KLP Kapitalforvaltning AS Trims Stock Holdings in Owens Corning Inc $OC

Key Points

• KLP Kapitalforvaltning AS reduced its stake in Owens Corning Inc by 5.8%, now holding 125,843 shares worth approximately $17.3 million.
• Analyst ratings show a mix, with Bank of America lowering its price target to $168 while Wells Fargo raised theirs to $175, reflecting a consensus rating of "Moderate Buy".
• Owens Corning recently announced a $0.69 quarterly dividend, indicating an annualized yield of 2.1%, with an ex-dividend date set for October 20th.

KLP Kapitalforvaltning AS decreased its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 5.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 125,843 shares of the construction company's stock after selling 7,700 shares during the period. KLP Kapitalforvaltning AS owned 0.15% of Owens Corning worth $17,306,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of OC. UMB Bank n.a. increased its holdings in Owens Corning by 9.8% during the 1st quarter. UMB Bank n.a. now owns 1,000 shares of the construction company's stock worth $143,000 after acquiring an additional 89 shares during the period. Wedmont Private Capital bought a new stake in Owens Corning during the 1st quarter worth approximately $208,000. Farther Finance Advisors LLC increased its holdings in Owens Corning by 29.6% during the 1st quarter. Farther Finance Advisors LLC now owns 2,819 shares of the construction company's stock worth $406,000 after acquiring an additional 644 shares during the period. Pallas Capital Advisors LLC bought a new stake in Owens Corning during the 1st quarter worth approximately $205,000. Finally, Assenagon Asset Management S.A. increased its holdings in Owens Corning by 485.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 89,896 shares of the construction company's stock worth $12,839,000 after acquiring an additional 74,543 shares during the period. Institutional investors own 88.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on OC shares. Bank of America decreased their target price on shares of Owens Corning from $180.00 to $168.00 and set a "buy" rating on the stock in a report on Wednesday, October 1st. Wells Fargo & Company upped their target price on shares of Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a report on Thursday, September 11th. Barclays upped their target price on shares of Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Evercore ISI decreased their target price on shares of Owens Corning from $169.00 to $153.00 and set an "in-line" rating on the stock in a report on Tuesday. Finally, Royal Bank Of Canada cut their price target on shares of Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Ten analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $181.92.

Owens Corning Trading Up 0.3%

OC stock opened at $133.76 on Thursday. The company has a market capitalization of $11.19 billion, a PE ratio of 34.74, a price-to-earnings-growth ratio of 9.58 and a beta of 1.32. Owens Corning Inc has a one year low of $123.40 and a one year high of $214.53. The company's 50 day moving average price is $146.90 and its two-hundred day moving average price is $142.24. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts' expectations of $2.70 billion. During the same quarter in the prior year, the company earned $4.64 EPS. The firm's revenue was up 10.0% on a year-over-year basis. As a group, analysts predict that Owens Corning Inc will post 15.49 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, November 6th. Stockholders of record on Monday, October 20th will be paid a $0.69 dividend. The ex-dividend date of this dividend is Monday, October 20th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.1%. Owens Corning's dividend payout ratio is 71.69%.

Owens Corning Profile

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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