Alliancebernstein L.P. Reduces Stock Position in Owens Corning Inc $OC

Key Points

• Alliancebernstein L.P. reduced its stake in Owens Corning by 5.1%, holding approximately 156,152 shares valued at $22.3 million after selling 8,473 shares.
• Despite this decrease, other institutional investors such as Vanguard Group and Price T Rowe Associates increased their stakes significantly, highlighting strong institutional interest with 88.40% of the stock owned by such investors.
• Owens Corning reported a higher-than-expected earnings of $4.21 per share, exceeding analyst estimates, and announced a quarterly dividend yielding 1.8% while maintaining a payout ratio of 71.69%.

Alliancebernstein L.P. cut its holdings in Owens Corning Inc (NYSE:OC - Free Report) by 5.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 156,152 shares of the construction company's stock after selling 8,473 shares during the quarter. Alliancebernstein L.P. owned 0.18% of Owens Corning worth $22,302,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Wayfinding Financial LLC acquired a new stake in Owens Corning in the 1st quarter valued at $60,000. Archer Investment Corp grew its holdings in shares of Owens Corning by 17.9% during the first quarter. Archer Investment Corp now owns 660 shares of the construction company's stock valued at $94,000 after buying an additional 100 shares during the last quarter. Quarry LP increased its position in shares of Owens Corning by 36.0% during the first quarter. Quarry LP now owns 676 shares of the construction company's stock worth $97,000 after acquiring an additional 179 shares in the last quarter. Bayforest Capital Ltd acquired a new stake in shares of Owens Corning in the 1st quarter worth about $100,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Owens Corning by 13.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock valued at $125,000 after acquiring an additional 85 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Stock Performance

Owens Corning stock traded down $2.77 during trading on Tuesday, hitting $149.64. The stock had a trading volume of 751,031 shares, compared to its average volume of 905,233. Owens Corning Inc has a 1 year low of $123.40 and a 1 year high of $214.53. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The stock's 50 day moving average is $147.69 and its two-hundred day moving average is $142.57. The stock has a market cap of $12.51 billion, a price-to-earnings ratio of 38.87, a price-to-earnings-growth ratio of 10.79 and a beta of 1.32.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 EPS 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 business had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the prior year, the business earned $4.64 earnings per share. Owens Corning's revenue for the quarter was up 10.0% on a year-over-year basis. As a group, analysts predict that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Monday, July 21st were paid a $0.69 dividend. The ex-dividend date was Monday, July 21st. This represents a $2.76 annualized dividend and a yield of 1.8%. Owens Corning's dividend payout ratio is presently 71.69%.

Analyst Ratings Changes

OC has been the subject of a number of recent research reports. UBS Group decreased their price objective on Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Wells Fargo & Company upped their price target on Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a report on Thursday, September 11th. Evercore ISI increased their price target on Owens Corning from $165.00 to $169.00 and gave the company an "in-line" rating in a research report on Friday, August 8th. Barclays raised their price objective on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada reduced their target price 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. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $185.10.

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.