Bank of Montreal Can Reduces Holdings in Owens Corning (NYSE:OC)

Bank of Montreal Can trimmed its holdings in shares of Owens Corning (NYSE:OC) by 31.3% in the second quarter, HoldingsChannel reports. The firm owned 16,328 shares of the construction company’s stock after selling 7,425 shares during the period. Bank of Montreal Can’s holdings in Owens Corning were worth $2,842,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of OC. Nordea Investment Management AB increased its stake 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 worth $210,040,000 after purchasing an additional 533,910 shares in the last quarter. Pacer Advisors Inc. increased its stake in shares of Owens Corning by 38.9% during the 2nd quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock worth $276,655,000 after purchasing an additional 446,073 shares in the last quarter. Panagora Asset Management Inc. increased its stake in shares of Owens Corning by 2,813.6% during the 2nd quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock worth $65,815,000 after purchasing an additional 365,853 shares in the last quarter. Swedbank AB purchased a new position in shares of Owens Corning during the 1st quarter worth approximately $60,424,000. Finally, William Blair Investment Management LLC purchased a new position in shares of Owens Corning during the 2nd quarter worth approximately $31,818,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of the business’s stock in a transaction on 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 Securities & Exchange Commission, which is accessible through this link. Also, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the transaction, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. The disclosure for this sale can be found here. Company insiders own 0.89% of the company’s stock.

Owens Corning Stock Performance

NYSE:OC opened at $172.55 on Thursday. The company has a current ratio of 1.37, a quick ratio of 0.79 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $14.95 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 3.47 and a beta of 1.41. The firm’s fifty day simple moving average is $167.28 and its 200 day simple moving average is $170.45. Owens Corning has a twelve month low of $109.95 and a twelve month high of $191.13.

Owens Corning (NYSE:OC) last posted its earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, beating the consensus estimate of $4.37 by $0.27. The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.92 billion. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The business’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. As a group, equities research analysts expect that Owens Corning will post 15.38 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Friday, October 18th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, October 18th. This represents a $2.40 annualized dividend and a dividend yield of 1.39%. Owens Corning’s payout ratio is 19.43%.

Wall Street Analysts Forecast Growth

Several analysts have commented on OC shares. Citigroup raised shares of Owens Corning from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $178.00 to $191.00 in a research note on Thursday, July 11th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. UBS Group lifted their target price on shares of Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Evercore ISI lowered their target price on shares of 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. Finally, Loop Capital lifted their target price on shares of Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $184.23.

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.