Hsbc Holdings PLC Sells 19,041 Shares of 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 leaving it with 23,771 shares valued at about $2.67 million.
• Owens Corning reported better-than-expected Q1 earnings of $1.22 per share on revenue of $2.27 billion, though revenue fell 10.5% from a year ago.
• The company declared a quarterly dividend of $0.79 per share payable August 6, while analysts currently rate the stock a Moderate Buy with an average price target of $144.82.

Hsbc Holdings PLC lowered its position in Owens Corning Inc (NYSE:OC - Free Report) by 44.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Owens Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company's stock worth $1,092,883,000 after acquiring an additional 84,096 shares during the last quarter. State Street Corp increased its position in shares of Owens Corning by 2.3% during the third quarter. State Street Corp now owns 3,634,987 shares of the construction company's stock worth $514,205,000 after buying an additional 81,133 shares during the period. Price T Rowe Associates Inc. MD raised its stake in 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 lifted its holdings in Owens Corning by 33.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company's stock valued at $288,332,000 after buying an additional 645,773 shares during the period. Finally, Davis Selected Advisers boosted its position in Owens Corning by 15.1% during the fourth quarter. Davis Selected Advisers now owns 2,046,583 shares of the construction company's stock valued at $229,035,000 after acquiring an additional 269,216 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Trading Down 0.1%

NYSE OC opened at $135.28 on Monday. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. The business has a fifty day simple moving average of $122.08 and a 200 day simple moving average of $119.11. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.42. The firm has a market capitalization of $10.89 billion, a P/E ratio of -20.47, a PEG ratio of 2.46 and a beta of 1.34.

Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.21. The firm had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The business's revenue was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.97 EPS. On average, analysts predict that Owens Corning Inc will post 9.53 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 6th. Investors of record on Monday, July 20th will be issued a dividend of $0.79 per share. The ex-dividend date is Monday, July 20th. This represents a $3.16 annualized dividend and a yield of 2.3%. Owens Corning's payout ratio is -47.81%.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the 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 sale, the insider owned 15,848 shares in the company, valued at approximately $1,913,012.08. This trade represents a 4.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the completion of the sale, the vice president owned 3,093 shares of the company's stock, valued at approximately $374,005.56. This trade represents a 38.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.92% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. The Goldman Sachs Group increased their price target on Owens Corning from $125.00 to $141.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Zacks Research raised shares of Owens Corning from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. Wells Fargo & Company boosted their target price on shares of Owens Corning from $135.00 to $150.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Royal Bank Of Canada increased their price objective on shares of Owens Corning from $134.00 to $148.00 and gave the stock an "outperform" rating in a research report on Thursday, May 7th. Finally, Weiss Ratings upgraded Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Owens Corning presently has an average rating of "Moderate Buy" and an average target price of $144.82.

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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