TD Asset Management Inc Sells 9,112 Shares of Owens Corning Inc $OC

Key Points

• TD Asset Management Inc significantly reduced its holdings in Owens Corning Inc by 54.3%, selling 9,112 shares and leaving it with 7,669 shares valued at approximately $1.055 million.
• Analysts have adjusted their price targets for Owens Corning, with UBS decreasing the target from $218.00 to $210.00 while Barclays raised theirs from $167.00 to $173.00, indicating mixed sentiment among investors.
• The company announced a quarterly dividend of $0.69 per share, payable on November 6th, representing an annual yield of 2.2% based on its current payout ratio of 71.69%.

TD Asset Management Inc cut its holdings in shares of Owens Corning Inc (NYSE:OC - Free Report) by 54.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,669 shares of the construction company's stock after selling 9,112 shares during the period. TD Asset Management Inc's holdings in Owens Corning were worth $1,055,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. OneDigital Investment Advisors LLC lifted its stake in shares of Owens Corning by 33.3% in the 1st quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company's stock valued at $234,000 after acquiring an additional 409 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Owens Corning by 11.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company's stock valued at $4,416,000 after acquiring an additional 3,298 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Owens Corning by 21.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 8,720 shares of the construction company's stock valued at $1,245,000 after acquiring an additional 1,558 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Owens Corning by 0.4% in the first quarter. Principal Financial Group Inc. now owns 393,768 shares of the construction company's stock valued at $56,238,000 after purchasing an additional 1,737 shares during the period. Finally, Financial Partners Group LLC increased its holdings in Owens Corning by 23.2% in the second quarter. Financial Partners Group LLC now owns 11,994 shares of the construction company's stock valued at $1,649,000 after purchasing an additional 2,259 shares during the period. 88.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. UBS Group decreased their price objective on Owens Corning from $218.00 to $210.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Weiss Ratings restated a "hold (c)" rating on shares of Owens Corning in a report on Wednesday, October 8th. Truist Financial decreased their price objective on Owens Corning from $165.00 to $135.00 and set a "hold" rating for the company in a report on Thursday, October 9th. Barclays increased their price objective on Owens Corning from $167.00 to $173.00 and gave the company an "overweight" rating in a report on Thursday, August 7th. Finally, Royal Bank Of Canada decreased their price objective on Owens Corning from $184.00 to $180.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Ten investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Owens Corning has a consensus rating of "Moderate Buy" and a consensus price target of $178.31.

Owens Corning Trading Down 3.0%

Shares of OC stock opened at $126.75 on Thursday. The company has a 50 day moving average of $143.60 and a 200-day moving average of $141.08. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. Owens Corning Inc has a 12-month low of $123.23 and a 12-month high of $214.53. The firm has a market cap of $10.60 billion, a P/E ratio of 32.92, a PEG ratio of 9.50 and a beta of 1.32.

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

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Monday, October 20th. Owens Corning's 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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