Owens Corning Inc $OC Shares Sold by RWC Asset Management LLP

Key Points

• RWC Asset Management reduced its Owens Corning stake by 27.9% in the third quarter, selling 32,150 shares and retaining 83,231 shares valued at approximately $9.7 million. Institutional investors collectively own 88.4% of the company.
• Analyst sentiment is mixed but leans cautious: Owens Corning has a consensus rating of “Hold” and an average price target of $141.57, with recent downgrades from Zacks, Melius Research, and Goldman Sachs.
• Owens Corning shares recently traded at $114.27, while the company reported quarterly earnings of $3.93 per share—above expectations—and declared a quarterly dividend of $0.79, equivalent to a 2.8% annualized yield.

RWC Asset Management LLP trimmed its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 27.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 83,231 shares of the construction company's stock after selling 32,150 shares during the period. RWC Asset Management LLP owned about 0.11% of Owens Corning worth $9,716,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Tiptree Advisors LLC acquired a new stake in Owens Corning during the 2nd quarter worth about $11,445,000. Louisiana State Employees Retirement System acquired a new position in shares of Owens Corning in the first quarter worth about $2,576,000. Nykredit A S purchased a new position in shares of Owens Corning in the second quarter worth approximately $166,083,000. Cibc World Market Inc. purchased a new position in shares of Owens Corning in the second quarter worth approximately $4,578,000. Finally, Bank of America Corp DE purchased a new position in Owens Corning during the 2nd quarter worth approximately $133,685,000. Institutional investors and hedge funds own 88.40% of the company's stock.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Rachel Barthelemy Marcon sold 900 shares of the company's stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction of $129,663.00. Following the sale, the insider directly owned 21,449 shares of the company's stock, valued at approximately $3,090,157.43. This represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.92% of the company's stock.

Analyst Ratings Changes

OC has been the subject of several research reports. Zacks Research cut shares of Owens Corning from a "strong-buy" rating to a "strong sell" rating in a report on Monday, October 12th. Melius Research assumed coverage on shares of Owens Corning in a research report on Tuesday, October 6th. They issued a "sell" rating and a $118.00 target price for the company. Evercore set a $185.00 target price on shares of Owens Corning in a research note on Thursday, October 1st. Benchmark restated a "hold" rating on shares of Owens Corning in a report on Wednesday, July 15th. Finally, The Goldman Sachs Group lowered their price target on shares of Owens Corning from $169.00 to $128.00 and set a "neutral" rating on the stock in a report on Monday, October 12th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Owens Corning presently has a consensus rating of "Hold" and an average target price of $141.57.

Owens Corning Stock Performance

Shares of NYSE OC traded down $2.22 during mid-day trading on Friday, hitting $114.27. The company had a trading volume of 666,883 shares, compared to its average volume of 1,121,367. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The firm has a market cap of $9.03 billion, a P/E ratio of -14.18, a PEG ratio of 2.69 and a beta of 1.32. The business's 50-day simple moving average is $127.33 and its 200-day simple moving average is $129.40. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.16 and a quick ratio of 0.67.

Owens Corning (NYSE:OC - Get Free Report) last issued its earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, topping the consensus estimate of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%. The firm had revenue of $2.76 billion during the quarter, compared to analysts' expectations of $2.66 billion. During the same period last year, the business earned $4.21 earnings per share. Owens Corning's quarterly revenue was up .3% compared to the same quarter last year. As a group, analysts predict that Owens Corning Inc will post 9.59 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Monday, October 19th will be issued a $0.79 dividend. The ex-dividend date of this dividend is Monday, October 19th. This represents a $3.16 annualized dividend and a dividend yield of 2.8%. Owens Corning's dividend payout ratio is presently -39.21%.

Owens Corning Profile

Owens Corning NYSE: OC is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its offerings are designed to improve energy efficiency, weather protection, durability and comfort in buildings.

The company's primary businesses include roofing, insulation and doors. Its products include asphalt roofing shingles and components, fiberglass and mineral wool insulation, and residential and commercial door systems.

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