BDF Gestion Sells 2,118 Shares of Owens Corning Inc $OC

Key Points

• BDF Gestion has reduced its stake in Owens Corning Inc by 9.8%, selling 2,118 shares, and now holds a total of 19,431 shares valued at approximately $2.67 million.
• The company's recent quarterly earnings surpassed expectations, reporting $4.21 EPS and revenue of $2.75 billion, reflecting a 10% increase compared to the previous year.
• Owens Corning announced a quarterly dividend of $0.69 per share, with an annualized yield of 1.9%, payable to shareholders on November 6th.

BDF Gestion lowered its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 9.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,431 shares of the construction company's stock after selling 2,118 shares during the period. BDF Gestion's holdings in Owens Corning were worth $2,672,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bangor Savings Bank bought a new position in shares of Owens Corning in the 2nd quarter worth $28,000. Wayfinding Financial LLC purchased a new position in Owens Corning in the first quarter valued at about $60,000. Geneos Wealth Management Inc. grew its stake in Owens Corning by 61.7% in the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company's stock valued at $69,000 after purchasing an additional 184 shares during the last quarter. Archer Investment Corp raised its holdings in Owens Corning by 17.9% in the first quarter. Archer Investment Corp now owns 660 shares of the construction company's stock worth $94,000 after purchasing an additional 100 shares in the last quarter. Finally, Quarry LP lifted its position in shares of Owens Corning by 36.0% during the first quarter. Quarry LP now owns 676 shares of the construction company's stock valued at $97,000 after buying an additional 179 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. UBS Group lowered their price target on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Barclays raised their target price on shares of Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Wells Fargo & Company lifted their price target on shares of Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a report on Thursday, September 11th. 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. Finally, Evercore ISI raised their price objective on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Owens Corning currently has a consensus rating of "Moderate Buy" and an average target price of $185.10.

Owens Corning Stock Down 1.4%

Shares of OC stock opened at $145.45 on Friday. Owens Corning Inc has a twelve month low of $123.40 and a twelve month high of $214.53. The stock has a market cap of $12.16 billion, a P/E ratio of 37.78, a P/E/G ratio of 10.45 and a beta of 1.32. The stock has a 50 day moving average of $147.56 and a 200 day moving average of $142.60. 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 quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, topping the consensus estimate of $3.80 by $0.41. The business had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The business's quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.64 EPS. As a group, sell-side analysts expect that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be issued a $0.69 dividend. The ex-dividend date of this dividend is Monday, October 20th. This represents a $2.76 dividend on an annualized basis and a yield of 1.9%. Owens Corning's payout ratio is presently 71.69%.

About Owens Corning

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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