Y Intercept Hong Kong Ltd Sells 7,083 Shares of Owens Corning (NYSE:OC)

Y Intercept Hong Kong Ltd cut its holdings in Owens Corning (NYSE:OC) by 83.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,451 shares of the construction company’s stock after selling 7,083 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Owens Corning were worth $256,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Point72 Asset Management L.P. increased its stake in Owens Corning by 168.3% during the second quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock valued at $128,772,000 after acquiring an additional 464,981 shares during the period. Pacer Advisors Inc. increased its stake in Owens Corning by 38.9% during the second quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock valued at $276,655,000 after acquiring an additional 446,073 shares during the period. Panagora Asset Management Inc. increased its stake in Owens Corning by 2,813.6% during the second quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock valued at $65,815,000 after acquiring an additional 365,853 shares during the period. Goldentree Asset Management LP bought a new position in Owens Corning during the third quarter valued at about $43,559,000. Finally, Kimelman & Baird LLC bought a new position in Owens Corning during the second quarter valued at about $35,970,000. 88.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

OC has been the topic of several research reports. Royal Bank of Canada boosted their price target on Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Barclays upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $192.00 to $245.00 in a research note on Wednesday, December 11th. StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Evercore ISI upped their price objective on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Finally, UBS Group upped their price objective on Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $200.83.

Owens Corning Price Performance

Owens Corning stock opened at $174.44 on Thursday. The business’s 50-day simple moving average is $191.28 and its 200 day simple moving average is $178.02. The stock has a market cap of $14.96 billion, a price-to-earnings ratio of 14.85, a P/E/G ratio of 2.14 and a beta of 1.42. Owens Corning has a 12-month low of $138.70 and a 12-month 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.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.05 by $0.33. The business had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter last year, the business earned $4.15 earnings per share. As a group, research analysts anticipate that Owens Corning will post 15.46 earnings per share for the current year.

Owens Corning Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Monday, January 6th will be issued a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, January 6th. This represents a $2.76 dividend on an annualized basis and a yield of 1.58%. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. Owens Corning’s dividend payout ratio (DPR) is 23.49%.

Insiders Place Their Bets

In other news, insider Gunner Smith sold 17,450 shares of the firm’s stock in a transaction dated 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 sale, the insider now owns 18,866 shares of the company’s stock, valued at $3,606,990.54. This trade represents a 48.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.90% of the company’s stock.

Owens Corning Company 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.