Ontario Teachers Pension Plan Board Reduces Stock Position in Owens Corning (NYSE:OC)

Ontario Teachers Pension Plan Board lessened its stake in shares of Owens Corning (NYSE:OC) by 61.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,744 shares of the construction company’s stock after selling 12,395 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Owens Corning were worth $1,367,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in OC. SG Americas Securities LLC lifted its holdings in Owens Corning by 102.0% during the second quarter. SG Americas Securities LLC now owns 41,525 shares of the construction company’s stock valued at $7,214,000 after purchasing an additional 20,971 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in Owens Corning by 22.1% during the first quarter. CANADA LIFE ASSURANCE Co now owns 130,161 shares of the construction company’s stock valued at $21,710,000 after purchasing an additional 23,593 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Owens Corning by 14.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 74,470 shares of the construction company’s stock valued at $12,422,000 after purchasing an additional 9,584 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in Owens Corning during the first quarter valued at approximately $1,501,000. Finally, Sanctuary Advisors LLC purchased a new position in Owens Corning during the second quarter valued at approximately $3,598,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Insider Activity at Owens Corning

In related news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the transaction, the insider now directly owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This trade represents a 5.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.89% of the stock is currently owned by insiders.

Owens Corning Stock Up 0.1 %

Shares of Owens Corning stock opened at $194.27 on Thursday. The stock has a market cap of $16.66 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 2.18 and a beta of 1.41. The firm’s 50-day moving average is $181.30 and its two-hundred day moving average is $175.06. Owens Corning has a 1 year low of $129.24 and a 1 year high of $199.54. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, beating the consensus estimate of $4.05 by $0.33. The business had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the firm posted $4.15 earnings per share. As a group, research analysts expect that Owens Corning will post 15.39 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Friday, October 18th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.24%. The ex-dividend date was Friday, October 18th. Owens Corning’s payout ratio is currently 20.43%.

Wall Street Analyst Weigh In

Several research firms have recently commented on OC. Wells Fargo & Company boosted their target price on shares of Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a report on Thursday, November 7th. StockNews.com raised shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. Royal Bank of Canada boosted their target price on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Evercore ISI boosted their target price on shares of Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Finally, UBS Group boosted their target price on shares of Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and an average target price of $192.62.

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.