Owens Corning Inc $OC Shares Sold by Swedbank AB

Key Points

• Swedbank AB reduced its stake in Owens Corning Inc by 1.3%, holding 314,741 shares worth approximately $44.95 million after selling 4,100 shares.
• Owens Corning reported a quarterly earnings per share of $4.21, exceeding estimates and achieving a net revenue of $2.75 billion during the quarter, which is a 10% year-over-year increase.
• The company declared a quarterly dividend of $0.69, resulting in an annualized payout of $2.76, with a current yield of 1.8%.

Swedbank AB lowered its position in shares of Owens Corning Inc (NYSE:OC - Free Report) by 1.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 314,741 shares of the construction company's stock after selling 4,100 shares during the period. Swedbank AB owned approximately 0.37% of Owens Corning worth $44,951,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank Pictet & Cie Europe AG acquired a new stake in Owens Corning in the 4th quarter valued at approximately $28,651,000. Cetera Investment Advisers increased its holdings in Owens Corning by 21.3% in the 4th quarter. Cetera Investment Advisers now owns 22,449 shares of the construction company's stock valued at $3,823,000 after purchasing an additional 3,935 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in Owens Corning by 20.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 4,859 shares of the construction company's stock valued at $828,000 after purchasing an additional 810 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Owens Corning by 13.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 733 shares of the construction company's stock valued at $125,000 after purchasing an additional 85 shares during the last quarter. Finally, NorthRock Partners LLC increased its holdings in Owens Corning by 152.7% in the 4th quarter. NorthRock Partners LLC now owns 3,601 shares of the construction company's stock valued at $613,000 after purchasing an additional 2,176 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company's stock.

Owens Corning Stock Up 0.1%

NYSE:OC traded up $0.21 during midday trading on Monday, hitting $152.49. 692,239 shares of the company were exchanged, compared to its average volume of 908,248. 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 company has a market capitalization of $12.75 billion, a PE ratio of 39.61, a price-to-earnings-growth ratio of 10.78 and a beta of 1.32. Owens Corning Inc has a fifty-two week low of $123.40 and a fifty-two week high of $214.53. The company has a fifty day simple moving average of $147.60 and a 200 day simple moving average of $142.52.

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

Owens Corning Announces Dividend

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

Wall Street Analysts Forecast Growth

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

About Owens Corning

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.