Zacks Investment Management Sells 12,400 Shares of Owens Corning (NYSE:OC)

Zacks Investment Management lessened its stake in shares of Owens Corning (NYSE:OC) by 15.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 69,415 shares of the construction company’s stock after selling 12,400 shares during the quarter. Zacks Investment Management owned about 0.08% of Owens Corning worth $11,823,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OC. Marshall Wace LLP boosted its stake in shares of Owens Corning by 143.0% in the 4th quarter. Marshall Wace LLP now owns 292,156 shares of the construction company’s stock worth $49,760,000 after buying an additional 171,930 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in Owens Corning by 13.3% in the fourth quarter. NewEdge Advisors LLC now owns 12,521 shares of the construction company’s stock valued at $2,133,000 after acquiring an additional 1,470 shares during the period. Jump Financial LLC boosted its position in Owens Corning by 129.4% in the fourth quarter. Jump Financial LLC now owns 14,993 shares of the construction company’s stock worth $2,554,000 after purchasing an additional 8,458 shares during the last quarter. Aware Super Pty Ltd as trustee of Aware Super bought a new stake in shares of Owens Corning during the 4th quarter valued at about $27,067,000. Finally, Promethos Capital LLC increased its position in shares of Owens Corning by 3.5% during the 4th quarter. Promethos Capital LLC now owns 32,627 shares of the construction company’s stock valued at $5,557,000 after purchasing an additional 1,110 shares during the last quarter. Institutional investors own 88.40% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on OC shares. StockNews.com cut shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. UBS Group reduced their price objective on Owens Corning from $245.00 to $235.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Citigroup lowered their target price 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. JPMorgan Chase & Co. decreased their price objective on Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Owens Corning in a report on Tuesday, April 1st. They issued a “buy” rating and a $183.00 target price for the company. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $194.58.

Insider Activity at Owens Corning

In related news, insider Monaco Nicolas Del sold 1,750 shares of Owens Corning stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $183.97, for a total value of $321,947.50. Following the completion of the transaction, the insider now owns 11,635 shares in the company, valued at approximately $2,140,490.95. This trade represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.82% of the stock is owned by insiders.

Owens Corning Stock Down 1.1 %

Shares of OC stock opened at $136.67 on Thursday. The company’s fifty day simple moving average is $150.07 and its two-hundred day simple moving average is $172.75. Owens Corning has a 52 week low of $123.41 and a 52 week high of $214.53. The stock has a market cap of $11.69 billion, a P/E ratio of 11.63, a PEG ratio of 1.88 and a beta of 1.39. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC) last posted its 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. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the previous year, the business earned $3.21 earnings per share. The firm’s revenue for the quarter was up 23.3% on a year-over-year basis. Analysts predict that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Monday, March 10th were given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend was Monday, March 10th. Owens Corning’s dividend payout ratio is presently 37.70%.

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.