Meiji Yasuda Asset Management Co Ltd. Sells 94 Shares of Owens Corning (NYSE:OC)

Meiji Yasuda Asset Management Co Ltd. decreased its holdings in Owens Corning (NYSE:OC) by 2.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,453 shares of the construction company’s stock after selling 94 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Owens Corning were worth $600,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. MV Capital Management Inc. boosted its holdings in Owens Corning by 112.9% in the first quarter. MV Capital Management Inc. now owns 149 shares of the construction company’s stock worth $25,000 after purchasing an additional 79 shares during the last quarter. NBC Securities Inc. purchased a new position in shares of Owens Corning during the 1st quarter valued at $26,000. ST Germain D J Co. Inc. boosted its stake in shares of Owens Corning by 794.1% in the second quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock worth $26,000 after acquiring an additional 135 shares during the period. Riverview Trust Co bought a new position in Owens Corning in the 1st quarter worth approximately $28,000. Finally, ORG Partners LLC purchased a new position in Owens Corning during the first quarter valued at $31,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Barclays reduced their target price on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a report on Friday, July 12th. Evercore ISI dropped their target price on Owens Corning from $188.00 to $175.00 and set an “in-line” rating for the company in a report on Wednesday, August 7th. Loop Capital increased their price target on Owens Corning from $188.00 to $215.00 and gave the company a “buy” rating in a report on Friday, June 21st. UBS Group raised their price target on Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Finally, Benchmark reiterated a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $184.23.

Owens Corning Price Performance

Owens Corning stock opened at $174.28 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 stock has a market cap 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. The firm has a 50-day moving average of $167.69 and a two-hundred day moving average of $169.24. Owens Corning has a 1 year low of $109.95 and a 1 year high of $191.13.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.22 earnings per share. On average, research analysts forecast that Owens Corning will post 15.38 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently declared 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. This represents a $2.40 dividend on an annualized basis 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%.

Insider Activity

In related news, CFO Todd W. Fister sold 3,000 shares of the company’s stock in a transaction dated 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 directly owns 31,626 shares of the company’s stock, valued at $5,491,854.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Todd W. Fister sold 3,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 31,626 shares of the company’s stock, valued at $5,491,854.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Marcio A. Sandri sold 3,050 shares of the 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 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. Insiders own 0.89% of the company’s stock.

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.