LGT Fund Management Co Ltd. Decreases Holdings in Owens Corning Inc $OC

Key Points

• LGT Fund Management Co Ltd. decreased its holdings in Owens Corning Inc by 45.9% during the second quarter, owning only 4,145 shares worth $570,000 after selling 3,510 shares.
• Owens Corning reported a quarterly earnings per share of $4.21, exceeding estimates of $3.80, with a revenue increase of 10% year-over-year.
• The company declared a quarterly dividend of $0.69 per share, with the dividend yield at 2.0%, to be paid on November 6th to investors on record by October 20th.

LGT Fund Management Co Ltd. trimmed its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 45.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,145 shares of the construction company's stock after selling 3,510 shares during the period. LGT Fund Management Co Ltd.'s holdings in Owens Corning were worth $570,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Owens Corning by 12.0% in the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock valued at $1,401,876,000 after purchasing an additional 1,053,855 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Owens Corning by 67.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock valued at $339,930,000 after purchasing an additional 957,295 shares during the last quarter. Nuveen LLC bought a new stake in Owens Corning in the first quarter valued at approximately $91,698,000. Millennium Management LLC lifted its position in Owens Corning by 179.0% in the first quarter. Millennium Management LLC now owns 863,230 shares of the construction company's stock valued at $123,287,000 after purchasing an additional 553,864 shares during the last quarter. Finally, 140 Summer Partners LP bought a new stake in Owens Corning in the first quarter valued at approximately $46,869,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Trading Down 1.6%

NYSE OC opened at $138.64 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.52 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 firm has a market capitalization of $11.59 billion, a PE ratio of 36.01, a P/E/G ratio of 9.97 and a beta of 1.32. The stock's 50 day moving average is $147.39 and its 200 day moving average is $142.45.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating the consensus estimate of $3.80 by $0.41. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The company had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same period in the previous year, the company posted $4.64 earnings per share. The firm's revenue was up 10.0% on a year-over-year basis. Research analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be given a dividend of $0.69 per share. The ex-dividend date is Monday, October 20th. This represents a $2.76 annualized dividend and a dividend yield of 2.0%. Owens Corning's payout ratio is currently 71.69%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Owens Corning in a research report on Saturday, September 27th. Barclays boosted their price objective on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Evercore ISI boosted their target price on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a research note on Friday, August 8th. Royal Bank Of Canada reduced their target price on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Finally, Bank of America reduced their target price on Owens Corning from $180.00 to $168.00 and set a "buy" rating on the stock in a research note on Wednesday. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Owens Corning currently has an average rating of "Moderate Buy" and an average target price of $183.55.

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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