Owens Corning Inc $OC Shares Sold by HITE Hedge Asset Management LLC

Key Points

• HITE Hedge Asset Management cut its stake in Owens Corning by 45.7% in Q3, selling 16,866 shares and retaining 20,000 shares worth $2.83 million.
• Several large institutions boosted positions simultaneously — notably Arrowstreet (+312% to 234,142 shares, ~$33.1M) and UBS (+52.6% to 646,706 shares, ~$91.5M) — leaving institutional ownership at about 88.4%.
• Owens Corning recently missed Q4 estimates (EPS $1.10 vs. $1.36 expected) and has a negative P/E, but pays a $0.79 quarterly dividend (annualized $3.16, ~3.1% yield) and carries mixed analyst sentiment with an average target of $151.58.

HITE Hedge Asset Management LLC trimmed its position in Owens Corning Inc (NYSE:OC - Free Report) by 45.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,000 shares of the construction company's stock after selling 16,866 shares during the quarter. HITE Hedge Asset Management LLC's holdings in Owens Corning were worth $2,829,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in OC. Arrowstreet Capital Limited Partnership raised its holdings in shares of Owens Corning by 312.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 234,142 shares of the construction company's stock worth $33,122,000 after purchasing an additional 177,370 shares during the period. Sei Investments Co. boosted its holdings in shares of Owens Corning by 8.3% in the 3rd quarter. Sei Investments Co. now owns 53,536 shares of the construction company's stock valued at $7,573,000 after buying an additional 4,100 shares during the period. BOKF NA grew its position in shares of Owens Corning by 1.3% during the 3rd quarter. BOKF NA now owns 23,880 shares of the construction company's stock valued at $3,378,000 after buying an additional 301 shares during the last quarter. UBS Group AG grew its position in shares of Owens Corning by 52.6% during the 3rd quarter. UBS Group AG now owns 646,706 shares of the construction company's stock valued at $91,483,000 after buying an additional 222,895 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Owens Corning by 78.4% during the third quarter. BNP Paribas Financial Markets now owns 67,086 shares of the construction company's stock worth $9,490,000 after acquiring an additional 29,486 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Price Performance

Shares of NYSE OC opened at $102.89 on Friday. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.42. The firm's 50-day simple moving average is $123.03 and its 200 day simple moving average is $125.15. The company has a quick ratio of 0.70, a current ratio of 1.26 and a debt-to-equity ratio of 1.20. The stock has a market cap of $8.27 billion, a P/E ratio of -16.08, a P/E/G ratio of 1.74 and a beta of 1.35.

Owens Corning (NYSE:OC - Get Free Report) last announced its earnings results on Wednesday, February 25th. The construction company reported $1.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.36 by ($0.26). The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The business's quarterly revenue was down 16.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.22 EPS. Equities analysts expect that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Monday, March 9th will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Monday, March 9th. Owens Corning's dividend payout ratio is currently -49.38%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Citigroup cut their target price on shares of Owens Corning from $137.00 to $135.00 and set a "buy" rating on the stock in a report on Thursday, January 8th. UBS Group increased their price target on Owens Corning from $160.00 to $172.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. Weiss Ratings reissued a "sell (d+)" rating on shares of Owens Corning in a report on Monday, December 29th. Wells Fargo & Company boosted their price objective on Owens Corning from $145.00 to $155.00 and gave the company an "overweight" rating in a research report on Wednesday, February 11th. Finally, Royal Bank Of Canada set a $143.00 price objective on Owens Corning in a research note on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $151.58.

Owens Corning 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.

Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning Inc (NYSE:OC - Free Report).

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.