Paradiem LLC Trims Stake in Owens Corning Inc $OC

Key Points

• Paradiem LLC reduced its stake in Owens Corning Inc by 53.1%, owning 9,020 shares valued at $1,240,000 after selling 10,227 shares in the second quarter.
• Despite Paradiem's reduction, institutional investors still own 88.40% of Owens Corning's shares, with notable increases in stakes from firms like Vanguard and Price T Rowe Associates.
• Owens Corning recently announced a quarterly dividend of $0.69 per share, representing a yield of 2.0%, with an upcoming payment date of November 6th.

Paradiem LLC lowered its stake in Owens Corning Inc (NYSE:OC - Free Report) by 53.1% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,020 shares of the construction company's stock after selling 10,227 shares during the quarter. Paradiem LLC's holdings in Owens Corning were worth $1,240,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Owens Corning by 12.0% in the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company's stock valued at $1,401,876,000 after buying an additional 1,053,855 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Owens Corning by 67.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company's stock worth $339,930,000 after purchasing an additional 957,295 shares during the period. LSV Asset Management lifted its stake in shares of Owens Corning by 1.9% during the 1st quarter. LSV Asset Management now owns 1,476,067 shares of the construction company's stock worth $210,812,000 after purchasing an additional 27,185 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Owens Corning by 0.7% during the 1st quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company's stock worth $123,634,000 after purchasing an additional 5,819 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of Owens Corning by 179.0% during the 1st quarter. Millennium Management LLC now owns 863,230 shares of the construction company's stock worth $123,287,000 after purchasing an additional 553,864 shares during the period. Hedge funds and other institutional investors own 88.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. UBS Group reduced their price target on Owens Corning from $218.00 to $210.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Barclays increased their price target on Owens Corning from $167.00 to $173.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Royal Bank Of Canada reduced their price target on Owens Corning from $184.00 to $180.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Wells Fargo & Company increased their price target on Owens Corning from $170.00 to $175.00 and gave the stock an "overweight" rating in a research note on Thursday, September 11th. Finally, Evercore ISI increased their target price on Owens Corning from $165.00 to $169.00 and gave the stock an "in-line" rating in a research report on Friday, August 8th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Owens Corning presently has an average rating of "Moderate Buy" and a consensus target price of $185.10.

Owens Corning Trading Down 1.4%

Shares of OC opened at $141.10 on Tuesday. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $11.80 billion, a P/E ratio of 36.65, a price-to-earnings-growth ratio of 10.14 and a beta of 1.32. The stock's fifty day simple moving average is $147.75 and its 200 day simple moving average is $142.58. Owens Corning Inc has a twelve month low of $123.40 and a twelve month high of $214.53.

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

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 2.0%. The ex-dividend date is Monday, October 20th. Owens Corning's dividend payout ratio is currently 71.69%.

Owens Corning Company 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.

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