Owens Corning (NYSE:OC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in Owens Corning (NYSE:OC - Free Report) by 2.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 859,846 shares of the construction company's stock after selling 21,050 shares during the period. Bank of New York Mellon Corp owned 1.00% of Owens Corning worth $146,449,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp increased its holdings in Owens Corning by 4.7% in the 3rd quarter. State Street Corp now owns 4,181,421 shares of the construction company's stock worth $738,104,000 after buying an additional 187,001 shares during the period. Nordea Investment Management AB increased its stake in shares of Owens Corning by 12.5% in the fourth quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company's stock worth $366,166,000 after acquiring an additional 238,694 shares during the period. Pacer Advisors Inc. raised 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 worth $327,286,000 after purchasing an additional 261,564 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of 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 worth $145,455,000 after purchasing an additional 197,667 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Owens Corning by 113.9% during the third 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. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Price Performance

Shares of NYSE:OC traded down $2.69 during midday trading on Tuesday, hitting $145.82. The company's stock had a trading volume of 1,082,532 shares, compared to its average volume of 852,224. The company has a market cap of $12.47 billion, a P/E ratio of 12.41, a price-to-earnings-growth ratio of 1.88 and a beta of 1.46. Owens Corning has a 12-month low of $140.94 and a 12-month high of $214.53. The business's 50 day simple moving average is $174.96 and its 200 day simple moving average is $178.82. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44.

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 (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 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 earned $3.21 earnings per share. The business's revenue was up 23.3% compared to the same quarter last year. On average, analysts forecast that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 10th will be issued a $0.69 dividend. The ex-dividend date is Monday, March 10th. This represents a $2.76 annualized dividend and a yield of 1.89%. Owens Corning's dividend payout ratio (DPR) is currently 37.70%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OC. StockNews.com lowered Owens Corning from a "buy" rating to a "hold" rating in a research note on Tuesday, February 25th. The Goldman Sachs Group lifted their price target on Owens Corning from $178.00 to $198.00 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Citigroup decreased their price target on Owens Corning from $212.00 to $207.00 and set a "buy" rating for the company in a report on Monday, January 6th. 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 research note on Tuesday, February 25th. Finally, 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 note on Friday, January 10th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Owens Corning currently has a consensus rating of "Moderate Buy" and a consensus target price of $204.18.

Insiders Place Their Bets

In other Owens Corning news, insider Monaco Nicolas Del sold 1,750 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the sale, the insider now directly owns 11,635 shares in the company, valued at $2,140,490.95. This represents a 13.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gunner Smith sold 17,450 shares of the firm's stock in a transaction that occurred on Friday, December 13th. The shares were 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 directly owns 18,866 shares of the company's stock, valued at $3,606,990.54. This represents a 48.05 % decrease in their position. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by insiders.

Owens Corning 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.