Owens Corning (NYSE:OC) Position Lowered by Bank of Nova Scotia

Bank of Nova Scotia cut its stake in shares of Owens Corning (NYSE:OC - Free Report) by 86.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,530 shares of the construction company's stock after selling 89,902 shares during the quarter. Bank of Nova Scotia's holdings in Owens Corning were worth $2,475,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

OC has been the subject of a number of research reports. StockNews.com downgraded shares of Owens Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Barclays decreased their target price on Owens Corning from $215.00 to $179.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. JPMorgan Chase & Co. decreased their price objective on shares of Owens Corning from $200.00 to $176.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft began coverage on shares of Owens Corning in a research report on Tuesday, April 1st. They set a "buy" rating and a $183.00 target price for the company. Finally, Royal Bank of Canada cut their price objective on Owens Corning from $212.00 to $199.00 and set an "outperform" rating for the company in a research report on Monday. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $194.58.

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Owens Corning Trading Down 1.5 %

NYSE:OC traded down $2.13 during trading hours on Tuesday, reaching $138.10. 592,787 shares of the company were exchanged, compared to its average volume of 800,531. The stock has a 50 day simple moving average of $150.96 and a 200 day simple moving average of $173.00. The firm has a market cap of $11.81 billion, a price-to-earnings ratio of 11.75, a PEG ratio of 1.88 and a beta of 1.39. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. Owens Corning has a 52-week low of $123.41 and a 52-week high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same quarter in the prior year, the business earned $3.21 earnings per share. The business's quarterly revenue was up 23.3% compared to the same quarter last year. As a group, analysts predict that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

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

Insider Activity

In other Owens Corning news, insider Monaco Nicolas Del sold 1,750 shares of the firm's stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the sale, the insider now owns 11,635 shares in the company, valued at $2,140,490.95. This trade represents a 13.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.82% of the company's stock.

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.