Keybank National Association OH Sells 2,846 Shares of Owens Corning Inc (NYSE:OC)

Keybank National Association OH cut its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 9.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,738 shares of the construction company's stock after selling 2,846 shares during the period. Keybank National Association OH's holdings in Owens Corning were worth $4,104,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Price T Rowe Associates Inc. MD grew its holdings in Owens Corning by 41.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock valued at $242,337,000 after purchasing an additional 414,770 shares during the period. Norges Bank bought a new position in Owens Corning during the fourth quarter valued at $208,519,000. Northern Trust Corp grew its holdings in Owens Corning by 27.4% during the fourth quarter. Northern Trust Corp now owns 964,861 shares of the construction company's stock valued at $164,335,000 after purchasing an additional 207,677 shares during the period. First Trust Advisors LP grew its holdings in Owens Corning by 20.7% during the fourth quarter. First Trust Advisors LP now owns 744,771 shares of the construction company's stock valued at $126,849,000 after purchasing an additional 127,785 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Owens Corning by 1.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 739,669 shares of the construction company's stock valued at $125,980,000 after purchasing an additional 12,394 shares during the period. 88.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on OC. Wells Fargo & Company raised their price target on Owens Corning from $150.00 to $160.00 and gave the stock an "overweight" rating in a report on Thursday, May 15th. Deutsche Bank Aktiengesellschaft began coverage on Owens Corning in a report on Tuesday, April 1st. They issued a "buy" rating and a $183.00 price target for the company. UBS Group cut their price target on Owens Corning from $235.00 to $218.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Evercore ISI set a $165.00 price target on Owens Corning in a report on Thursday, May 15th. Finally, Loop Capital cut their price target on Owens Corning from $203.00 to $180.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $183.80.

Owens Corning Price Performance

NYSE OC traded down $0.48 during trading hours on Friday, reaching $145.10. 592,395 shares of the stock traded hands, compared to its average volume of 861,870. The stock has a 50 day simple moving average of $138.45 and a two-hundred day simple moving average of $152.70. Owens Corning Inc has a 1 year low of $123.41 and a 1 year high of $214.53. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.44 and a quick ratio of 0.93. The company has a market cap of $12.34 billion, a price-to-earnings ratio of 51.09, a price-to-earnings-growth ratio of 3.83 and a beta of 1.33.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share for the quarter, beating analysts' consensus estimates of $2.82 by $0.15. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. The business had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter last year, the business posted $3.40 earnings per share. The company's revenue for the quarter was up 25.4% on a year-over-year basis. On average, analysts predict that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning declared that its Board of Directors has initiated a share buyback plan on Wednesday, May 14th that authorizes the company to buyback 12,000,000 outstanding shares. This buyback authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Monday, July 21st will be paid a dividend of $0.69 per share. The ex-dividend date is Monday, July 21st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.90%. Owens Corning's dividend payout ratio (DPR) is currently 97.18%.

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.