Guinness Asset Management LTD Cuts Stock Position in Owens Corning (NYSE:OC)

Guinness Asset Management LTD decreased its holdings in shares of Owens Corning (NYSE:OC) by 27.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 112,242 shares of the construction company’s stock after selling 42,359 shares during the period. Guinness Asset Management LTD’s holdings in Owens Corning were worth $19,115,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in OC. Point72 Asset Management L.P. increased its stake 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 buying an additional 464,981 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Owens Corning by 113.9% in the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock worth $140,818,000 after acquiring an additional 424,786 shares during the last quarter. Pacer Advisors Inc. increased its position in shares of Owens Corning by 16.4% during the third quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company’s stock worth $327,286,000 after purchasing an additional 261,564 shares in the last quarter. Goldentree Asset Management LP acquired a new position in Owens Corning in the 3rd quarter valued at $43,559,000. Finally, Nordea Investment Management AB lifted its holdings in Owens Corning by 12.5% in the 4th 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. Institutional investors and hedge funds own 88.40% of the company’s stock.

Insider Activity at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the sale, the insider now directly owns 18,866 shares in the company, valued at $3,606,990.54. This represents a 48.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.90% of the company’s stock.

Owens Corning Trading Up 2.0 %

Shares of OC stock opened at $182.86 on Monday. Owens Corning has a 1-year low of $138.70 and a 1-year high of $214.53. The firm has a market cap of $15.69 billion, a PE ratio of 15.56, a price-to-earnings-growth ratio of 1.84 and a beta of 1.46. The company has a 50-day moving average of $186.08 and a two-hundred day moving average of $177.42. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, topping 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 firm had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter last year, the company posted $4.15 EPS. The firm’s quarterly revenue was up 22.9% on a year-over-year basis. On average, analysts predict that Owens Corning will post 15.46 EPS for the current year.

Owens Corning Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Monday, January 6th were paid a $0.69 dividend. The ex-dividend date was Monday, January 6th. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.51%. Owens Corning’s payout ratio is presently 23.49%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on OC shares. Barclays upgraded shares of Owens Corning from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $192.00 to $245.00 in a research report on Wednesday, December 11th. StockNews.com raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Evercore ISI upped their price target on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Loop Capital reduced their price objective on Owens Corning from $215.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Finally, Wells Fargo & Company upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $195.00 to $225.00 in a report on Tuesday, December 17th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $201.75.

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.