Owens Corning (NYSE:OC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in shares of Owens Corning (NYSE:OC) by 2.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 859,846 shares of the construction company’s stock after selling 21,050 shares during the period. Bank of New York Mellon Corp owned about 1.00% of Owens Corning worth $146,449,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. IFP Advisors Inc lifted its holdings in shares of Owens Corning by 35.6% in the fourth quarter. IFP Advisors Inc now owns 236 shares of the construction company’s stock valued at $40,000 after purchasing an additional 62 shares in the last quarter. South Dakota Investment Council lifted its holdings in shares of Owens Corning by 5.7% in the fourth quarter. South Dakota Investment Council now owns 18,456 shares of the construction company’s stock valued at $3,143,000 after purchasing an additional 1,000 shares in the last quarter. FPC Investment Advisory Inc. purchased a new stake in shares of Owens Corning in the fourth quarter valued at about $28,000. Handelsbanken Fonder AB lifted its holdings in shares of Owens Corning by 13.6% in the fourth quarter. Handelsbanken Fonder AB now owns 25,100 shares of the construction company’s stock valued at $4,275,000 after purchasing an additional 3,000 shares in the last quarter. Finally, Global Retirement Partners LLC lifted its holdings in shares of Owens Corning by 35.7% in the fourth quarter. Global Retirement Partners LLC now owns 1,129 shares of the construction company’s stock valued at $192,000 after purchasing an additional 297 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Insider Activity at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the sale, the insider now directly owns 18,866 shares in the company, valued at approximately $3,606,990.54. The trade was a 48.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Monaco Nicolas Del sold 1,750 shares of the business’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the sale, the insider now owns 11,635 shares in the company, valued at $2,140,490.95. This trade represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

OC has been the topic of several recent research reports. Loop Capital reduced their price target on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, January 10th. StockNews.com downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday. Royal Bank of Canada reduced their price target on shares of Owens Corning from $224.00 to $212.00 and set an “outperform” rating on the stock in a report on Tuesday. Wells Fargo & Company cut their price objective on shares of Owens Corning from $225.00 to $200.00 and set an “overweight” rating for the company in a research report on Tuesday. Finally, Barclays cut their price objective on shares of Owens Corning from $245.00 to $215.00 and set an “overweight” rating for the company in a research report on Wednesday. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $207.00.

Owens Corning Trading Up 1.2 %

NYSE OC opened at $153.96 on Friday. Owens Corning has a one year low of $148.78 and a one year high of $214.53. The company has a 50-day simple moving average of $175.41 and a 200-day simple moving average of $178.64. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The firm has a market capitalization of $13.21 billion, a PE ratio of 13.10, a price-to-earnings-growth ratio of 1.88 and a beta of 1.46.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, beating the consensus estimate of $2.87 by $0.35. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same period in the previous year, the business posted $3.21 EPS. The company’s quarterly revenue was up 23.3% on a year-over-year basis. On average, equities analysts forecast that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 10th will be given a $0.69 dividend. The ex-dividend date is Monday, March 10th. This represents a $2.76 annualized dividend and a yield of 1.79%. Owens Corning’s dividend payout ratio is presently 23.49%.

Owens Corning 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.