Allianz Asset Management GmbH Sells 141,363 Shares of Owens Corning Inc $OC

Key Points

• Allianz Asset Management GmbH sold 141,363 shares of Owens Corning Inc, reducing its holdings by 23.4% to 462,090 shares, worth approximately $63.5 million.
• Owens Corning's latest earnings report showed an earnings per share (EPS) of $4.21, exceeding analysts' expectations of $3.80, with revenue increasing by 10% year-over-year.
• The company recently declared a quarterly dividend of $0.69 per share, with an ex-dividend date set for October 20th, representing a 2.2% dividend yield.

Allianz Asset Management GmbH lessened its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 23.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 462,090 shares of the construction company's stock after selling 141,363 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.54% of Owens Corning worth $63,547,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OC. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Owens Corning by 21.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,720 shares of the construction company's stock valued at $1,245,000 after acquiring an additional 1,558 shares in the last quarter. Sowell Financial Services LLC bought a new position in shares of Owens Corning during the first quarter valued at approximately $211,000. CWA Asset Management Group LLC raised its holdings in shares of Owens Corning by 23.8% during the first quarter. CWA Asset Management Group LLC now owns 9,526 shares of the construction company's stock valued at $1,361,000 after acquiring an additional 1,829 shares in the last quarter. State of Alaska Department of Revenue raised its holdings in shares of Owens Corning by 0.6% during the first quarter. State of Alaska Department of Revenue now owns 40,619 shares of the construction company's stock valued at $5,801,000 after acquiring an additional 255 shares in the last quarter. Finally, TT International Asset Management LTD raised its holdings in shares of Owens Corning by 15.3% during the first quarter. TT International Asset Management LTD now owns 6,961 shares of the construction company's stock valued at $994,000 after acquiring an additional 922 shares in the last quarter. Institutional investors own 88.40% of the company's stock.

Owens Corning Trading Up 0.6%

NYSE OC opened at $127.09 on Friday. Owens Corning Inc has a 12 month low of $123.23 and a 12 month high of $214.53. The stock has a market cap of $10.63 billion, a P/E ratio of 33.01, a P/E/G ratio of 9.18 and a beta of 1.32. The stock's fifty day moving average price is $144.84 and its 200-day moving average price is $141.31. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, topping analysts' consensus estimates of $3.80 by $0.41. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The firm had revenue of $2.75 billion for the quarter, compared to analysts' expectations of $2.70 billion. During the same period in the prior year, the firm posted $4.64 earnings per share. The company's quarterly revenue was up 10.0% on a year-over-year basis. As a group, equities analysts forecast that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be given a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, October 20th. This represents a $2.76 annualized dividend and a dividend yield of 2.2%. Owens Corning's dividend payout ratio (DPR) is 71.69%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Barclays upped their price target on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Truist Financial decreased their price objective on Owens Corning from $165.00 to $135.00 and set a "hold" rating for the company in a report on Thursday, October 9th. Zacks Research downgraded Owens Corning from a "hold" rating to a "strong sell" rating in a report on Wednesday. Weiss Ratings reiterated a "hold (c)" rating on shares of Owens Corning in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada decreased their price objective on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $178.31.

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.

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