TD Asset Management Inc Trims Stock Holdings in Owens Corning Inc $OC

TD Asset Management Inc trimmed its holdings in Owens Corning Inc (NYSE:OC) by 54.3% in the second quarter, Holdings Channel reports. The institutional investor owned 7,669 shares of the construction company’s stock after selling 9,112 shares during the quarter. TD Asset Management Inc’s holdings in Owens Corning were worth $1,055,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Bangor Savings Bank purchased a new position in shares of Owens Corning during the 2nd quarter valued at $28,000. Ameritas Advisory Services LLC purchased a new position in shares of Owens Corning during the 2nd quarter valued at $42,000. Wayfinding Financial LLC purchased a new position in shares of Owens Corning during the 1st quarter valued at $60,000. IFP Advisors Inc grew its position in shares of Owens Corning by 76.0% during the 2nd quarter. IFP Advisors Inc now owns 461 shares of the construction company’s stock valued at $63,000 after purchasing an additional 199 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its position in shares of Owens Corning by 61.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock valued at $69,000 after purchasing an additional 184 shares in the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Price Performance

Shares of OC opened at $126.75 on Thursday. The stock has a market cap of $10.60 billion, a PE ratio of 32.92, a price-to-earnings-growth ratio of 9.50 and a beta of 1.32. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.95 and a current ratio of 1.52. Owens Corning Inc has a fifty-two week low of $123.23 and a fifty-two week high of $214.53. The firm’s 50-day simple moving average is $143.60 and its two-hundred day simple moving average is $141.08.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, topping analysts’ consensus estimates of $3.80 by $0.41. The business 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%. The business’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.64 earnings per share. Analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on OC. Evercore ISI dropped their price objective on shares of Owens Corning from $169.00 to $153.00 and set an “in-line” rating for the company in a report on Tuesday, October 7th. Royal Bank Of Canada dropped their price objective on shares of Owens Corning from $184.00 to $180.00 and set an “outperform” rating for the company in a report on Thursday, August 7th. UBS Group dropped their price objective on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating for the company in a report on Thursday, August 7th. Vertical Research began coverage on shares of Owens Corning in a report on Monday. They set a “hold” rating for the company. Finally, Zacks Research downgraded shares of Owens Corning from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 15th. Ten investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $178.31.

About Owens Corning

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.