Davis Selected Advisers lowered its stake in shares of Owens Corning (NYSE:OC - Free Report) by 15.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,811,263 shares of the construction company's stock after selling 342,032 shares during the quarter. Owens Corning makes up about 1.8% of Davis Selected Advisers' holdings, making the stock its 19th biggest position. Davis Selected Advisers owned 2.11% of Owens Corning worth $308,494,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised its holdings in Owens Corning by 5.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,188 shares of the construction company's stock worth $1,054,000 after purchasing an additional 327 shares in the last quarter. Jackson Creek Investment Advisors LLC increased its holdings in shares of Owens Corning by 4.2% in the 4th quarter. Jackson Creek Investment Advisors LLC now owns 5,420 shares of the construction company's stock valued at $923,000 after acquiring an additional 220 shares during the period. Ashton Thomas Private Wealth LLC increased its holdings in shares of Owens Corning by 13.4% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 14,234 shares of the construction company's stock valued at $2,424,000 after acquiring an additional 1,679 shares during the period. Candriam S.C.A. increased its holdings in shares of Owens Corning by 37.7% in the 4th quarter. Candriam S.C.A. now owns 168,891 shares of the construction company's stock valued at $28,766,000 after acquiring an additional 46,236 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Owens Corning in the 4th quarter valued at $51,220,000. Institutional investors and hedge funds own 88.40% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on OC shares. Royal Bank of Canada cut their target price on shares of Owens Corning from $224.00 to $212.00 and set an "outperform" rating on the stock in a report on Tuesday, February 25th. JPMorgan Chase & Co. decreased their target price 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. Barclays decreased their target price on shares of Owens Corning from $245.00 to $215.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 26th. UBS Group decreased their target price on shares of Owens Corning from $245.00 to $235.00 and set a "buy" rating on the stock in a research report 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 on the stock in a research report on Friday, January 10th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $204.18.
View Our Latest Stock Analysis on OC
Insider Transactions at Owens Corning
In related news, 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 value of $3,336,265.50. Following the transaction, the insider now owns 18,866 shares in the company, valued at approximately $3,606,990.54. This trade represents a 48.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Monaco Nicolas Del sold 1,750 shares of the firm's 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 completion of the transaction, the insider now owns 11,635 shares in the company, valued at $2,140,490.95. The trade was a 13.07 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.89% of the company's stock.
Owens Corning Trading Down 0.1 %
Shares of Owens Corning stock traded down $0.15 during mid-day trading on Tuesday, hitting $139.62. 1,498,335 shares of the stock were exchanged, compared to its average volume of 936,035. The stock has a market capitalization of $11.94 billion, a price-to-earnings ratio of 11.88, a price-to-earnings-growth ratio of 1.88 and a beta of 1.52. Owens Corning has a twelve month low of $137.50 and a twelve 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 company has a 50-day simple moving average of $171.71 and a 200 day simple moving average of $177.99.
Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, topping the consensus estimate of $2.87 by $0.35. The business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.88 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company's revenue was up 23.3% on a year-over-year basis. During the same period in the prior year, the firm posted $3.21 EPS. Research 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. Stockholders of record on Monday, March 10th will be issued a dividend of $0.69 per share. The ex-dividend date is Monday, March 10th. This represents a $2.76 annualized dividend and a dividend yield of 1.98%. Owens Corning's payout ratio is currently 37.70%.
About Owens Corning
(
Free Report)
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.
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