Owens Corning Inc $OC Stock: RWC Asset Management LLP Reduces Stake

RWC Asset Management LLP lowered its stake in shares of Owens Corning Inc (NYSE:OC) by 27.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,231 shares of the construction company’s stock after selling 32,150 shares during the period. RWC Asset Management LLP’s holdings in Owens Corning were worth $9,716,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Owens Corning in the 2nd quarter valued at approximately $1,401,161,000. Dimensional Fund Advisors LP lifted its holdings in Owens Corning by 7.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,764,616 shares of the construction company’s stock worth $299,167,000 after acquiring an additional 188,211 shares in the last quarter. First Trust Advisors LP grew its stake in Owens Corning by 22.7% in the first quarter. First Trust Advisors LP now owns 2,179,214 shares of the construction company’s stock valued at $235,835,000 after acquiring an additional 403,803 shares during the period. Nykredit A S acquired a new position in Owens Corning in the second quarter valued at about $166,083,000. Finally, Bank of America Corp DE acquired a new stake in Owens Corning during the 2nd quarter worth approximately $133,685,000. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Stock Performance

Shares of NYSE:OC traded down $2.22 on Friday, hitting $114.27. The company had a trading volume of 666,883 shares, compared to its average volume of 1,121,367. The stock has a 50 day moving average price of $127.33 and a 200 day moving average price of $129.40. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10. The stock has a market cap of $9.03 billion, a price-to-earnings ratio of -14.18, a P/E/G ratio of 2.69 and a beta of 1.32. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $159.91.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, August 5th. The construction company reported $3.93 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.84. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. Owens Corning had a negative net margin of 6.81% and a positive return on equity of 20.52%. Owens Corning’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.21 EPS. Analysts expect that Owens Corning Inc will post 9.59 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Monday, October 19th will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Monday, October 19th. Owens Corning’s payout ratio is -39.21%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group reduced their price target on shares of Owens Corning from $169.00 to $128.00 and set a “neutral” rating for the company in a report on Monday, October 12th. Citigroup upped their price objective on Owens Corning from $149.00 to $177.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a report on Wednesday, July 15th. Wells Fargo & Company decreased their target price on shares of Owens Corning from $150.00 to $125.00 and set an “overweight” rating for the company in a research report on Friday, October 16th. Finally, Wall Street Zen lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, five have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $141.57.

Insiders Place Their Bets

In related news, insider Rachel Barthelemy Marcon sold 900 shares of the company’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $144.07, for a total transaction of $129,663.00. Following the completion of the sale, the insider owned 21,449 shares of the company’s stock, valued at $3,090,157.43. This represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by corporate insiders.

About Owens Corning

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its offerings are designed to improve energy efficiency, weather protection, durability and comfort in buildings.

The company’s primary businesses include roofing, insulation and doors. Its products include asphalt roofing shingles and components, fiberglass and mineral wool insulation, and residential and commercial door systems.