Prudential Financial Inc. Has $5.05 Million Stock Position in Owens Corning (NYSE:OC)

Prudential Financial Inc. cut its stake in Owens Corning (NYSE:OC - Free Report) by 77.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,656 shares of the construction company's stock after selling 103,734 shares during the period. Prudential Financial Inc.'s holdings in Owens Corning were worth $5,051,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in OC. FPC Investment Advisory Inc. bought a new stake in Owens Corning in the fourth quarter worth about $28,000. Venturi Wealth Management LLC grew its stake 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 worth $30,000 after purchasing an additional 63 shares during the last quarter. Global Trust Asset Management LLC acquired a new stake in Owens Corning during the fourth quarter valued at approximately $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 in the fourth quarter worth approximately $34,000. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Stock Down 2.3 %

OC stock traded down $3.09 during midday trading on Friday, reaching $134.17. The company had a trading volume of 1,505,884 shares, compared to its average volume of 786,956. The company has a 50 day moving average of $160.07 and a two-hundred day moving average of $175.44. 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 has a 1 year low of $126.15 and a 1 year high of $214.53. The company has a market capitalization of $11.48 billion, a P/E ratio of 11.42, a PEG ratio of 1.88 and a beta of 1.39.

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, 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 firm had revenue of $2.84 billion during the quarter, compared to analysts' expectations of $2.88 billion. During the same quarter last year, the firm earned $3.21 earnings per share. The business's revenue for the quarter was up 23.3% on a year-over-year basis. On average, equities research analysts expect that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company 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 dividend on an annualized basis and a yield of 2.06%. Owens Corning's dividend payout ratio is currently 37.70%.

Analyst Upgrades and Downgrades

OC has been the subject of several research reports. Deutsche Bank Aktiengesellschaft assumed coverage on Owens Corning in a research note on Tuesday. They set a "buy" rating and a $183.00 price objective for the company. Loop Capital decreased their price target on 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 downgraded Owens Corning from a "buy" rating to a "hold" rating 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 for the company in a report on Tuesday, March 4th. Finally, UBS Group cut their price target on shares of Owens Corning from $245.00 to $235.00 and set a "buy" rating on the stock in a report on Tuesday, February 25th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Owens Corning currently has an average rating of "Moderate Buy" and an average price target of $202.42.

Insider Activity at Owens Corning

In other Owens Corning news, insider Monaco Nicolas Del sold 1,750 shares of the firm's stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the transaction, the insider now directly owns 11,635 shares in the company, valued at $2,140,490.95. This trade represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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.