Owens Corning Inc $OC Shares Sold by J. Safra Sarasin Holding AG

Key Points

• J. Safra Sarasin Holding AG significantly reduced its shareholding in Owens Corning by 84.8%, now owning 30,963 shares valued at $4.26 million after selling 172,334 shares in the second quarter.
• Owens Corning reported earnings per share of $4.21 for the last quarter, exceeding analyst expectations, with revenues reaching $2.75 billion, up 10% year-over-year.
• The company announced a quarterly dividend of $0.69, which will be paid on November 6th, contributing to an annualized yield of 2.0%.

J. Safra Sarasin Holding AG lessened its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 84.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,963 shares of the construction company's stock after selling 172,334 shares during the quarter. J. Safra Sarasin Holding AG's holdings in Owens Corning were worth $4,258,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its position in Owens Corning by 5.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,162 shares of the construction company's stock worth $1,220,000 after acquiring an additional 369 shares during the last quarter. NBC Securities Inc. acquired a new stake in Owens Corning in the 1st quarter valued at about $126,000. Merit Financial Group LLC lifted its stake in Owens Corning by 13.2% in the 1st quarter. Merit Financial Group LLC now owns 3,809 shares of the construction company's stock worth $544,000 after purchasing an additional 445 shares in the last quarter. Curat Global LLC acquired a new position in shares of Owens Corning during the 1st quarter worth approximately $320,000. Finally, WealthBridge Investment Counsel Inc. grew its position in shares of Owens Corning by 3.4% in the first quarter. WealthBridge Investment Counsel Inc. now owns 38,020 shares of the construction company's stock valued at $5,430,000 after purchasing an additional 1,260 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company's stock.

Wall Street Analyst Weigh In

OC has been the topic of a number of analyst reports. Evercore ISI lifted their price objective on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. Barclays lifted their price target on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Wells Fargo & Company boosted their price target on shares of Owens Corning from $170.00 to $175.00 and gave the company an "overweight" rating in a research report on Thursday, September 11th. UBS Group cut their price objective on shares of Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Finally, 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. Nine investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $183.55.

Owens Corning Stock Down 0.4%

Shares of OC opened at $140.79 on Friday. The company's 50-day moving average price is $147.54 and its 200 day moving average price is $142.53. Owens Corning Inc has a 12-month low of $123.40 and a 12-month high of $214.53. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. The firm has a market cap of $11.77 billion, a P/E ratio of 36.57, a price-to-earnings-growth ratio of 10.01 and a beta of 1.32.

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

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 6th. Shareholders of record on Monday, October 20th will be given 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 yield of 2.0%. Owens Corning's payout ratio is presently 71.69%.

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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