TD Private Client Wealth LLC Cuts Holdings in Owens Corning (NYSE:OC)

TD Private Client Wealth LLC decreased its holdings in Owens Corning (NYSE:OC) by 5.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,550 shares of the construction company’s stock after selling 134 shares during the period. TD Private Client Wealth LLC’s holdings in Owens Corning were worth $450,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Sequoia Financial Advisors LLC raised its holdings in shares of Owens Corning by 13.0% during the second quarter. Sequoia Financial Advisors LLC now owns 1,511 shares of the construction company’s stock valued at $263,000 after purchasing an additional 174 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its position in Owens Corning by 133.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 9,327 shares of the construction company’s stock worth $1,620,000 after purchasing an additional 5,325 shares during the period. Assenagon Asset Management S.A. grew its position in Owens Corning by 59.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 72,426 shares of the construction company’s stock worth $12,582,000 after purchasing an additional 26,986 shares during the period. Blue Trust Inc. raised its stake in Owens Corning by 46.2% during the 2nd quarter. Blue Trust Inc. now owns 367 shares of the construction company’s stock valued at $61,000 after buying an additional 116 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Owens Corning by 90.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,457 shares of the construction company’s stock valued at $253,000 after buying an additional 690 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Insider Buying and Selling

In related news, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction 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 approximately $10,074,443.50. This trade represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.89% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms recently commented on OC. Barclays upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $192.00 to $245.00 in a research report on Wednesday. The Goldman Sachs Group upped their price target on shares of Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Wells Fargo & Company raised their price objective 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. Evercore ISI boosted their target price on shares of Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Finally, StockNews.com upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $198.33.

Owens Corning Stock Performance

OC opened at $191.40 on Friday. The firm has a market cap of $16.42 billion, a P/E ratio of 16.29, a PEG ratio of 2.22 and a beta of 1.42. Owens Corning has a 1-year low of $138.70 and a 1-year high of $214.53. The company has a 50 day simple moving average of $191.33 and a two-hundred day simple moving average of $177.95. 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 issued its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.33. The company had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. Owens Corning’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.15 EPS. Equities analysts forecast that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Investors of record on Monday, January 6th will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 1.44%. The ex-dividend date is Monday, January 6th. This is an increase from Owens Corning’s previous quarterly dividend of $0.60. Owens Corning’s dividend payout ratio (DPR) is 23.49%.

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.