Assenagon Asset Management S.A. Reduces Stock Holdings in Owens Corning (NYSE:OC)

Assenagon Asset Management S.A. reduced its position in Owens Corning (NYSE:OC) by 55.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 15,353 shares of the construction company’s stock after selling 19,157 shares during the period. Assenagon Asset Management S.A.’s holdings in Owens Corning were worth $2,615,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of OC. Retirement Guys Formula LLC lifted its position in Owens Corning by 3.1% in the third quarter. Retirement Guys Formula LLC now owns 1,939 shares of the construction company’s stock valued at $342,000 after purchasing an additional 58 shares during the period. PFG Investments LLC raised its stake in shares of Owens Corning by 3.9% during the 3rd quarter. PFG Investments LLC now owns 1,828 shares of the construction company’s stock worth $323,000 after buying an additional 68 shares in the last quarter. Tobam lifted its holdings in shares of Owens Corning by 38.0% in the 3rd quarter. Tobam now owns 265 shares of the construction company’s stock valued at $47,000 after buying an additional 73 shares during the period. First Bank & Trust boosted its stake in shares of Owens Corning by 2.0% in the third quarter. First Bank & Trust now owns 3,658 shares of the construction company’s stock valued at $646,000 after buying an additional 73 shares in the last quarter. Finally, KMG Fiduciary Partners LLC grew its holdings in Owens Corning by 1.5% during the third quarter. KMG Fiduciary Partners LLC now owns 5,432 shares of the construction company’s stock worth $959,000 after acquiring an additional 80 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Trading Up 0.1 %

NYSE OC opened at $187.53 on Thursday. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. The company’s fifty day simple moving average is $185.64 and its 200-day simple moving average is $177.75. The stock has a market cap of $16.09 billion, a P/E ratio of 15.96, a PEG ratio of 2.01 and a beta of 1.46. Owens Corning has a 52 week low of $138.70 and a 52 week high of $214.53.

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, topping the consensus estimate of $4.05 by $0.33. The company had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The firm’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same period last year, the business earned $4.15 EPS. Equities research analysts predict that Owens Corning will post 15.46 EPS for the current fiscal year.

Owens Corning Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 17th. Shareholders of record on Monday, January 6th were paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 1.47%. This is a positive change from Owens Corning’s previous quarterly dividend of $0.60. The ex-dividend date was Monday, January 6th. Owens Corning’s payout ratio is presently 23.49%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Royal Bank of Canada lifted their price target on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Citigroup reduced their price objective on Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a report on Monday, January 6th. Loop Capital decreased their target price on Owens Corning from $215.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Wells Fargo & Company upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $195.00 to $225.00 in a research report on Tuesday, December 17th. Finally, Barclays upgraded shares of Owens Corning from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $192.00 to $245.00 in a research report on Wednesday, December 11th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $201.75.

Insider Activity at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the completion of the transaction, the insider now directly owns 18,866 shares of the company’s stock, valued at approximately $3,606,990.54. This trade represents a 48.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.89% of the stock is owned by insiders.

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.