Worldquant Millennium Advisors LLC Cuts Holdings in Owens Corning (NYSE:OC)

Worldquant Millennium Advisors LLC lowered its holdings in Owens Corning (NYSE:OC - Free Report) by 79.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 21,663 shares of the construction company's stock after selling 85,050 shares during the quarter. Worldquant Millennium Advisors LLC's holdings in Owens Corning were worth $3,824,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. State Street Corp lifted its holdings in shares of Owens Corning by 4.7% in the third quarter. State Street Corp now owns 4,181,421 shares of the construction company's stock valued at $738,104,000 after purchasing an additional 187,001 shares in the last quarter. Pacer Advisors Inc. raised its position in Owens Corning by 16.4% in the 3rd quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company's stock valued at $327,286,000 after buying an additional 261,564 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in Owens Corning by 31.6% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company's stock valued at $145,455,000 after acquiring an additional 197,667 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in Owens Corning by 168.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company's stock worth $128,772,000 after acquiring an additional 464,981 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Owens Corning by 3.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 727,275 shares of the construction company's stock worth $128,379,000 after acquiring an additional 24,522 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Wall Street Analyst Weigh In

OC has been the topic of a number of recent analyst reports. The Goldman Sachs Group boosted their price target on shares of Owens Corning from $178.00 to $198.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Evercore ISI boosted their target price on Owens Corning from $189.00 to $196.00 and gave the stock an "in-line" rating in a research note on Thursday, November 7th. Royal Bank of Canada increased their price target on Owens Corning from $213.00 to $217.00 and gave the company an "outperform" rating in a research report on Thursday, November 7th. StockNews.com raised Owens Corning from a "hold" rating to a "buy" rating in a research report on Saturday, November 9th. Finally, Wells Fargo & Company raised their target price on Owens Corning from $175.00 to $195.00 and gave the company an "equal weight" rating in a research report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $192.62.

Owens Corning Stock Performance

Shares of NYSE OC traded up $1.75 during midday trading on Friday, hitting $201.91. The company's stock had a trading volume of 466,578 shares, compared to its average volume of 739,347. The firm has a market capitalization of $17.32 billion, a price-to-earnings ratio of 17.18, a P/E/G ratio of 2.27 and a beta of 1.42. 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 stock has a fifty day moving average price of $189.08 and a 200 day moving average price of $177.35. Owens Corning has a one year low of $138.26 and a one year high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $3.05 billion for the quarter, compared to analysts' expectations of $3.04 billion. During the same quarter in the previous year, the firm posted $4.15 EPS. The business's revenue for the quarter was up 22.9% compared to the same quarter last year. On average, research analysts forecast that Owens Corning will post 15.46 EPS for the current fiscal year.

Owens Corning Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Monday, January 6th will be paid a $0.69 dividend. The ex-dividend date of this dividend is Monday, January 6th. This represents a $2.76 annualized dividend and a yield of 1.37%. This is an increase from Owens Corning's previous quarterly dividend of $0.60. Owens Corning's dividend payout ratio (DPR) is currently 20.43%.

Insider Buying and Selling at Owens Corning

In other news, insider Marcio A. Sandri sold 3,051 shares of the company's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now owns 57,079 shares of the company's stock, valued at approximately $10,074,443.50. This represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.89% of the company's stock.

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.