Owens Corning Inc $OC Shares Sold by Swiss National Bank

Key Points

• Swiss National Bank trimmed its stake in Owens Corning by 5.1% in Q3, selling 13,200 shares and leaving it with 245,100 shares worth about $34.67 million (≈0.30% of the company).
• Owens Corning missed quarterly EPS ($1.10 vs. $1.36 expected) and saw revenue decline 16.8% YoY with a negative net margin of 5.17%, yet analysts hold a consensus rating of “Moderate Buy” and a $151.58 price target.
• The company declared a quarterly dividend of $0.79 per share (3.0% yield), with an ex-dividend date of March 9 and payment on April 9.

Swiss National Bank cut its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 5.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 245,100 shares of the construction company's stock after selling 13,200 shares during the period. Swiss National Bank owned 0.30% of Owens Corning worth $34,672,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Twin Peaks Wealth Advisors LLC purchased a new stake in Owens Corning in the 2nd quarter valued at approximately $26,000. Rexford Capital Inc. acquired a new stake in shares of Owens Corning during the second quarter valued at about $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Owens Corning during the second quarter worth about $30,000. Vermillion & White Wealth Management Group LLC lifted its holdings in Owens Corning by 149.4% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company's stock worth $31,000 after acquiring an additional 133 shares during the last quarter. Finally, Root Financial Partners LLC bought a new position in Owens Corning in the 3rd quarter worth approximately $39,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company lifted their price target on Owens Corning from $145.00 to $155.00 and gave the company an "overweight" rating in a report on Wednesday, February 11th. UBS Group lifted their price objective on Owens Corning from $160.00 to $172.00 and gave the company a "buy" rating in a report on Thursday, February 26th. Evercore dropped their price objective on Owens Corning from $121.00 to $117.00 and set an "in-line" rating on the stock in a research note on Thursday, December 4th. Argus raised Owens Corning to a "strong-buy" rating in a research report on Wednesday, January 14th. Finally, Citigroup decreased their price target on shares of Owens Corning from $137.00 to $135.00 and set a "buy" rating on the stock in a research note on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Owens Corning has a consensus rating of "Moderate Buy" and a consensus price target of $151.58.

Owens Corning Price Performance

Shares of Owens Corning stock traded up $1.05 on Friday, reaching $104.10. 142,560 shares of the stock were exchanged, compared to its average volume of 1,455,372. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.70 and a current ratio of 1.26. The firm has a market cap of $8.37 billion, a PE ratio of -16.24, a P/E/G ratio of 1.74 and a beta of 1.35. The firm's 50 day moving average is $123.03 and its 200-day moving average is $125.15. Owens Corning Inc has a one year low of $97.53 and a one year high of $159.42.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.26). The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The firm's revenue for the quarter was down 16.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.22 earnings per share. As a group, analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 9th will be given a dividend of $0.79 per share. The ex-dividend date is Monday, March 9th. This represents a $3.16 annualized dividend and a yield of 3.0%. Owens Corning's dividend payout ratio (DPR) is currently -49.38%.

Owens Corning 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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