Daiwa Securities Group Inc. Lowers Holdings in Owens Corning (NYSE:OC)

Daiwa Securities Group Inc. reduced its position in shares of Owens Corning (NYSE:OC) by 1.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,886 shares of the construction company’s stock after selling 157 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Owens Corning were worth $2,238,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Private Advisor Group LLC bought a new position in Owens Corning during the 4th quarter worth about $296,000. Principal Securities Inc. bought a new position in shares of Owens Corning during the fourth quarter valued at approximately $211,000. Avantax Advisory Services Inc. increased its holdings in Owens Corning by 2.3% during the fourth quarter. Avantax Advisory Services Inc. now owns 3,082 shares of the construction company’s stock valued at $457,000 after buying an additional 69 shares during the period. Massachusetts Financial Services Co. MA bought a new position in Owens Corning in the fourth quarter worth approximately $490,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Owens Corning by 14.6% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 42,046 shares of the construction company’s stock worth $6,128,000 after buying an additional 5,361 shares during the period. 88.40% of the stock is owned by institutional investors.

Insider Buying and Selling at Owens Corning

In related news, CFO Todd W. Fister sold 3,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $173.65, for a total value of $520,950.00. Following the completion of the sale, the chief financial officer now owns 31,626 shares of the company’s stock, valued at approximately $5,491,854.90. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.89% of the stock is owned by corporate insiders.

Owens Corning Price Performance

NYSE:OC opened at $165.58 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.37 and a quick ratio of 0.79. The company has a 50 day moving average price of $167.41 and a 200-day moving average price of $168.62. Owens Corning has a 1-year low of $109.95 and a 1-year high of $191.13. The firm has a market cap of $14.40 billion, a price-to-earnings ratio of 13.41, a price-to-earnings-growth ratio of 3.18 and a beta of 1.41.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, beating analysts’ consensus estimates of $4.37 by $0.27. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.92 billion. During the same quarter in the previous year, the company earned $4.22 earnings per share. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. Equities research analysts forecast that Owens Corning will post 15.38 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 15th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $2.40 dividend on an annualized basis and a yield of 1.45%. Owens Corning’s dividend payout ratio is currently 19.43%.

Analyst Upgrades and Downgrades

OC has been the topic of a number of analyst reports. Evercore ISI cut their price target on Owens Corning from $188.00 to $175.00 and set an “in-line” rating on the stock in a report on Wednesday, August 7th. Royal Bank of Canada lifted their target price 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 decreased their price target on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. UBS Group boosted their price objective on shares of Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $187.00 target price on shares of Owens Corning in a research report on Monday, June 17th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $184.23.

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.