Systematic Financial Management LP Sells 14,104 Shares of Owens Corning (NYSE:OC)

Systematic Financial Management LP decreased its position in Owens Corning (NYSE:OC) by 7.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 185,461 shares of the construction company’s stock after selling 14,104 shares during the quarter. Owens Corning accounts for 1.0% of Systematic Financial Management LP’s portfolio, making the stock its 20th largest position. Systematic Financial Management LP’s holdings in Owens Corning were worth $32,218,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of OC. Pacer Advisors Inc. raised its stake in shares of Owens Corning by 38.9% during the second quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock worth $276,655,000 after acquiring an additional 446,073 shares in the last quarter. Nordea Investment Management AB grew its holdings in shares of Owens Corning by 74.4% during the 1st quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock valued at $210,040,000 after purchasing an additional 533,910 shares during the last quarter. Point72 Asset Management L.P. raised its position in Owens Corning by 168.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock worth $128,772,000 after purchasing an additional 464,981 shares during the period. Skandinaviska Enskilda Banken AB publ lifted its stake in Owens Corning by 6.4% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 716,704 shares of the construction company’s stock worth $124,506,000 after purchasing an additional 43,180 shares during the last quarter. Finally, AustralianSuper Pty Ltd boosted its position in Owens Corning by 2.2% during the second quarter. AustralianSuper Pty Ltd now owns 590,977 shares of the construction company’s stock valued at $102,665,000 after buying an additional 12,707 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Trading Up 0.2 %

OC opened at $174.30 on Friday. The stock has a market cap of $15.10 billion, a PE ratio of 14.11, a PEG ratio of 3.47 and a beta of 1.41. The business has a 50 day moving average of $167.46 and a 200-day moving average of $170.15. Owens Corning has a 52 week low of $109.95 and a 52 week high of $191.13. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91.

Owens Corning (NYSE:OC) last announced its earnings results on Tuesday, August 6th. The construction company reported $4.64 EPS for the quarter, beating analysts’ consensus estimates of $4.37 by $0.27. The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.92 billion. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.22 EPS. Equities research analysts predict that Owens Corning will post 15.38 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Friday, October 18th will be issued a $0.60 dividend. 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 dividend payout ratio (DPR) is presently 19.43%.

Insider Buying and Selling at Owens Corning

In related news, insider Marcio A. Sandri sold 3,050 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the sale, the insider now owns 60,130 shares in the company, valued at approximately $10,222,100. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Marcio A. Sandri sold 3,050 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the transaction, the insider now owns 60,130 shares in the company, valued at approximately $10,222,100. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the sale, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. The disclosure for this sale can be found here. Insiders own 0.89% of the company’s stock.

Wall Street Analyst Weigh In

OC has been the topic of several analyst reports. StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, September 7th. Barclays decreased their price target on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a research note on Friday, July 12th. Evercore ISI dropped their price objective on Owens Corning from $188.00 to $175.00 and set an “in-line” rating for the company in a research note on Wednesday, August 7th. UBS Group increased their price target on shares of Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Finally, Citigroup raised shares of Owens Corning from a “neutral” rating to a “buy” rating and raised their price target for the stock from $178.00 to $191.00 in a report on Thursday, July 11th. Seven equities research 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 has an average rating of “Moderate Buy” and an average target price of $184.23.

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.