Owens Corning Inc $OC Shares Sold by Livforsakringsbolaget Skandia Omsesidigt

Key Points

• Livforsakringsbolaget Skandia Omsesidigt cut its Owens Corning stake by 67.9% in the first quarter, selling 37,900 shares and leaving it with 17,950 shares worth about $1.98 million.
• Owens Corning reported better-than-expected Q1 earnings of $1.22 per share versus the $1.01 estimate, along with revenue of $2.27 billion, though sales were still down 10.5% year over year.
• The company declared a quarterly dividend of $0.79 per share, and analysts remain broadly positive with an average rating of “Moderate Buy” and an average price target of $157.50.

Livforsakringsbolaget Skandia Omsesidigt decreased its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 67.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,950 shares of the construction company's stock after selling 37,900 shares during the period. Livforsakringsbolaget Skandia Omsesidigt's holdings in Owens Corning were worth $1,975,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of OC. Banque Pictet & Cie SA raised its stake in Owens Corning by 5.0% during the fourth quarter. Banque Pictet & Cie SA now owns 412,579 shares of the construction company's stock worth $46,172,000 after acquiring an additional 19,553 shares during the period. BNP Paribas Financial Markets boosted its stake in Owens Corning by 178.2% in the fourth quarter. BNP Paribas Financial Markets now owns 186,652 shares of the construction company's stock valued at $20,888,000 after acquiring an additional 119,566 shares during the period. Louisiana State Employees Retirement System bought a new position in shares of Owens Corning during the first quarter valued at approximately $2,576,000. Mirabella Financial Services LLP acquired a new stake in shares of Owens Corning during the 3rd quarter worth approximately $5,889,000. Finally, Raiffeisen Bank International AG raised its position in shares of Owens Corning by 12.4% during the 4th quarter. Raiffeisen Bank International AG now owns 353,302 shares of the construction company's stock worth $39,976,000 after purchasing an additional 38,885 shares during the period. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Stock Performance

Shares of OC stock opened at $142.82 on Wednesday. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.91. The firm has a market capitalization of $11.50 billion, a price-to-earnings ratio of -21.61, a price-to-earnings-growth ratio of 2.56 and a beta of 1.30. The business has a 50 day simple moving average of $127.77 and a 200 day simple moving average of $121.85. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74.

Owens Corning (NYSE:OC - Get Free Report) last announced its earnings results on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.21. Owens Corning had a positive return on equity of 19.86% and a negative net margin of 5.43%.The firm had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter in the previous year, the business earned $2.97 EPS. The firm's revenue for the quarter was down 10.5% on a year-over-year basis. On average, equities research analysts anticipate that Owens Corning Inc will post 9.53 EPS for the current year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 6th. Stockholders of record on Monday, July 20th will be issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Monday, July 20th. Owens Corning's dividend payout ratio (DPR) is -47.81%.

Analysts Set New Price Targets

OC has been the subject of a number of analyst reports. Wells Fargo & Company boosted their price objective on Owens Corning from $150.00 to $165.00 and gave the company an "overweight" rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft increased their target price on Owens Corning from $136.00 to $165.00 and gave the stock a "buy" rating in a research report on Tuesday, June 30th. Bank of America reduced their price target on shares of Owens Corning from $140.00 to $138.00 and set a "buy" rating for the company in a report on Monday, April 20th. The Goldman Sachs Group boosted their price target on shares of Owens Corning from $141.00 to $159.00 and gave the company a "neutral" rating in a report on Friday. Finally, Royal Bank Of Canada increased their price objective on shares of Owens Corning from $148.00 to $172.00 and gave the stock an "outperform" rating in a report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Owens Corning presently has an average rating of "Moderate Buy" and an average target price of $157.50.

Insider Transactions at Owens Corning

In other Owens Corning news, VP Mari Doerfler sold 1,926 shares of the firm's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $120.92, for a total transaction of $232,891.92. Following the transaction, the vice president owned 3,093 shares of the company's stock, valued at approximately $374,005.56. This trade represents a 38.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Rachel Barthelemy Marcon sold 700 shares of the business's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the sale, the insider owned 15,848 shares in the company, valued at $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by insiders.

Owens Corning Company 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.

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