Wedge Capital Management L L P NC Sells 11,151 Shares of Owens Corning (NYSE:OC)

Wedge Capital Management L L P NC cut its holdings in shares of Owens Corning (NYSE:OC - Free Report) by 16.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 55,188 shares of the construction company's stock after selling 11,151 shares during the period. Wedge Capital Management L L P NC owned approximately 0.06% of Owens Corning worth $9,400,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. State Street Corp grew its holdings in 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 during the period. Nordea Investment Management AB grew its holdings in shares of Owens Corning by 12.5% during 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 buying an additional 238,694 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Owens Corning by 16.4% during the third quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company's stock valued at $327,286,000 after buying an additional 261,564 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in Owens Corning by 31.6% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company's stock valued at $145,455,000 after buying an additional 197,667 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in Owens Corning by 113.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company's stock worth $140,818,000 after acquiring an additional 424,786 shares during the period. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Gunner Smith sold 17,450 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $191.19, for a total value of $3,336,265.50. Following the completion of the sale, the insider now owns 18,866 shares of the company's stock, valued at approximately $3,606,990.54. This represents a 48.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.90% of the stock is owned by corporate insiders.

Owens Corning Stock Performance

Shares of NYSE:OC traded up $3.58 on Friday, reaching $182.86. 593,721 shares of the company's stock were exchanged, compared to its average volume of 823,285. Owens Corning has a twelve month low of $138.70 and a twelve month high of $214.53. The company has a fifty day moving average of $186.08 and a 200-day moving average of $177.42. The company has a market capitalization of $15.69 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 1.84 and a beta of 1.46. 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 (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, beating the consensus estimate of $4.05 by $0.33. The business had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company's revenue was up 22.9% on a year-over-year basis. During the same period in the previous year, the business earned $4.15 earnings per share. On average, research analysts predict that Owens Corning will post 15.46 EPS for the current fiscal year.

Owens Corning Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Monday, January 6th were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend was Monday, January 6th. This is a positive change from Owens Corning's previous quarterly dividend of $0.60. Owens Corning's dividend payout ratio (DPR) is 23.49%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Evercore ISI upped their target price on Owens Corning from $189.00 to $196.00 and gave the stock an "in-line" rating in a research report on Thursday, November 7th. The Goldman Sachs Group raised their price objective on shares of Owens Corning from $178.00 to $198.00 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Loop Capital decreased their target price on shares of Owens Corning from $215.00 to $210.00 and set a "buy" rating for the company in a research report on Friday, January 10th. StockNews.com upgraded shares of Owens Corning from a "hold" rating to a "buy" rating in a report on Saturday, November 9th. Finally, Barclays upgraded shares of Owens Corning from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $192.00 to $245.00 in a report on Wednesday, December 11th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $201.75.

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.