Owens Corning Inc (NYSE:OC) Shares Sold by Diversify Wealth Management LLC

Diversify Wealth Management LLC reduced its position in Owens Corning Inc (NYSE:OC) by 9.6% in the 1st quarter, Holdings Channel.com reports. The fund owned 3,009 shares of the construction company’s stock after selling 321 shares during the quarter. Diversify Wealth Management LLC’s holdings in Owens Corning were worth $435,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of OC. Bank Pictet & Cie Europe AG acquired a new stake in shares of Owens Corning in the fourth quarter valued at approximately $28,651,000. Assetmark Inc. boosted its holdings in shares of Owens Corning by 195.1% in the fourth quarter. Assetmark Inc. now owns 239 shares of the construction company’s stock valued at $41,000 after acquiring an additional 158 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Owens Corning by 5.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,188 shares of the construction company’s stock valued at $1,054,000 after acquiring an additional 327 shares during the period. Independent Advisor Alliance purchased a new stake in shares of Owens Corning during the fourth quarter worth approximately $244,000. Finally, Sequoia Financial Advisors LLC raised its stake in shares of Owens Corning by 8.5% during the fourth quarter. Sequoia Financial Advisors LLC now owns 1,696 shares of the construction company’s stock worth $289,000 after purchasing an additional 133 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Royal Bank Of Canada cut their price target on Owens Corning from $199.00 to $184.00 and set an “outperform” rating for the company in a research note on Thursday, May 8th. Loop Capital cut their price target on Owens Corning from $203.00 to $180.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. UBS Group cut their price target on Owens Corning from $235.00 to $218.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Barclays cut their price target on Owens Corning from $179.00 to $167.00 and set an “overweight” rating for the company in a research note on Thursday, May 8th. Finally, Wells Fargo & Company upped their price target on Owens Corning from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $184.30.

Owens Corning Trading Down 1.8%

NYSE:OC opened at $147.60 on Monday. The stock has a fifty day moving average price of $138.56 and a two-hundred day moving average price of $151.58. The stock has a market capitalization of $12.55 billion, a price-to-earnings ratio of 51.97, a PEG ratio of 3.89 and a beta of 1.33. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.93 and a current ratio of 1.44. Owens Corning Inc has a 1 year low of $123.41 and a 1 year high of $214.53.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, May 7th. The construction company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. The firm had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.52 billion. Owens Corning had a return on equity of 25.03% and a net margin of 2.28%. Owens Corning’s revenue was up 25.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.40 earnings per share. As a group, sell-side analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning declared that its Board of Directors has authorized a share repurchase plan on Wednesday, May 14th that permits the company to repurchase 12,000,000 shares. This repurchase authorization permits the construction company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Monday, July 21st will be given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Monday, July 21st. Owens Corning’s dividend payout ratio is currently 97.18%.

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.