Owens Corning Inc $OC Shares Sold by SummitTX Capital L.P.

SummitTX Capital L.P. lessened its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 16.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 143,361 shares of the construction company's stock after selling 27,506 shares during the quarter. Owens Corning accounts for 0.5% of SummitTX Capital L.P.'s portfolio, making the stock its 28th largest position. SummitTX Capital L.P. owned approximately 0.18% of Owens Corning worth $15,515,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Itau Unibanco Holding S.A. acquired a new stake in shares of Owens Corning during the fourth quarter worth about $29,000. Cassaday & Co Wealth Management LLC purchased a new stake in Owens Corning in the first quarter valued at $30,000. Harbour Investments Inc. raised its stake in shares of Owens Corning by 66.5% during the 4th quarter. Harbour Investments Inc. now owns 323 shares of the construction company's stock valued at $36,000 after buying an additional 129 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Owens Corning in the 4th quarter valued at about $37,000. Finally, Measured Wealth Private Client Group LLC acquired a new position in shares of Owens Corning in the 3rd quarter valued at about $42,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Stock Up 0.1%

Shares of OC opened at $142.41 on Monday. The firm has a market cap of $11.47 billion, a P/E ratio of -21.55, a PEG ratio of 2.76 and a beta of 1.30. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The stock's 50 day moving average is $131.26 and its two-hundred day moving average is $123.46. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27.

Owens Corning (NYSE:OC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.01 by $0.21. The company had revenue of $2.27 billion during the quarter, compared to analysts' expectations of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The firm's revenue for the quarter was down 10.5% on a year-over-year basis. During the same period in the prior year, the business posted $2.97 earnings per share. Analysts predict that Owens Corning Inc will post 9.55 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

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

Analysts Set New Price Targets

Several analysts recently commented on the company. Benchmark reaffirmed a "hold" rating on shares of Owens Corning in a report on Wednesday, July 15th. Zacks Research upgraded Owens Corning from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. Royal Bank Of Canada raised their price objective on shares of Owens Corning from $148.00 to $172.00 and gave the stock an "outperform" rating in a research note on Friday, July 10th. JPMorgan Chase & Co. lifted their target price on shares of Owens Corning from $115.00 to $121.00 and gave the company a "neutral" rating in a report on Friday, May 8th. Finally, Bank of America decreased their target price on shares of Owens Corning from $140.00 to $138.00 and set a "buy" rating for the company in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $157.92.

Insider Activity at Owens Corning

In other news, VP Mari Doerfler sold 1,926 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $120.92, for a total value of $232,891.92. Following the transaction, the vice president owned 3,093 shares in the company, valued at $374,005.56. This trade represents a 38.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Rachel Barthelemy Marcon sold 700 shares of Owens Corning stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the sale, the insider directly owned 15,848 shares in the company, valued at $1,913,012.08. This represents a 4.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is currently owned by insiders.

About Owens Corning

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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