Pinebridge Investments L.P. Sells 2,117 Shares of Owens Corning (NYSE:OC)

Pinebridge Investments L.P. cut its holdings in Owens Corning (NYSE:OC - Free Report) by 7.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 25,860 shares of the construction company's stock after selling 2,117 shares during the period. Pinebridge Investments L.P.'s holdings in Owens Corning were worth $4,404,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Owens Corning in the fourth quarter valued at $208,519,000. JPMorgan Chase & Co. grew its holdings in Owens Corning by 113.9% during the 3rd 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 last quarter. Price T Rowe Associates Inc. MD raised its position in Owens Corning by 41.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock worth $242,337,000 after purchasing an additional 414,770 shares during the period. Raymond James Financial Inc. bought a new stake in Owens Corning in the fourth quarter worth about $51,220,000. Finally, Nordea Investment Management AB boosted its position 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 during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Price Performance

Shares of OC opened at $143.95 on Friday. The stock has a market capitalization of $12.31 billion, a PE ratio of 12.25, a PEG ratio of 1.88 and a beta of 1.39. The company has a 50 day moving average price of $144.56 and a 200-day moving average price of $170.97. 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 has a fifty-two week low of $123.41 and a fifty-two week high of $214.53.

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

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Monday, March 10th were given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend was Monday, March 10th. Owens Corning's payout ratio is 37.70%.

Insider Activity

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

Analyst Ratings Changes

OC has been the subject of a number of research analyst reports. Barclays decreased their price target on Owens Corning from $215.00 to $179.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Royal Bank of Canada lowered their target price on shares of Owens Corning from $212.00 to $199.00 and set an "outperform" rating for the company in a research note on Monday, April 14th. Wells Fargo & Company reduced their price target on shares of Owens Corning from $200.00 to $155.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. JPMorgan Chase & Co. lowered their price objective on shares of Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Finally, Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a research report on Monday, March 3rd. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $195.73.

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.

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