Intech Investment Management LLC Sells 18,649 Shares of Owens Corning (NYSE:OC)

Intech Investment Management LLC reduced its position in shares of Owens Corning (NYSE:OC) by 35.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 33,576 shares of the construction company’s stock after selling 18,649 shares during the quarter. Intech Investment Management LLC’s holdings in Owens Corning were worth $5,833,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OC. Norges Bank purchased a new stake in Owens Corning during the 4th quarter valued at $118,251,000. Wells Fargo & Company MN raised its holdings in Owens Corning by 91.6% during the 4th quarter. Wells Fargo & Company MN now owns 45,256 shares of the construction company’s stock valued at $6,708,000 after buying an additional 21,633 shares during the period. Corient Private Wealth LLC raised its holdings in Owens Corning by 43.4% during the 4th quarter. Corient Private Wealth LLC now owns 37,280 shares of the construction company’s stock valued at $5,526,000 after buying an additional 11,275 shares during the period. Assetmark Inc. raised its holdings in Owens Corning by 26,700.0% during the 4th quarter. Assetmark Inc. now owns 268 shares of the construction company’s stock valued at $40,000 after buying an additional 267 shares during the period. Finally, Team Hewins LLC purchased a new stake in Owens Corning during the 4th quarter valued at $357,000. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $174.20 on Friday. The firm has a market cap of $15.10 billion, a P/E ratio of 14.11, a P/E/G ratio of 3.18 and a beta of 1.41. 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 has a 12 month low of $109.95 and a 12 month high of $191.13. The stock’s fifty day moving average price is $167.63 and its 200-day moving average price is $169.53.

Owens Corning (NYSE:OC) last issued 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 return on equity of 26.33% and a net margin of 10.66%. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.92 billion. During the same quarter last year, the company earned $4.22 earnings per share. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, equities research analysts expect that Owens Corning will post 15.38 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Investors 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 yield of 1.38%. The ex-dividend date is Friday, October 18th. Owens Corning’s payout ratio is currently 19.43%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on OC shares. 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. Royal Bank of Canada increased their target price on Owens Corning from $211.00 to $213.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Citigroup upgraded Owens Corning from a “neutral” rating to a “buy” rating and increased their target price for the stock from $178.00 to $191.00 in a research note on Thursday, July 11th. Evercore ISI reduced their target price on Owens Corning from $188.00 to $175.00 and set an “in-line” rating on the stock in a research note on Wednesday, August 7th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $187.00 target price on shares of Owens Corning in a research note on Monday, June 17th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $184.23.

Insider Activity at Owens Corning

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

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.