Hsbc Holdings PLC Has $2.67 Million Stock Position in Owens Corning Inc $OC

Key Points

• HSBC Holdings PLC cut its Owens Corning stake by 44.5% in the fourth quarter, selling 19,041 shares and ending with 23,771 shares worth about $2.67 million.
• Owens Corning reported better-than-expected quarterly results, posting EPS of $1.22 versus the $1.01 consensus and revenue of $2.27 billion versus $2.18 billion expected, though sales were still down 10.5% year over year.
• The company remains supported by analysts and pays a dividend: its average rating is “Moderate Buy” with a $154.08 target price, and it recently declared a quarterly dividend of $0.79 per share, or $3.16 annually.

Hsbc Holdings PLC reduced its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 44.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 23,771 shares of the construction company's stock after selling 19,041 shares during the quarter. Hsbc Holdings PLC's holdings in Owens Corning were worth $2,668,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Owens Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company's stock worth $1,092,883,000 after purchasing an additional 84,096 shares in the last quarter. State Street Corp boosted its position in Owens Corning by 2.3% in the third quarter. State Street Corp now owns 3,634,987 shares of the construction company's stock valued at $514,205,000 after buying an additional 81,133 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Owens Corning by 9.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,594,229 shares of the construction company's stock worth $290,321,000 after buying an additional 231,871 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Owens Corning by 33.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company's stock worth $288,332,000 after buying an additional 645,773 shares during the last quarter. Finally, Davis Selected Advisers increased its holdings in shares of Owens Corning by 15.1% during the fourth quarter. Davis Selected Advisers now owns 2,046,583 shares of the construction company's stock worth $229,035,000 after buying an additional 269,216 shares in the last quarter. Institutional investors own 88.40% of the company's stock.

Owens Corning Price Performance

OC stock opened at $143.27 on Friday. The company has a quick ratio of 0.74, a current ratio of 1.24 and a debt-to-equity ratio of 1.27. The firm has a market cap of $11.54 billion, a price-to-earnings ratio of -21.67, a PEG ratio of 2.54 and a beta of 1.30. The company's fifty day simple moving average is $127.01 and its 200 day simple moving average is $121.39. 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 issued its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.01 by $0.21. The firm had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.18 billion. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The business's revenue was down 10.5% compared to the same quarter last year. During the same period last year, the business posted $2.97 EPS. On average, analysts expect that Owens Corning Inc will post 9.53 earnings per share for the current year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 20th will be paid a dividend of $0.79 per share. The ex-dividend date of this dividend is Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.2%. Owens Corning's dividend payout ratio (DPR) is currently -47.81%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on OC shares. Evercore raised Owens Corning from an "in-line" rating to an "outperform" rating and set a $188.00 price objective on the stock in a report on Tuesday, June 30th. Royal Bank Of Canada upped their target price on Owens Corning from $148.00 to $172.00 and gave the stock an "outperform" rating in a report on Friday. JPMorgan Chase & Co. increased their target price on Owens Corning from $115.00 to $121.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Barclays lifted their price target on Owens Corning from $135.00 to $144.00 and gave the company an "overweight" rating in a research note on Monday, May 11th. Finally, The Goldman Sachs Group upped their price objective on Owens Corning from $141.00 to $159.00 and gave the company a "neutral" rating in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $154.08.

Insider Buying and Selling

In other Owens Corning news, VP Mari Doerfler sold 1,926 shares of the business's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $120.92, for a total value of $232,891.92. Following the transaction, the vice president directly owned 3,093 shares of the company's stock, valued at approximately $374,005.56. The trade was a 38.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Rachel Barthelemy Marcon sold 700 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the transaction, the insider owned 15,848 shares in the company, valued at $1,913,012.08. The trade was a 4.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company's stock.

About Owens Corning

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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