Hancock Whitney Corp Cuts Position in Owens Corning (NYSE:OC)

Hancock Whitney Corp reduced its position in shares of Owens Corning (NYSE:OC) by 2.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,669 shares of the construction company’s stock after selling 347 shares during the period. Hancock Whitney Corp’s holdings in Owens Corning were worth $2,548,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. MV Capital Management Inc. lifted 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 worth $25,000 after acquiring an additional 79 shares in the last quarter. ST Germain D J Co. Inc. increased its stake in Owens Corning by 794.1% during the second quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock worth $26,000 after purchasing an additional 135 shares during the period. NBC Securities Inc. acquired a new stake in shares of Owens Corning during the first quarter worth about $26,000. Riverview Trust Co purchased a new position in shares of Owens Corning in the first quarter valued at approximately $28,000. Finally, ORG Partners LLC acquired a new position in shares of Owens Corning in the first quarter valued at approximately $31,000. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Stock Performance

Shares of OC opened at $174.20 on Friday. The company has a market capitalization of $15.10 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 3.18 and a beta of 1.41. Owens Corning has a 52-week low of $109.95 and a 52-week high of $191.13. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91. The stock has a 50 day moving average price of $167.63 and a 200 day moving average price of $169.53.

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

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Friday, October 18th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.38%. The ex-dividend date of this dividend is Friday, October 18th. Owens Corning’s payout ratio is 19.43%.

Analyst Ratings Changes

OC has been the subject of several recent research reports. Royal Bank of Canada raised their price target on shares of Owens Corning from $211.00 to $213.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Barclays decreased their target price on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating for the company in a report on Friday, July 12th. Loop Capital upped their price target on Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Citigroup upgraded Owens Corning from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $178.00 to $191.00 in a research note on Thursday, July 11th. Finally, Benchmark restated a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $184.23.

Insider Transactions at Owens Corning

In related news, insider Marcio A. Sandri sold 3,050 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the sale, the insider now directly owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Marcio A. Sandri sold 3,050 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the sale, the insider now owns 60,130 shares in the company, valued at approximately $10,222,100. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Todd W. Fister sold 3,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $173.65, for a total transaction of $520,950.00. Following the transaction, the chief financial officer now directly owns 31,626 shares in the company, valued at $5,491,854.90. The disclosure for this sale can be found here. Insiders own 0.89% of the company’s stock.

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.