Guggenheim Capital LLC cut its position in shares of Owens Corning (NYSE:OC – Get Rating) by 25.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,000 shares of the construction company’s stock after selling 4,376 shares during the period. Guggenheim Capital LLC’s holdings in Owens Corning were worth $1,022,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in OC. Eagle Bay Advisors LLC acquired a new position in shares of Owens Corning in the second quarter valued at approximately $45,000. Householder Group Estate & Retirement Specialist LLC acquired a new position in shares of Owens Corning in the third quarter valued at approximately $52,000. Zions Bancorporation N.A. grew its holdings in Owens Corning by 611.0% during the 1st quarter. Zions Bancorporation N.A. now owns 583 shares of the construction company’s stock worth $53,000 after acquiring an additional 501 shares in the last quarter. Exos TFP Holdings LLC acquired a new position in Owens Corning during the 3rd quarter worth approximately $55,000. Finally, Brown Brothers Harriman & Co. acquired a new position in Owens Corning during the 1st quarter worth approximately $57,000. 94.59% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research firms have commented on OC. Loop Capital boosted their price target on shares of Owens Corning from $102.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 16th. JPMorgan Chase & Co. cut shares of Owens Corning from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $85.00 to $79.00 in a report on Tuesday, December 20th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Owens Corning from $99.00 to $100.00 and gave the stock a “hold” rating in a report on Tuesday, January 10th. Citigroup boosted their price objective on shares of Owens Corning from $90.00 to $104.00 and gave the stock a “neutral” rating in a research report on Friday, February 17th. Finally, Truist Financial boosted their price objective on shares of Owens Corning from $85.00 to $105.00 in a research report on Friday, February 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Owens Corning currently has a consensus rating of “Hold” and an average price target of $99.92.
Insiders Place Their Bets
In other news, insider Todd W. Fister sold 2,505 shares of the company’s stock in a transaction on Monday, February 6th. The shares were sold at an average price of $100.00, for a total transaction of $250,500.00. Following the transaction, the insider now directly owns 31,482 shares of the company’s stock, valued at approximately $3,148,200. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Todd W. Fister sold 2,505 shares of the company’s stock in a transaction on Monday, February 6th. The shares were sold at an average price of $100.00, for a total transaction of $250,500.00. Following the transaction, the insider now directly owns 31,482 shares of the company’s stock, valued at approximately $3,148,200. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Kelly Schmidt sold 2,181 shares of the company’s stock in a transaction on Friday, December 9th. The stock was sold at an average price of $93.74, for a total transaction of $204,446.94. Following the transaction, the vice president now directly owns 13,018 shares in the company, valued at $1,220,307.32. The disclosure for this sale can be found here. 0.44% of the stock is owned by insiders.
Owens Corning Stock Down 0.8 %
Shares of Owens Corning stock opened at $98.80 on Wednesday. The company has a market cap of $8.97 billion, a P/E ratio of 7.79, a PEG ratio of 1.86 and a beta of 1.42. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.06 and a current ratio of 1.69. Owens Corning has a one year low of $72.97 and a one year high of $105.62. The firm has a fifty day moving average of $94.65 and a two-hundred day moving average of $89.09.
Owens Corning (NYSE:OC – Get Rating) last announced its quarterly earnings data on Wednesday, February 15th. The construction company reported $2.49 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.15. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.24 billion. Owens Corning had a net margin of 12.71% and a return on equity of 27.36%. Owens Corning’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.20 EPS. On average, analysts forecast that Owens Corning will post 9.49 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 6th. Shareholders of record on Friday, March 3rd will be given a dividend of $0.52 per share. The ex-dividend date is Thursday, March 2nd. This represents a $2.08 dividend on an annualized basis and a yield of 2.11%. Owens Corning’s payout ratio is currently 16.40%.
Owens Corning Company Profile
Owens Corning engages in the development, manufacture, and marketing of insulation, roofing, and fiberglass composites. It operates through the following segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber, and includes vertically integrated downstream activities.
