Summit Global Investments Cuts Stake in Owens Corning (NYSE:OC)

Summit Global Investments decreased its holdings in Owens Corning (NYSE:OC - Free Report) by 19.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,537 shares of the construction company's stock after selling 15,147 shares during the quarter. Summit Global Investments owned about 0.07% of Owens Corning worth $10,651,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in OC. Stratos Wealth Partners LTD. lifted its stake in shares of Owens Corning by 4.3% during the fourth quarter. Stratos Wealth Partners LTD. now owns 1,297 shares of the construction company's stock worth $221,000 after buying an additional 53 shares during the period. Greenleaf Trust raised its stake in Owens Corning by 1.5% in the 4th quarter. Greenleaf Trust now owns 3,895 shares of the construction company's stock worth $663,000 after acquiring an additional 56 shares during the last quarter. Retirement Guys Formula LLC lifted its position in Owens Corning by 3.1% during the 4th quarter. Retirement Guys Formula LLC now owns 1,999 shares of the construction company's stock worth $341,000 after acquiring an additional 60 shares during the period. IFP Advisors Inc grew its stake in Owens Corning by 35.6% during the 4th quarter. IFP Advisors Inc now owns 236 shares of the construction company's stock valued at $40,000 after purchasing an additional 62 shares during the last quarter. Finally, Parallel Advisors LLC increased its holdings in shares of Owens Corning by 2.5% in the fourth quarter. Parallel Advisors LLC now owns 2,578 shares of the construction company's stock valued at $439,000 after purchasing an additional 62 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

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Insiders Place Their Bets

In other news, insider Monaco Nicolas Del sold 1,750 shares of the company'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 transaction, the insider now directly owns 11,635 shares in the company, valued at approximately $2,140,490.95. This represents a 13.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.89% of the stock is owned by insiders.

Owens Corning Price Performance

NYSE:OC traded down $1.53 during trading hours on Wednesday, reaching $147.77. 1,247,471 shares of the company were exchanged, compared to its average volume of 746,790. The stock's 50-day moving average is $166.70 and its 200-day moving average is $176.65. Owens Corning has a twelve month low of $137.50 and a twelve month high of $214.53. The firm has a market cap of $12.64 billion, a PE ratio of 12.58, a price-to-earnings-growth ratio of 1.88 and a beta of 1.52. 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 (NYSE:OC - Get Free Report) last posted its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, topping the consensus estimate of $2.87 by $0.35. The company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.88 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. Owens Corning's quarterly revenue was up 23.3% on a year-over-year basis. During the same period in the previous year, the business earned $3.21 EPS. On average, sell-side analysts anticipate that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently declared 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 of this dividend is Monday, March 10th. This represents a $2.76 annualized dividend and a dividend yield of 1.87%. Owens Corning's dividend payout ratio is presently 37.70%.

Analyst Ratings Changes

A number of brokerages recently commented on OC. Wells Fargo & Company dropped their target price on Owens Corning from $225.00 to $200.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 25th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $212.00 price objective on shares of Owens Corning in a report on Monday, March 17th. JPMorgan Chase & Co. cut 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 note on Tuesday, March 4th. StockNews.com downgraded shares of Owens Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Finally, 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 report on Monday, January 6th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $204.18.

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.