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

Summit Global Investments lowered its position in Owens Corning (NYSE:OC) by 19.5% in the fourth quarter, Holdings Channel reports. The fund owned 62,537 shares of the construction company’s stock after selling 15,147 shares during the period. Summit Global Investments’ holdings in Owens Corning were worth $10,651,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. State Street Corp lifted its stake in Owens Corning by 4.7% in the third quarter. State Street Corp now owns 4,181,421 shares of the construction company’s stock worth $738,104,000 after acquiring an additional 187,001 shares during the last quarter. Nordea Investment Management AB lifted its stake in Owens Corning by 12.5% in the fourth quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock worth $366,166,000 after acquiring an additional 238,694 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in Owens Corning by 31.6% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company’s stock worth $145,455,000 after acquiring an additional 197,667 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in 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. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Owens Corning by 3.5% in the third 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 during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on OC. Royal Bank of Canada restated an “outperform” rating and set a $212.00 price objective on shares of Owens Corning in a research report on Monday, March 17th. Benchmark restated a “hold” rating on shares of Owens Corning in a research report on Monday, March 3rd. Barclays reduced their price objective on shares of Owens Corning from $245.00 to $215.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. StockNews.com downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Finally, Loop Capital reduced their price objective on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $204.18.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Monaco Nicolas Del sold 1,750 shares of the business’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the sale, the insider now directly owns 11,635 shares in the company, valued at approximately $2,140,490.95. The trade was a 13.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.89% of the stock is currently owned by corporate insiders.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $144.49 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The stock has a market capitalization of $12.36 billion, a price-to-earnings ratio of 12.30, a PEG ratio of 1.88 and a beta of 1.52. The firm’s fifty day simple moving average is $167.56 and its 200-day simple moving average is $176.53. Owens Corning has a 12 month low of $137.50 and a 12 month high of $214.53.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $0.35. The company had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.88 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. Owens Corning’s revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the company posted $3.21 EPS. As a group, equities analysts forecast that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 10th will be paid a $0.69 dividend. The ex-dividend date is Monday, March 10th. This represents a $2.76 annualized dividend and a yield of 1.91%. Owens Corning’s dividend payout ratio is currently 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.