Owens Corning (NYSE:OC) Holdings Lowered by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in shares of Owens Corning (NYSE:OC) by 2.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 859,846 shares of the construction company’s stock after selling 21,050 shares during the quarter. Bank of New York Mellon Corp’s holdings in Owens Corning were worth $146,449,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. FPC Investment Advisory Inc. bought a new stake in shares of Owens Corning in the 4th quarter worth approximately $28,000. Venturi Wealth Management LLC raised its holdings in shares of Owens Corning by 55.8% during the fourth quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company’s stock valued at $30,000 after acquiring an additional 63 shares during the period. Global Trust Asset Management LLC acquired a new stake in shares of Owens Corning during the fourth quarter valued at approximately $31,000. Wilmington Savings Fund Society FSB raised its holdings in shares of Owens Corning by 193.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company’s stock valued at $32,000 after acquiring an additional 122 shares during the period. Finally, Brooklyn Investment Group acquired a new stake in shares of Owens Corning during the third quarter valued at approximately $38,000. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Performance

Shares of OC opened at $153.96 on Friday. The company’s fifty day moving average is $175.41 and its 200-day moving average is $178.64. Owens Corning has a 12 month low of $148.78 and a 12 month high of $214.53. The firm has a market cap of $13.21 billion, a price-to-earnings ratio of 13.10, a price-to-earnings-growth ratio of 1.88 and a beta of 1.46. 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 announced its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, topping the consensus estimate of $2.87 by $0.35. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same quarter in the prior year, the business posted $3.21 EPS. Owens Corning’s quarterly revenue was up 23.3% on a year-over-year basis. Equities analysts expect that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be paid a dividend of $0.69 per share. The ex-dividend date is Monday, March 10th. This represents a $2.76 annualized dividend and a dividend yield of 1.79%. Owens Corning’s dividend payout ratio (DPR) is 23.49%.

Insider Transactions at Owens Corning

In related news, insider Gunner Smith sold 17,450 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the completion of the sale, the insider now directly owns 18,866 shares of the company’s stock, valued at approximately $3,606,990.54. This represents a 48.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Monaco Nicolas Del sold 1,750 shares of the company’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the sale, the insider now directly owns 11,635 shares of the company’s stock, valued at approximately $2,140,490.95. This represents a 13.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

OC has been the topic of a number of recent analyst reports. Royal Bank of Canada cut their price target on shares of Owens Corning from $224.00 to $212.00 and set an “outperform” rating on the stock in a report on Tuesday. UBS Group cut their price target on shares of Owens Corning from $245.00 to $235.00 and set a “buy” rating on the stock in a report on Tuesday. Evercore ISI boosted their price target on shares of Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Barclays dropped their price objective on shares of Owens Corning from $245.00 to $215.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Citigroup dropped their price objective on shares of Owens Corning from $212.00 to $207.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $207.00.

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.