Janney Montgomery Scott LLC Reduces Stock Holdings in Owens Corning Inc $OC

Key Points

• Janney Montgomery Scott LLC reduced its stake in Owens Corning Inc by 10.9%, ending the quarter with 26,200 shares valued at approximately $3.6 million.
• Owens Corning recently reported a quarterly earnings per share of $4.21, surpassing analysts' expectations of $3.80, and highlighted a revenue increase of 10% year-over-year.
• The company also announced a quarterly dividend of $0.69 per share, with an upcoming payout date of November 6th, reflecting an annualized yield of 2.1%.

Janney Montgomery Scott LLC lessened its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 10.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,200 shares of the construction company's stock after selling 3,210 shares during the quarter. Janney Montgomery Scott LLC's holdings in Owens Corning were worth $3,603,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Owens Corning by 12.0% during the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock worth $1,401,876,000 after buying an additional 1,053,855 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Owens Corning by 67.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock worth $339,930,000 after buying an additional 957,295 shares during the period. LSV Asset Management boosted its stake in Owens Corning by 1.9% during the first quarter. LSV Asset Management now owns 1,476,067 shares of the construction company's stock worth $210,812,000 after buying an additional 27,185 shares during the period. Bank of New York Mellon Corp boosted its stake in Owens Corning by 0.7% during the first quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock worth $123,634,000 after buying an additional 5,819 shares during the period. Finally, Millennium Management LLC boosted its stake in Owens Corning by 179.0% during the first quarter. Millennium Management LLC now owns 863,230 shares of the construction company's stock worth $123,287,000 after buying an additional 553,864 shares during the period. Hedge funds and other institutional investors own 88.40% of the company's stock.

Owens Corning Stock Up 0.3%

OC stock opened at $133.76 on Thursday. The company has a current ratio of 1.52, a quick ratio of 0.95 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. The company's 50 day moving average is $146.90 and its two-hundred day moving average is $142.24. The stock has a market cap of $11.19 billion, a P/E ratio of 34.74, a PEG ratio of 9.58 and a beta of 1.32.

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, topping analysts' consensus estimates of $3.80 by $0.41. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The company had revenue of $2.75 billion for the quarter, compared to analysts' expectations of $2.70 billion. During the same quarter last year, the company earned $4.64 earnings per share. The firm's revenue for the quarter was up 10.0% on a year-over-year basis. Research analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be issued a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, October 20th. This represents a $2.76 dividend on an annualized basis and a yield of 2.1%. Owens Corning's dividend payout ratio (DPR) is presently 71.69%.

Wall Street Analyst Weigh In

OC has been the topic of several research reports. Wells Fargo & Company increased their price target on shares of Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a research report on Thursday, September 11th. Evercore ISI reduced their price target on shares of Owens Corning from $169.00 to $153.00 and set an "in-line" rating on the stock in a research report on Tuesday. Weiss Ratings reissued a "hold (c)" rating on shares of Owens Corning in a research report on Wednesday. Jefferies Financial Group reduced their price target on shares of Owens Corning from $185.00 to $180.00 and set a "buy" rating on the stock in a research report on Tuesday. Finally, Royal Bank Of Canada reduced their price target on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Ten research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $181.92.

About Owens Corning

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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