Handelsbanken Fonder AB Has $18.10 Million Stock Holdings in Owens Corning Inc $OC

Key Points

• Handelsbanken Fonder AB cut its Owens Corning stake by 11.9% in the second quarter, selling 15,334 shares and retaining 113,858 shares valued at approximately $18.1 million. Institutional investors collectively own 88.4% of the company.
• Owens Corning reported quarterly EPS of $3.93, beating estimates of $3.09, while revenue reached $2.76 billion versus expectations of $2.66 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $163.25.
• The stock opened at $155.44 and remains near its 12-month high of $159.91. Owens Corning also announced a quarterly dividend of $0.79 per share, equal to an annualized $3.16 and a 2.0% yield.

Handelsbanken Fonder AB trimmed its stake in Owens Corning Inc (NYSE:OC - Free Report) by 11.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 113,858 shares of the construction company's stock after selling 15,334 shares during the period. Handelsbanken Fonder AB owned about 0.14% of Owens Corning worth $18,099,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OC. Assenagon Asset Management S.A. boosted its position in Owens Corning by 777.3% during the second quarter. Assenagon Asset Management S.A. now owns 39,577 shares of the construction company's stock valued at $6,291,000 after acquiring an additional 35,066 shares during the last quarter. Baron Wealth Management LLC bought a new position in Owens Corning in the second quarter worth approximately $219,000. GAMMA Investing LLC grew its stake in Owens Corning by 33.5% in the second quarter. GAMMA Investing LLC now owns 2,747 shares of the construction company's stock valued at $437,000 after acquiring an additional 689 shares during the period. Versant Capital Management Inc raised its position in shares of Owens Corning by 13.8% during the second quarter. Versant Capital Management Inc now owns 1,017 shares of the construction company's stock worth $162,000 after purchasing an additional 123 shares during the period. Finally, Eastern Bank acquired a new stake in Owens Corning in the 2nd quarter valued at $70,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider owned 15,848 shares in the company, valued at $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by insiders.

Owens Corning Trading Down 2.2%

NYSE:OC opened at $155.44 on Thursday. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The stock has a market capitalization of $12.29 billion, a PE ratio of -19.29, a price-to-earnings-growth ratio of 2.76 and a beta of 1.32. The firm's 50 day moving average is $138.83 and its 200 day moving average is $125.84. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91.

Owens Corning (NYSE:OC - Get Free Report) last released its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.09 by $0.84. The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The business's revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the business posted $4.21 earnings per share. Sell-side analysts expect that Owens Corning Inc will post 9.65 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was Monday, July 20th. Owens Corning's dividend payout ratio (DPR) is currently -39.21%.

Analyst Ratings Changes

A number of research analysts have weighed in on OC shares. Wall Street Zen raised shares of Owens Corning from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Citigroup upped their target price on shares of Owens Corning from $149.00 to $177.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Evercore reissued an "outperform" rating and set a $193.00 price objective on shares of Owens Corning in a report on Thursday, July 23rd. Barclays increased their price objective on Owens Corning from $170.00 to $177.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Finally, Weiss Ratings raised Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $163.25.

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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