Ceredex Value Advisors LLC Trims Stock Position in Owens Corning Inc $OC

Key Points

• Ceredex Value Advisors cut its stake in Owens Corning by 45.3% in Q3, selling 110,100 shares and now holds 133,150 shares (0.16% of the company) worth about $18.84 million.
• Owens Corning's latest quarter missed estimates — EPS $1.10 vs. $1.36 expected and revenue $2.14 billion vs. $2.17 billion — with revenue down 16.8% year-over-year and a negative net margin of 5.17%.
• The company declared a $0.79 quarterly dividend (annualized $3.16, yield 2.9%), and analysts' consensus rating is Moderate Buy with an average target price of $151.58.

Ceredex Value Advisors LLC cut its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 45.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 133,150 shares of the construction company's stock after selling 110,100 shares during the period. Ceredex Value Advisors LLC owned 0.16% of Owens Corning worth $18,835,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of OC. Twin Peaks Wealth Advisors LLC purchased a new stake in Owens Corning in the 2nd quarter valued at about $26,000. Rexford Capital Inc. purchased a new stake in shares of Owens Corning in the 2nd quarter valued at approximately $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Owens Corning in the 2nd quarter worth approximately $30,000. Vermillion & White Wealth Management Group LLC boosted its position in shares of Owens Corning by 149.4% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company's stock worth $31,000 after purchasing an additional 133 shares during the period. Finally, Root Financial Partners LLC purchased a new stake in Owens Corning in the third quarter valued at approximately $39,000. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Trading Down 2.0%

NYSE:OC opened at $107.54 on Tuesday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.70 and a current ratio of 1.26. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.42. The stock has a market cap of $8.64 billion, a P/E ratio of -16.80, a P/E/G ratio of 1.78 and a beta of 1.35. The stock has a 50-day simple moving average of $123.44 and a 200-day simple moving average of $125.78.

Owens Corning (NYSE:OC - Get Free Report) last posted its 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 business had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.17 billion. Owens Corning had a positive return on equity of 21.93% and a negative net margin of 5.17%.Owens Corning's revenue for the quarter was down 16.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.22 EPS. As a group, analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 9th will be given a $0.79 dividend. The ex-dividend date of this dividend is Monday, March 9th. This represents a $3.16 dividend on an annualized basis and a yield of 2.9%. Owens Corning's payout ratio is -49.38%.

Wall Street Analysts Forecast Growth

OC has been the subject of a number of research reports. Royal Bank Of Canada set a $143.00 price objective on Owens Corning in a research note on Friday, January 9th. Citigroup cut their price target on shares of Owens Corning from $137.00 to $135.00 and set a "buy" rating on the stock in a research note on Thursday, January 8th. Weiss Ratings reissued a "sell (d+)" rating on shares of Owens Corning in a research note on Monday, December 29th. Wells Fargo & Company increased their target price on shares of Owens Corning from $145.00 to $155.00 and gave the stock an "overweight" rating in a report on Wednesday, February 11th. Finally, Barclays raised their price target on shares of Owens Corning from $130.00 to $138.00 and gave the company an "overweight" rating in a research report on Thursday, January 15th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $151.58.

Owens Corning 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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