35,063 Owens Corning Inc $OC Shares Sold by Candriam S.C.A.

Key Points

• Candriam S.C.A. cut its Owens Corning stake by 29.5% in the third quarter, selling 35,063 shares and retaining 83,889 shares valued at about $9.8 million.
• Owens Corning’s latest quarterly results missed expectations: earnings were $2.44 per share versus a $3.07 estimate, while revenue fell 7.3% year over year to $2.49 billion.
• Analysts’ average rating was Hold, with a consensus price target of $140.93. The company also paid a quarterly dividend of $0.79 per share, equivalent to a 2.5% annualized yield.

Candriam S.C.A. decreased its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 29.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,889 shares of the construction company's stock after selling 35,063 shares during the quarter. Candriam S.C.A. owned about 0.11% of Owens Corning worth $9,829,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in OC. Ethic Inc. increased its holdings in Owens Corning by 27.9% in the 3rd quarter. Ethic Inc. now owns 5,083 shares of the construction company's stock valued at $593,000 after purchasing an additional 1,108 shares in the last quarter. Pictet Asset Management Holding SA lifted its stake in shares of Owens Corning by 31.2% during the third quarter. Pictet Asset Management Holding SA now owns 126,853 shares of the construction company's stock worth $14,809,000 after purchasing an additional 30,141 shares in the last quarter. CenterBook Partners LP acquired a new position in shares of Owens Corning during the third quarter worth about $652,000. Heritage Family Offices LLP purchased a new stake in shares of Owens Corning in the third quarter worth about $37,000. Finally, QTR Family Wealth LLC boosted its position in shares of Owens Corning by 45.6% in the third quarter. QTR Family Wealth LLC now owns 2,152 shares of the construction company's stock worth $251,000 after buying an additional 674 shares during the period. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $144.07, for a total transaction of $129,663.00. Following the sale, the insider directly owned 21,449 shares in the company, valued at $3,090,157.43. The trade was a 4.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by company insiders.

Owens Corning Stock Performance

NYSE:OC opened at $126.78 on Tuesday. The firm has a 50-day moving average of $121.63 and a two-hundred day moving average of $126.14. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.13 and a quick ratio of 0.67. The stock has a market cap of $10.02 billion, a P/E ratio of -23.83, a PEG ratio of 3.77 and a beta of 1.31. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.91.

Owens Corning (NYSE:OC - Get Free Report) last announced its earnings results on Wednesday, November 4th. The construction company reported $2.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.07 by ($0.63). Owens Corning had a positive return on equity of 19.14% and a negative net margin of 4.42%. The business had revenue of $2.49 billion for the quarter, compared to analysts' expectations of $2.62 billion. During the same period in the previous year, the firm posted $3.67 earnings per share. The firm's revenue was down 7.3% compared to the same quarter last year. On average, research analysts expect that Owens Corning Inc will post 8.47 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 5th. Shareholders of record on Monday, October 19th were paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Monday, October 19th. Owens Corning's dividend payout ratio (DPR) is -59.40%.

Analyst Ratings Changes

Several equities research analysts recently commented on OC shares. Wall Street Zen downgraded Owens Corning from a "buy" rating to a "hold" rating in a report on Saturday, October 10th. DA Davidson set a $143.00 price target on Owens Corning in a research report on Friday, October 9th. Benchmark restated a "hold" rating on shares of Owens Corning in a report on Wednesday, July 15th. Truist Financial increased their price objective on shares of Owens Corning from $115.00 to $120.00 and gave the company a "hold" rating in a research report on Thursday, November 5th. Finally, Bank of America dropped their price objective on shares of Owens Corning from $155.00 to $145.00 and set a "buy" rating on the stock in a research note on Tuesday, October 27th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, Owens Corning currently has an average rating of "Hold" and a consensus target price of $140.93.

About Owens Corning

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