SG Americas Securities LLC cut its position in Owens Corning Inc (NYSE:OC - Free Report) by 50.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,192 shares of the construction company's stock after selling 7,410 shares during the period. SG Americas Securities LLC's holdings in Owens Corning were worth $1,027,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Norges Bank acquired a new stake in shares of Owens Corning in the 4th quarter valued at $208,519,000. Price T Rowe Associates Inc. MD lifted its position in Owens Corning by 41.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,422,828 shares of the construction company's stock worth $242,337,000 after buying an additional 414,770 shares in the last quarter. Raiffeisen Bank International AG acquired a new stake in shares of Owens Corning in the 4th quarter valued at approximately $51,400,000. Raymond James Financial Inc. acquired a new stake in Owens Corning in the 4th quarter valued at about $51,220,000. Finally, Schonfeld Strategic Advisors LLC bought a new position in Owens Corning during the fourth quarter worth $41,252,000. 88.40% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
OC has been the topic of several research reports. Deutsche Bank Aktiengesellschaft started coverage on Owens Corning in a research report on Tuesday, April 1st. They issued a "buy" rating and a $183.00 target price on the stock. Wolfe Research raised Owens Corning from a "peer perform" rating to an "outperform" rating in a research note on Friday, May 9th. Barclays reduced their price objective on Owens Corning from $179.00 to $167.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. UBS Group cut their price target on shares of Owens Corning from $235.00 to $218.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Owens Corning from $200.00 to $176.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $183.80.
View Our Latest Report on OC
Owens Corning Price Performance
Shares of Owens Corning stock traded up $0.12 on Friday, reaching $130.71. The stock had a trading volume of 291,886 shares, compared to its average volume of 859,311. The business's 50 day moving average is $138.32 and its two-hundred day moving average is $157.00. The company has a current ratio of 1.44, a quick ratio of 0.93 and a debt-to-equity ratio of 1.02. Owens Corning Inc has a 1 year low of $123.41 and a 1 year high of $214.53. The company has a market cap of $11.12 billion, a P/E ratio of 45.96, a price-to-earnings-growth ratio of 3.45 and a beta of 1.34.
Owens Corning (NYSE:OC - Get Free Report) last posted its earnings results on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. Owens Corning had a net margin of 2.28% and a return on equity of 25.03%. The business had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.52 billion. During the same period in the prior year, the company posted $3.40 EPS. The business's revenue for the quarter was up 25.4% compared to the same quarter last year. As a group, research analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current year.
Owens Corning Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Monday, July 21st will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 2.11%. Owens Corning's dividend payout ratio is 97.18%.
Owens Corning declared that its Board of Directors has authorized a share repurchase program on Wednesday, May 14th that allows the company to repurchase 12,000,000 outstanding shares. This repurchase authorization allows the construction company to purchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.
About Owens Corning
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Free Report)
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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