Swedbank AB Trims Stock Position in Owens Corning Inc $OC

Swedbank AB lessened its stake in shares of Owens Corning Inc (NYSE:OC) by 1.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 314,741 shares of the construction company’s stock after selling 4,100 shares during the quarter. Swedbank AB’s holdings in Owens Corning were worth $44,951,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Owens Corning by 12.0% during the 1st quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company’s stock worth $1,401,876,000 after buying an additional 1,053,855 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Owens Corning by 67.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company’s stock worth $339,930,000 after buying an additional 957,295 shares during the last quarter. LSV Asset Management lifted its position in shares of Owens Corning by 1.9% during the 1st quarter. LSV Asset Management now owns 1,476,067 shares of the construction company’s stock worth $210,812,000 after buying an additional 27,185 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Owens Corning by 0.7% during the 1st quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company’s stock worth $123,634,000 after buying an additional 5,819 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Owens Corning by 179.0% during the 1st quarter. Millennium Management LLC now owns 863,230 shares of the construction company’s stock worth $123,287,000 after buying an additional 553,864 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

Shares of OC opened at $152.36 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. The stock has a market capitalization of $12.74 billion, a P/E ratio of 39.57, a P/E/G ratio of 11.17 and a beta of 1.32. The company’s fifty day moving average is $147.39 and its two-hundred day moving average is $142.67. Owens Corning Inc has a 1 year low of $123.40 and a 1 year high of $214.53.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.80 by $0.41. The company had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. Owens Corning’s revenue was up 10.0% compared to the same quarter last year. During the same period in the previous year, the company posted $4.64 EPS. On average, sell-side analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 21st were paid a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Monday, July 21st. Owens Corning’s payout ratio is currently 71.69%.

Analyst Upgrades and Downgrades

OC has been the subject of several recent analyst reports. Wells Fargo & Company boosted their price objective on shares of Owens Corning from $170.00 to $175.00 and gave the stock an “overweight” rating in a research report on Thursday. UBS Group reduced their price target on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating for the company in a research report on Thursday, August 7th. Royal Bank Of Canada reduced their price target on shares of Owens Corning from $184.00 to $180.00 and set an “outperform” rating for the company in a research report on Thursday, August 7th. Barclays upped their price target on shares of Owens Corning from $167.00 to $173.00 and gave the company an “overweight” rating in a research report on Thursday, August 7th. Finally, Evercore ISI upped their price target on shares of Owens Corning from $165.00 to $169.00 and gave the company an “in-line” rating in a research report on Friday, August 8th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Owens Corning currently has an average rating of “Moderate Buy” and an average price target of $185.10.

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.