Wells Fargo & Company MN reduced its stake in shares of Owens Corning (NYSE:OC) by 34.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 305,303 shares of the construction company’s stock after selling 157,044 shares during the period. Wells Fargo & Company MN owned 0.27% of Owens Corning worth $23,615,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Owens Corning by 1.8% in the second quarter. Vanguard Group Inc. now owns 10,562,420 shares of the construction company’s stock valued at $706,837,000 after buying an additional 190,866 shares during the period. Dimensional Fund Advisors LP raised its holdings in Owens Corning by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,666,185 shares of the construction company’s stock valued at $245,337,000 after buying an additional 27,809 shares during the period. LSV Asset Management raised its holdings in Owens Corning by 21.2% in the second quarter. LSV Asset Management now owns 1,680,100 shares of the construction company’s stock valued at $112,432,000 after buying an additional 294,400 shares during the period. Schwab Charles Investment Management Inc. raised its stake in shares of Owens Corning by 1.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,401,027 shares of the construction company’s stock valued at $93,757,000 after purchasing an additional 17,494 shares during the period. Finally, Teacher Retirement System of Texas raised its stake in shares of Owens Corning by 10.4% during the third quarter. Teacher Retirement System of Texas now owns 1,002,718 shares of the construction company’s stock valued at $77,560,000 after purchasing an additional 94,659 shares during the period. Institutional investors and hedge funds own 94.55% of the company’s stock.
A number of analysts have recently issued reports on OC shares. SunTrust Banks reiterated a “hold” rating on shares of Owens Corning in a research note on Tuesday, September 12th. BidaskClub upgraded shares of Owens Corning from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. Credit Suisse Group lifted their price objective on shares of Owens Corning from $90.00 to $95.00 and gave the company an “outperform” rating in a research note on Friday, November 17th. Stifel Nicolaus reiterated a “buy” rating and set a $83.00 price objective on shares of Owens Corning in a research note on Friday, September 1st. Finally, Argus started coverage on shares of Owens Corning in a research note on Wednesday, December 6th. They set a “buy” rating and a $109.00 price objective on the stock. Nine investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $81.10.
Shares of Owens Corning (OC) opened at $87.34 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 0.99. Owens Corning has a 1 year low of $50.77 and a 1 year high of $91.40. The company has a market cap of $9,715.23, a PE ratio of 21.73, a price-to-earnings-growth ratio of 1.32 and a beta of 1.09.
Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, October 25th. The construction company reported $1.25 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.01). Owens Corning had a return on equity of 11.40% and a net margin of 6.15%. The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the firm posted $1.09 earnings per share. Owens Corning’s revenue was up 12.2% compared to the same quarter last year. equities analysts anticipate that Owens Corning will post 4.33 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, December 29th. This represents a $0.84 dividend on an annualized basis and a yield of 0.96%. This is a boost from Owens Corning’s previous quarterly dividend of $0.20. Owens Corning’s dividend payout ratio (DPR) is currently 23.88%.
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About Owens Corning
Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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