Bridgewater Associates LP Sells 26,214 Shares of Owens Corning (NYSE:OC)

Bridgewater Associates LP trimmed its holdings in Owens Corning (NYSE:OC - Free Report) by 65.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,693 shares of the construction company's stock after selling 26,214 shares during the period. Bridgewater Associates LP's holdings in Owens Corning were worth $2,332,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of OC. Barclays PLC grew its position in shares of Owens Corning by 23.3% during the 3rd quarter. Barclays PLC now owns 125,756 shares of the construction company's stock valued at $22,197,000 after purchasing an additional 23,787 shares in the last quarter. World Investment Advisors LLC bought a new stake in shares of Owens Corning during the 3rd quarter worth $23,002,000. Synovus Financial Corp bought a new stake in shares of Owens Corning during the 3rd quarter worth $337,000. Franklin Resources Inc. lifted its holdings in shares of Owens Corning by 5.3% during the 3rd quarter. Franklin Resources Inc. now owns 444,748 shares of the construction company's stock worth $83,381,000 after acquiring an additional 22,500 shares during the last quarter. Finally, Retirement Systems of Alabama lifted its holdings in shares of Owens Corning by 3.1% during the 3rd quarter. Retirement Systems of Alabama now owns 196,672 shares of the construction company's stock worth $34,717,000 after acquiring an additional 5,916 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Barclays dropped their price objective on shares of Owens Corning from $215.00 to $179.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. StockNews.com lowered Owens Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Citigroup lowered their price objective on Owens Corning from $212.00 to $207.00 and set a "buy" rating for the company in a research report on Monday, January 6th. Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a research note on Monday, March 3rd. Finally, Royal Bank of Canada lowered their price objective on shares of Owens Corning from $212.00 to $199.00 and set an "outperform" rating for the company in a research note on Monday, April 14th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $194.58.

Insider Activity at Owens Corning

In other Owens Corning news, insider Monaco Nicolas Del sold 1,750 shares of the company's stock in a transaction that occurred on Thursday, February 6th. The stock was 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 $2,140,490.95. This represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.82% of the stock is owned by corporate insiders.

Owens Corning Stock Performance

Owens Corning stock traded up $4.63 during midday trading on Thursday, reaching $142.80. 148,635 shares of the company traded hands, compared to its average volume of 966,983. The firm has a market capitalization of $12.22 billion, a price-to-earnings ratio of 12.15, a price-to-earnings-growth ratio of 1.88 and a beta of 1.39. The business has a 50 day moving average of $145.94 and a two-hundred day moving average of $171.49. Owens Corning has a 12 month low of $123.40 and a 12 month high of $214.53. 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 - Get Free Report) last issued its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, beating analysts' consensus estimates of $2.87 by $0.35. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter in the prior year, the firm earned $3.21 earnings per share. The firm's revenue for the quarter was up 23.3% compared to the same quarter last year. As a group, research analysts predict that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Monday, March 10th were paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date was Monday, March 10th. Owens Corning's payout ratio is presently 37.70%.

Owens Corning 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.