Guinness Asset Management LTD Has $9.89 Million Stock Holdings in Owens Corning Inc $OC

Key Points

• Guinness Asset Management LTD has reduced its stake in Owens Corning Inc by 38.3% in the first quarter, owning approximately $9.89 million worth of shares after selling 42,968 shares.
• Multiple analysts have recently adjusted their price targets for Owens Corning, with UBS Group lowering their target to $210, while Barclays and Wells Fargo have raised theirs to $173 and $175, respectively.
• Owens Corning reported quarterly earnings of $4.21 per share, exceeding analysts' expectations, and announced a dividend of $0.69 per share, representing a 1.8% yield.

Guinness Asset Management LTD decreased its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 38.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,274 shares of the construction company's stock after selling 42,968 shares during the quarter. Guinness Asset Management LTD owned approximately 0.08% of Owens Corning worth $9,893,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. NorthCrest Asset Manangement LLC lifted its holdings in Owens Corning by 0.6% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 13,043 shares of the construction company's stock valued at $1,863,000 after purchasing an additional 74 shares during the last quarter. Menard Financial Group LLC increased its position in Owens Corning by 3.6% during the 4th quarter. Menard Financial Group LLC now owns 2,272 shares of the construction company's stock worth $387,000 after buying an additional 80 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Owens Corning by 13.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock worth $125,000 after buying an additional 85 shares during the period. UMB Bank n.a. increased its position in Owens Corning by 9.8% during the 1st quarter. UMB Bank n.a. now owns 1,000 shares of the construction company's stock worth $143,000 after buying an additional 89 shares during the period. Finally, Archer Investment Corp increased its position in Owens Corning by 17.9% during the 1st quarter. Archer Investment Corp now owns 660 shares of the construction company's stock worth $94,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 88.40% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on OC shares. UBS Group lowered their price objective on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Barclays increased their price objective on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Wells Fargo & Company raised their price target on Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a research report on Thursday. Evercore ISI raised their price target 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. Finally, Royal Bank Of Canada decreased their price target on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $185.10.

Owens Corning Stock Performance

NYSE:OC opened at $157.65 on Friday. The stock's 50-day simple moving average is $147.25 and its 200 day simple moving average is $142.72. The firm has a market capitalization of $13.18 billion, a PE ratio of 40.95, a price-to-earnings-growth ratio of 10.84 and a beta of 1.32. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. Owens Corning Inc has a twelve month low of $123.40 and a twelve month high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating 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%.Owens Corning's revenue was up 10.0% compared to the same quarter last year. During the same period last year, the firm posted $4.64 earnings per share. On average, analysts anticipate 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 was paid on Thursday, August 7th. Investors of record on Monday, July 21st were paid a $0.69 dividend. The ex-dividend date of this dividend was Monday, July 21st. This represents a $2.76 annualized dividend and a yield of 1.8%. Owens Corning's dividend payout ratio (DPR) is 71.69%.

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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