Legg Mason Asset Management Japan Co. Ltd. reduced its holdings in Owens Corning (NYSE:OC) by 4.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,300 shares of the construction company’s stock after selling 600 shares during the period. Legg Mason Asset Management Japan Co. Ltd.’s holdings in Owens Corning were worth $629,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Owens Corning by 0.6% in the third quarter. Vanguard Group Inc. now owns 9,479,115 shares of the construction company’s stock worth $514,432,000 after buying an additional 58,689 shares in the last quarter. Morgan Stanley lifted its stake in shares of Owens Corning by 360.0% in the third quarter. Morgan Stanley now owns 1,151,400 shares of the construction company’s stock worth $62,487,000 after buying an additional 901,083 shares in the last quarter. KCS Wealth Advisory purchased a new position in shares of Owens Corning in the fourth quarter worth about $548,000. Paragon Capital Management Ltd purchased a new position in shares of Owens Corning in the fourth quarter worth about $268,000. Finally, Vanguard Group Inc lifted its stake in shares of Owens Corning by 0.6% in the third quarter. Vanguard Group Inc now owns 9,479,115 shares of the construction company’s stock worth $514,432,000 after buying an additional 58,689 shares in the last quarter. 93.58% of the stock is currently owned by hedge funds and other institutional investors.
In other Owens Corning news, VP Daniel T. Smith sold 18,681 shares of Owens Corning stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $50.75, for a total transaction of $948,060.75. Following the completion of the sale, the vice president now directly owns 74,891 shares in the company, valued at $3,800,718.25. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.60% of the stock is owned by company insiders.
Several research firms have recently weighed in on OC. Zacks Investment Research raised shares of Owens Corning from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Zelman & Associates downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 26th. Northcoast Research raised their price target on shares of Owens Corning to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, November 27th. TheStreet raised shares of Owens Corning from a “c+” rating to a “b-” rating in a research note on Thursday, February 14th. Finally, Barclays set a $58.00 price objective on shares of Owens Corning and gave the stock a “buy” rating in a research report on Tuesday, February 5th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $69.12.
Shares of OC opened at $47.73 on Friday. Owens Corning has a 1-year low of $40.64 and a 1-year high of $83.99. The stock has a market cap of $5.23 billion, a price-to-earnings ratio of 9.66, a P/E/G ratio of 0.95 and a beta of 1.20. The company has a quick ratio of 0.74, a current ratio of 1.58 and a debt-to-equity ratio of 0.78.
Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, February 20th. The construction company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.09. Owens Corning had a net margin of 7.72% and a return on equity of 12.92%. The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.69 billion. During the same period last year, the business earned $1.11 earnings per share. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. As a group, equities research analysts predict that Owens Corning will post 5.01 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 2nd. Shareholders of record on Friday, March 8th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date is Thursday, March 7th. Owens Corning’s dividend payout ratio is presently 17.81%.
Owens Corning Company Profile
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.
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