Smithbridge Asset Management Inc. DE Cuts Holdings in Owens Corning Inc $OC

Smithbridge Asset Management Inc. DE decreased its stake in shares of Owens Corning Inc (NYSE:OC) by 4.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,789 shares of the construction company’s stock after selling 808 shares during the period. Smithbridge Asset Management Inc. DE’s holdings in Owens Corning were worth $2,171,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of OC. Bangor Savings Bank purchased a new position in Owens Corning during the second quarter worth $28,000. Ameritas Advisory Services LLC acquired a new stake in shares of Owens Corning during the second quarter worth $42,000. Wayfinding Financial LLC acquired a new stake in shares of Owens Corning during the first quarter worth $60,000. IFP Advisors Inc boosted its holdings in shares of Owens Corning by 76.0% during the second quarter. IFP Advisors Inc now owns 461 shares of the construction company’s stock worth $63,000 after purchasing an additional 199 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Owens Corning by 61.7% during the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock worth $69,000 after purchasing an additional 184 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Trading Down 0.8%

Shares of OC opened at $126.29 on Friday. The stock’s 50-day moving average is $145.18 and its two-hundred day moving average is $141.43. The stock has a market cap of $10.56 billion, a PE ratio of 32.80, a P/E/G ratio of 9.25 and a beta of 1.32. Owens Corning Inc has a 12 month low of $123.23 and a 12 month high of $214.53. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95.

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

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be paid a $0.69 dividend. The ex-dividend date is Monday, October 20th. This represents a $2.76 annualized dividend and a dividend yield of 2.2%. Owens Corning’s payout ratio is 71.69%.

Analysts Set New Price Targets

Several research firms have recently issued reports on OC. Jefferies Financial Group decreased their price objective on Owens Corning from $185.00 to $180.00 and set a “buy” rating on the stock in a report on Tuesday, October 7th. UBS Group lowered their price target on Owens Corning from $218.00 to $210.00 and set a “buy” rating for the company in a research report on Thursday, August 7th. Truist Financial lowered their price target on Owens Corning from $165.00 to $135.00 and set a “hold” rating for the company in a research report on Thursday, October 9th. Royal Bank Of Canada lowered their price target on Owens Corning from $184.00 to $180.00 and set an “outperform” rating for the company in a research report on Thursday, August 7th. Finally, Evercore ISI lowered their price target on Owens Corning from $169.00 to $153.00 and set an “in-line” rating for the company in a research report on Tuesday, October 7th. Ten equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $178.31.

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.