Owens Corning Inc $OC Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada reduced its Owens Corning stake by 15.2% in the first quarter, selling 21,224 shares and retaining 118,039 shares worth approximately $12.8 million. Institutional investors collectively own 88.4% of the company.
• Analysts maintain a generally positive outlook, with Owens Corning receiving a consensus “Moderate Buy” rating and an average price target of $163.25. Recent targets ranged from $138 to $193.
• Owens Corning reported quarterly EPS of $3.93, beating estimates of $3.09, while revenue reached $2.76 billion versus expectations of $2.66 billion. The company also declared a quarterly dividend of $0.79 per share, representing a 2.0% annualized yield.

Royal Bank of Canada lessened its stake in shares of Owens Corning Inc (NYSE:OC - Free Report) by 15.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 118,039 shares of the construction company's stock after selling 21,224 shares during the period. Royal Bank of Canada owned about 0.15% of Owens Corning worth $12,774,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Itau Unibanco Holding S.A. acquired a new position in shares of Owens Corning in the 4th quarter worth $29,000. Cassaday & Co Wealth Management LLC purchased a new position in Owens Corning in the 1st quarter worth about $30,000. Harbour Investments Inc. increased its stake in Owens Corning by 66.5% in the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock worth $36,000 after purchasing an additional 129 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Owens Corning during the 4th quarter worth about $37,000. Finally, Measured Wealth Private Client Group LLC purchased a new stake in Owens Corning during the third quarter valued at about $42,000. 88.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on OC shares. Weiss Ratings raised shares of Owens Corning from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, June 24th. Bank of America lowered their price objective on shares of Owens Corning from $140.00 to $138.00 and set a "buy" rating on the stock in a research report on Monday, April 20th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Owens Corning from $136.00 to $165.00 and gave the company a "buy" rating in a research note on Tuesday, June 30th. The Goldman Sachs Group raised their target price on Owens Corning from $141.00 to $159.00 and gave the stock a "neutral" rating in a research report on Friday, July 10th. Finally, Evercore reiterated an "outperform" rating and set a $193.00 price target on shares of Owens Corning in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Owens Corning has an average rating of "Moderate Buy" and a consensus price target of $163.25.

Owens Corning Stock Up 4.4%

Owens Corning stock opened at $157.22 on Friday. The firm has a market cap of $12.43 billion, a PE ratio of -19.51, a P/E/G ratio of 2.89 and a beta of 1.32. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.74 and a current ratio of 1.16. The firm's 50 day moving average price is $136.74 and its two-hundred day moving average price is $125.16. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.91.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.09 by $0.84. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. The company had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same quarter last year, the business posted $4.21 EPS. The company's revenue for the quarter was up .3% on a year-over-year basis. On average, research analysts predict that Owens Corning Inc will post 9.65 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were paid a $0.79 dividend. The ex-dividend date was Monday, July 20th. This represents a $3.16 dividend on an annualized basis and a yield of 2.0%. Owens Corning's payout ratio is -47.81%.

Insiders Place Their Bets

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 700 shares of the company's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the transaction, the insider directly owned 15,848 shares of the company's stock, valued at $1,913,012.08. This represents a 4.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently 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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