Sumitomo Mitsui Trust Group Inc. Sells 702 Shares of Owens Corning (NYSE:OC)

Sumitomo Mitsui Trust Group Inc. decreased its stake in shares of Owens Corning (NYSE:OC) by 0.4% during the third quarter, HoldingsChannel.com reports. The fund owned 199,779 shares of the construction company’s stock after selling 702 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Owens Corning were worth $35,265,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Retirement Guys Formula LLC lifted its position in Owens Corning by 3.1% during the 3rd quarter. Retirement Guys Formula LLC now owns 1,939 shares of the construction company’s stock worth $342,000 after acquiring an additional 58 shares during the last quarter. PFG Investments LLC increased its stake in shares of Owens Corning by 3.9% in the third quarter. PFG Investments LLC now owns 1,828 shares of the construction company’s stock worth $323,000 after purchasing an additional 68 shares during the period. Tobam lifted its position in shares of Owens Corning by 38.0% during the 3rd quarter. Tobam now owns 265 shares of the construction company’s stock worth $47,000 after purchasing an additional 73 shares during the last quarter. First Bank & Trust boosted its stake in Owens Corning by 2.0% during the 3rd quarter. First Bank & Trust now owns 3,658 shares of the construction company’s stock valued at $646,000 after purchasing an additional 73 shares during the period. Finally, Bessemer Group Inc. grew its holdings in Owens Corning by 24.9% in the 1st quarter. Bessemer Group Inc. now owns 391 shares of the construction company’s stock valued at $65,000 after buying an additional 78 shares during the last quarter. 88.40% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group increased their price objective on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Evercore ISI raised their price target on shares of Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Royal Bank of Canada boosted their price objective 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. UBS Group lifted their target price on Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Owens Corning has an average rating of “Moderate Buy” and a consensus price target of $192.62.

Owens Corning Stock Performance

Shares of NYSE:OC opened at $193.99 on Friday. Owens Corning has a fifty-two week low of $128.79 and a fifty-two week 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. The business’s fifty day moving average price is $179.12 and its two-hundred day moving average price is $174.59. The stock has a market capitalization of $16.64 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 2.20 and a beta of 1.41.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. The company had revenue of $3.05 billion during the quarter, compared to analysts’ expectations 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 previous year, the company posted $4.15 earnings per share. As a group, analysts predict that Owens Corning will post 15.39 EPS for the current fiscal year.

Owens Corning Dividend Announcement

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

Insider Buying and Selling

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 transaction, the insider now directly owns 57,079 shares in the company, valued at $10,074,443.50. This represents a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.89% of the stock is currently owned by corporate insiders.

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.