Russell Investments Group Ltd. Reduces Position in Owens Corning (NYSE:OC)

Russell Investments Group Ltd. decreased its position in Owens Corning (NYSE:OC - Free Report) by 2.8% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 227,888 shares of the construction company's stock after selling 6,656 shares during the period. Russell Investments Group Ltd. owned about 0.27% of Owens Corning worth $38,811,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in OC. Norges Bank bought a new stake in shares of Owens Corning in the 4th quarter worth approximately $208,519,000. JPMorgan Chase & Co. increased its position 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 period. Raymond James Financial Inc. bought a new position in Owens Corning in the 4th quarter worth $51,220,000. 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 purchasing an additional 238,694 shares in the last quarter. Finally, LGT Group Foundation bought a new stake in shares of Owens Corning during the 4th quarter valued at $39,054,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Trading Up 3.2 %

NYSE OC traded up $4.36 on Friday, hitting $138.84. 1,018,788 shares of the stock were exchanged, compared to its average volume of 800,901. The firm has a market capitalization of $11.88 billion, a P/E ratio of 11.82, a P/E/G ratio of 1.88 and a beta of 1.39. Owens Corning has a 52-week low of $123.41 and a 52-week high of $214.53. The stock has a fifty day moving average price of $152.71 and a two-hundred day moving average price of $173.48. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44.

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

Owens Corning Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend was Monday, March 10th. Owens Corning's dividend payout ratio (DPR) is 37.70%.

Analysts Set New Price Targets

Several research firms recently weighed in on OC. Citigroup cut their price target on Owens Corning from $212.00 to $207.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. StockNews.com lowered Owens Corning from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. UBS Group reduced their target price on shares of Owens Corning from $245.00 to $235.00 and set a "buy" rating for the company in a report on Tuesday, February 25th. Deutsche Bank Aktiengesellschaft initiated coverage on Owens Corning in a research note on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price objective on the stock. Finally, Wells Fargo & Company dropped their target price on shares of Owens Corning from $225.00 to $200.00 and set an "overweight" rating for the company in a report on Tuesday, February 25th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $199.42.

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 that occurred on Thursday, February 6th. The shares were 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.82% of the stock is currently owned by corporate 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.