KBC Group NV Sells 97,211 Shares of Owens Corning Inc $OC

Key Points

• KBC Group NV cut its Owens Corning stake by 41.3% in the first quarter, selling 97,211 shares and ending with 137,946 shares worth about $14.93 million.
• Other major institutional holders remained heavily invested, with Vanguard, State Street, Price T Rowe, Dimensional Fund Advisors and Davis Selected Advisers all reporting sizable positions; overall, 88.4% of OC stock is held by hedge funds and other institutions.
• Owens Corning reported better-than-expected quarterly results, posting $1.22 EPS versus the $1.01 estimate and revenue of $2.27 billion, while analysts currently rate the stock Moderate Buy with a consensus target price of $157.50.

KBC Group NV lessened its position in Owens Corning Inc (NYSE:OC - Free Report) by 41.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 137,946 shares of the construction company's stock after selling 97,211 shares during the quarter. KBC Group NV owned approximately 0.17% of Owens Corning worth $14,929,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Owens Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company's stock valued at $1,092,883,000 after buying an additional 84,096 shares during the period. State Street Corp increased its stake in shares of Owens Corning by 2.3% in the 3rd quarter. State Street Corp now owns 3,634,987 shares of the construction company's stock worth $514,205,000 after acquiring an additional 81,133 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Owens Corning by 9.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,594,229 shares of the construction company's stock valued at $290,321,000 after acquiring an additional 231,871 shares during the period. Dimensional Fund Advisors LP lifted its position in Owens Corning by 33.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,576,405 shares of the construction company's stock valued at $288,332,000 after acquiring an additional 645,773 shares during the period. Finally, Davis Selected Advisers boosted its stake 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 worth $229,035,000 after acquiring an additional 269,216 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the business's stock in a transaction 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 completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the company's stock in a transaction on Friday, May 8th. The shares were 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 in the company, valued at approximately $374,005.56. The trade was a 38.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.92% of the company's stock.

Owens Corning Stock Down 0.4%

NYSE:OC opened at $139.98 on Wednesday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.74 and a current ratio of 1.24. The firm has a market cap of $11.27 billion, a P/E ratio of -21.18, a P/E/G ratio of 2.73 and a beta of 1.30. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.91. The firm has a 50-day simple moving average of $129.90 and a two-hundred day simple moving average of $122.88.

Owens Corning (NYSE:OC - Get Free Report) last issued 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. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The firm had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter in the prior year, the firm posted $2.97 earnings per share. The business's revenue was down 10.5% on a year-over-year basis. Analysts predict that Owens Corning Inc will post 9.55 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have weighed in on OC. The Goldman Sachs Group upped their price objective on shares of Owens Corning from $141.00 to $159.00 and gave the stock a "neutral" rating in a report on Friday, July 10th. JPMorgan Chase & Co. lifted their target price on shares of Owens Corning from $115.00 to $121.00 and gave the company a "neutral" rating in a report on Friday, May 8th. Weiss Ratings upgraded Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, June 24th. Barclays raised their price objective on Owens Corning from $144.00 to $170.00 and gave the company an "overweight" rating in a research report on Tuesday, July 14th. Finally, Evercore upgraded Owens Corning from an "in-line" rating to an "outperform" rating and set a $188.00 price objective for the company in a research note on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Owens Corning presently has a consensus rating of "Moderate Buy" and a consensus target price of $157.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.