Ashton Thomas Private Wealth LLC Sells 22,143 Shares of Owens Corning Inc $OC

Key Points

• Ashton Thomas cut its Owens Corning stake by 45.3%, selling 22,143 shares in Q4 and now holds 26,700 shares worth about $2.99 million.
• Owens Corning missed quarterly estimates, reporting $1.10 EPS versus $1.36 expected and revenue down 16.8% year-over-year, resulting in a negative net margin of 5.17%.
• The company pays a quarterly dividend of $0.79 (annualized $3.16, ~2.5% yield) and carries a consensus analyst rating of Moderate Buy with a target price near $145.09.

Ashton Thomas Private Wealth LLC decreased its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 45.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,700 shares of the construction company's stock after selling 22,143 shares during the period. Ashton Thomas Private Wealth LLC's holdings in Owens Corning were worth $2,988,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Owens Corning during the fourth quarter valued at approximately $37,000. Root Financial Partners LLC bought a new position in shares of Owens Corning during the third quarter valued at approximately $39,000. Measured Wealth Private Client Group LLC bought a new position in shares of Owens Corning during the third quarter valued at approximately $42,000. SJS Investment Consulting Inc. increased its stake in shares of Owens Corning by 3,766.7% during the third quarter. SJS Investment Consulting Inc. now owns 348 shares of the construction company's stock valued at $49,000 after purchasing an additional 339 shares in the last quarter. Finally, V Square Quantitative Management LLC bought a new position in shares of Owens Corning during the fourth quarter valued at approximately $49,000. Institutional investors own 88.40% of the company's stock.

Owens Corning Price Performance

Shares of OC opened at $124.10 on Wednesday. The company has a market capitalization of $9.98 billion, a P/E ratio of -19.39, a price-to-earnings-growth ratio of 2.13 and a beta of 1.35. The company has a quick ratio of 0.70, a current ratio of 1.26 and a debt-to-equity ratio of 1.20. The firm has a 50 day moving average of $114.68 and a 200 day moving average of $117.15. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.42.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings results on Wednesday, February 25th. The construction company reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.26). The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. Owens Corning's revenue was down 16.8% on a year-over-year basis. During the same period last year, the business earned $3.22 EPS. As a group, equities research analysts anticipate that Owens Corning Inc will post 9.45 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Investors of record on Monday, March 9th were issued a $0.79 dividend. The ex-dividend date was Monday, March 9th. This represents a $3.16 annualized dividend and a yield of 2.5%. Owens Corning's dividend payout ratio (DPR) is currently -49.38%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on OC. Barclays decreased their target price on shares of Owens Corning from $138.00 to $135.00 and set an "overweight" rating for the company in a research note on Wednesday, April 8th. Evercore set a $130.00 target price on shares of Owens Corning in a research note on Friday. Wells Fargo & Company raised their price target on shares of Owens Corning from $125.00 to $135.00 and gave the company an "overweight" rating in a research report on Thursday, April 16th. Bank of America reduced their price target on shares of Owens Corning from $140.00 to $138.00 and set a "buy" rating for the company in a research report on Monday, April 20th. Finally, Zacks Research downgraded shares of Owens Corning from a "hold" rating to a "strong sell" rating in a research report on Monday, March 16th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $145.09.

Owens Corning Company Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company's core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.

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