Owens Corning (NYSE:OC) Shares Sold by Summit Global Investments

Summit Global Investments lessened its position in shares of Owens Corning (NYSE:OC) by 9.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 73,624 shares of the construction company’s stock after selling 7,562 shares during the quarter. Owens Corning makes up about 0.9% of Summit Global Investments’ holdings, making the stock its 23rd largest position. Summit Global Investments owned about 0.08% of Owens Corning worth $12,790,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. MV Capital Management Inc. raised its stake in Owens Corning by 112.9% during the 1st quarter. MV Capital Management Inc. now owns 149 shares of the construction company’s stock valued at $25,000 after acquiring an additional 79 shares in the last quarter. NBC Securities Inc. bought a new position in Owens Corning during the first quarter valued at about $26,000. ST Germain D J Co. Inc. raised its holdings in shares of Owens Corning by 794.1% in the 2nd quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock worth $26,000 after buying an additional 135 shares in the last quarter. Riverview Trust Co bought a new stake in shares of Owens Corning during the first quarter worth $28,000. Finally, ORG Partners LLC bought a new position in Owens Corning in the first quarter valued at about $31,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on OC. Royal Bank of Canada raised their price target on Owens Corning from $211.00 to $213.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Barclays cut their target price on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. The Goldman Sachs Group restated a “neutral” rating and set a $187.00 price target on shares of Owens Corning in a research note on Monday, June 17th. Benchmark restated a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Finally, Citigroup upgraded Owens Corning from a “neutral” rating to a “buy” rating and increased their target price for the company from $178.00 to $191.00 in a report on Thursday, July 11th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $184.23.

Insider Buying and Selling

In related news, VP Mari Doerfler sold 240 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $182.05, for a total transaction of $43,692.00. Following the transaction, the vice president now owns 4,954 shares in the company, valued at approximately $901,875.70. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Todd W. Fister sold 3,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $173.65, for a total transaction of $520,950.00. Following the completion of the transaction, the chief financial officer now owns 31,626 shares in the company, valued at $5,491,854.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Mari Doerfler sold 240 shares of Owens Corning stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $182.05, for a total transaction of $43,692.00. Following the sale, the vice president now directly owns 4,954 shares of the company’s stock, valued at approximately $901,875.70. The disclosure for this sale can be found here. Insiders sold a total of 15,937 shares of company stock worth $2,833,258 over the last ninety days. 0.89% of the stock is owned by corporate insiders.

Owens Corning Stock Performance

Shares of OC traded down $1.99 during midday trading on Tuesday, reaching $160.59. The stock had a trading volume of 455,567 shares, compared to its average volume of 674,392. The firm has a 50 day simple moving average of $171.27 and a 200-day simple moving average of $166.87. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91. The firm has a market cap of $13.96 billion, a PE ratio of 13.00, a P/E/G ratio of 3.15 and a beta of 1.42. Owens Corning has a one year low of $109.95 and a one year high of $191.13.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, beating the consensus estimate of $4.37 by $0.27. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.22 earnings per share. As a group, sell-side analysts anticipate that Owens Corning will post 15.38 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 15th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.49%. The ex-dividend date was Monday, July 15th. Owens Corning’s dividend payout ratio (DPR) is presently 19.43%.

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.