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. Owens Corning has a 52-week low of $123.41 and a 52-week high of $214.53. The company's 50 day moving average price is $151.87 and its 200 day moving average price is $173.24.

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

Owens Corning Dividend Announcement

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

Insider Activity at Owens Corning

In other news, insider Monaco Nicolas Del sold 1,750 shares of the company's stock in a transaction 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 owns 11,635 shares of the company's stock, valued at approximately $2,140,490.95. This represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.82% of the stock is currently owned by corporate insiders.

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.