The Manufacturers Life Insurance Company Sells 2,440 Shares of Owens Corning (NYSE:OC)

The Manufacturers Life Insurance Company reduced its stake in shares of Owens Corning (NYSE:OC) by 4.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,317 shares of the construction company’s stock after selling 2,440 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Owens Corning worth $9,941,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in OC. SG Americas Securities LLC increased its position in shares of Owens Corning by 102.0% during the second quarter. SG Americas Securities LLC now owns 41,525 shares of the construction company’s stock worth $7,214,000 after purchasing an additional 20,971 shares in the last quarter. Alpha DNA Investment Management LLC increased its holdings in shares of Owens Corning by 147.4% during the third quarter. Alpha DNA Investment Management LLC now owns 4,270 shares of the construction company’s stock valued at $754,000 after acquiring an additional 2,544 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Owens Corning in the 2nd quarter valued at approximately $3,598,000. Cetera Investment Advisers boosted its stake in Owens Corning by 196.2% in the 1st quarter. Cetera Investment Advisers now owns 12,765 shares of the construction company’s stock worth $2,129,000 after purchasing an additional 8,456 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its position in Owens Corning by 133.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 9,327 shares of the construction company’s stock worth $1,620,000 after purchasing an additional 5,325 shares during the last quarter. Institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

NYSE:OC opened at $202.35 on Wednesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The stock has a market capitalization of $17.36 billion, a PE ratio of 17.22, a P/E/G ratio of 2.28 and a beta of 1.42. Owens Corning has a fifty-two week low of $137.09 and a fifty-two week high of $214.53. The company has a fifty day moving average of $186.78 and a two-hundred day moving average of $176.66.

Owens Corning (NYSE:OC) last released its quarterly earnings results 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 firm had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.15 EPS. As a group, research analysts forecast that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were given a $0.60 dividend. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.40 annualized dividend and a dividend yield of 1.19%. Owens Corning’s dividend payout ratio (DPR) is presently 20.43%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on OC. The Goldman Sachs Group boosted their price target on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. StockNews.com raised shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. UBS Group upped their price target on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Royal Bank of Canada lifted their price objective on Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Finally, Benchmark restated a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Owens Corning has an average rating of “Moderate Buy” and an average price target of $192.62.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the sale, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. This represents a 5.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate 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.