Cerity Partners LLC Sells 1,234 Shares of Owens Corning (NYSE:OC)

Cerity Partners LLC cut its holdings in Owens Corning (NYSE:OC) by 19.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,205 shares of the construction company’s stock after selling 1,234 shares during the period. Cerity Partners LLC’s holdings in Owens Corning were worth $919,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in OC. Innealta Capital LLC purchased a new stake in Owens Corning during the 2nd quarter valued at $32,000. Tobam lifted its holdings in shares of Owens Corning by 115.7% in the 2nd quarter. Tobam now owns 192 shares of the construction company’s stock worth $33,000 after acquiring an additional 103 shares during the last quarter. Quarry LP boosted its stake in shares of Owens Corning by 165.5% during the 2nd quarter. Quarry LP now owns 231 shares of the construction company’s stock worth $40,000 after purchasing an additional 144 shares during the period. Friedenthal Financial purchased a new position in shares of Owens Corning during the 2nd quarter worth about $48,000. Finally, Blue Trust Inc. grew its holdings in Owens Corning by 46.2% during the 2nd quarter. Blue Trust Inc. now owns 367 shares of the construction company’s stock valued at $61,000 after purchasing an additional 116 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Owens Corning

In related news, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the transaction, the insider now directly owns 57,079 shares in the company, valued at $10,074,443.50. The trade was a 5.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.89% of the company’s stock.

Wall Street Analyst Weigh In

OC has been the subject of several research analyst reports. Wells Fargo & Company lifted their target price on Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Royal Bank of Canada lifted their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. UBS Group boosted their price objective on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Evercore ISI raised their target price on shares of Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Finally, StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $192.62.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $200.16 on Friday. The firm has a market capitalization of $17.17 billion, a P/E ratio of 17.03, a PEG ratio of 2.26 and a beta of 1.42. Owens Corning has a 52 week low of $138.26 and a 52 week high of $214.53. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. The company has a 50 day moving average price of $188.00 and a 200 day moving average price of $177.02.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same period in the prior year, the company earned $4.15 earnings per share. The company’s revenue was up 22.9% on a year-over-year basis. Sell-side analysts expect that Owens Corning will post 15.46 EPS for the current year.

Owens Corning Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Monday, January 6th will be given a dividend of $0.69 per share. This is an increase from Owens Corning’s previous quarterly dividend of $0.60. This represents a $2.76 annualized dividend and a yield of 1.38%. Owens Corning’s dividend payout ratio (DPR) is currently 20.43%.

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.