Citigroup Inc. Trims Holdings in Owens Corning (NYSE:OC)

Citigroup Inc. reduced its holdings in shares of Owens Corning (NYSE:OC) by 2.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 79,790 shares of the construction company’s stock after selling 1,588 shares during the period. Citigroup Inc.’s holdings in Owens Corning were worth $14,085,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. ST Germain D J Co. Inc. lifted its holdings in shares of Owens Corning by 794.1% during the second quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock worth $26,000 after purchasing an additional 135 shares during the period. Innealta Capital LLC purchased a new position in Owens Corning during the 2nd quarter worth $32,000. Tobam lifted its stake in shares of Owens Corning by 115.7% in the 2nd quarter. Tobam now owns 192 shares of the construction company’s stock worth $33,000 after acquiring an additional 103 shares during the period. Quarry LP boosted its holdings in shares of Owens Corning by 165.5% in the second quarter. Quarry LP now owns 231 shares of the construction company’s stock valued at $40,000 after acquiring an additional 144 shares in the last quarter. Finally, Friedenthal Financial acquired a new position in shares of Owens Corning during the second quarter worth about $48,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Stock Performance

NYSE:OC opened at $205.10 on Friday. 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 company has a market capitalization of $17.59 billion, a P/E ratio of 17.46, a price-to-earnings-growth ratio of 2.36 and a beta of 1.41. The firm has a 50-day moving average price of $185.03 and a two-hundred day moving average price of $176.07. Owens Corning has a twelve month low of $131.67 and a twelve month high of $214.53.

Owens Corning (NYSE:OC) last issued 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 business had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same period last year, the company posted $4.15 EPS. The company’s revenue was up 22.9% on a year-over-year basis. As a group, research analysts expect that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were given a $0.60 dividend. The ex-dividend date was Friday, October 18th. This represents a $2.40 annualized dividend and a dividend yield of 1.17%. Owens Corning’s dividend payout ratio is currently 20.43%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on OC shares. Evercore ISI lifted their price objective on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Wells Fargo & Company lifted their price target on Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. UBS Group upped their price target on shares of Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Finally, Benchmark reiterated a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $192.62.

Insider Activity at Owens Corning

In related news, insider Marcio A. Sandri sold 3,051 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.89% of the company’s stock.

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.