UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Sells 42,300 Shares of Owens Corning Inc $OC

Key Points

• UBS Asset Management reduced its holdings in Owens Corning by 5.7%, owning approximately 0.82% of the company valued at $99.6 million after selling 42,300 shares.
• Owens Corning reported earnings of $4.21 per share for the quarter, surpassing estimates and showing a 10% revenue increase year-over-year.
• The company declared a quarterly dividend of $0.69 per share, resulting in an annualized dividend yield of 1.8% and a payout ratio of 71.69%.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC trimmed its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 5.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 697,369 shares of the construction company's stock after selling 42,300 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned about 0.82% of Owens Corning worth $99,598,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of OC. Bank Pictet & Cie Europe AG purchased a new stake in shares of Owens Corning during the fourth quarter worth $28,651,000. Jacobs Levy Equity Management Inc. increased its position in Owens Corning by 20.0% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 4,859 shares of the construction company's stock worth $828,000 after buying an additional 810 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Owens Corning by 13.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock worth $125,000 after buying an additional 85 shares during the last quarter. Nomura Holdings Inc. acquired a new position in Owens Corning during the fourth quarter worth $1,939,000. Finally, ProShare Advisors LLC increased its position in Owens Corning by 5.9% during the fourth quarter. ProShare Advisors LLC now owns 4,014 shares of the construction company's stock worth $684,000 after buying an additional 224 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Price Performance

NYSE OC traded up $0.21 during trading on Monday, reaching $152.49. 692,239 shares of the company traded hands, compared to its average volume of 908,248. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. The stock's 50 day moving average price is $147.60 and its two-hundred day moving average price is $142.52. The company has a market cap of $12.75 billion, a price-to-earnings ratio of 39.61, a P/E/G ratio of 10.78 and a beta of 1.32. Owens Corning Inc has a 1-year low of $123.40 and a 1-year high of $214.53.

Owens Corning (NYSE:OC - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating analysts' consensus estimates of $3.80 by $0.41. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The company's quarterly revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the business earned $4.64 earnings per share. As a group, analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 21st were issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Monday, July 21st. Owens Corning's payout ratio is presently 71.69%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Evercore ISI increased their target price on shares of Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. Barclays increased their target price on shares of Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Wells Fargo & Company increased their target price on shares of Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a research report on Thursday. UBS Group lowered their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada lowered their price target on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $185.10.

Owens Corning Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.