King Luther Capital Management Corp Cuts Stock Position in Owens Corning (NYSE:OC)

King Luther Capital Management Corp trimmed its position in shares of Owens Corning (NYSE:OC) by 2.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,433 shares of the construction company’s stock after selling 130 shares during the quarter. King Luther Capital Management Corp’s holdings in Owens Corning were worth $1,118,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of OC. GAMMA Investing LLC grew its holdings in Owens Corning by 7.5% in the first quarter. GAMMA Investing LLC now owns 1,104 shares of the construction company’s stock worth $184,000 after purchasing an additional 77 shares during the last quarter. Bessemer Group Inc. grew its stake in Owens Corning by 24.9% during the 1st quarter. Bessemer Group Inc. now owns 391 shares of the construction company’s stock worth $65,000 after buying an additional 78 shares during the last quarter. MV Capital Management Inc. grew 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 buying an additional 79 shares during the last quarter. Tobam raised its stake in Owens Corning by 115.7% in the second quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after buying an additional 103 shares during the last quarter. Finally, Atlas Capital Advisors LLC boosted its holdings in Owens Corning by 2.5% in the second quarter. Atlas Capital Advisors LLC now owns 4,508 shares of the construction company’s stock worth $783,000 after acquiring an additional 112 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Trading Down 2.2 %

Shares of NYSE:OC opened at $174.20 on Monday. The company has a market capitalization of $15.10 billion, a PE ratio of 14.11, a PEG ratio of 3.18 and a beta of 1.41. Owens Corning has a 12-month low of $109.95 and a 12-month high of $191.13. The business has a 50 day moving average of $167.63 and a two-hundred day moving average of $169.66. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91.

Owens Corning (NYSE:OC) last announced 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 firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. Owens Corning’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.22 EPS. As a group, analysts forecast that Owens Corning will post 15.38 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 18th will be given a dividend of $0.60 per share. The ex-dividend date is Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.38%. Owens Corning’s dividend payout ratio (DPR) is 19.43%.

Insider Activity at Owens Corning

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

Analysts Set New Price Targets

Several research firms have recently issued reports on OC. UBS Group upped their price objective on shares of Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. Loop Capital raised their price target on shares of Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Royal Bank of Canada upped their target price on Owens Corning from $211.00 to $213.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, September 7th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $187.00 price objective on shares of Owens Corning in a research note on Monday, June 17th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $184.23.

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.