Voya Investment Management LLC Sells 34,795 Shares of Owens Corning Inc $OC

Voya Investment Management LLC cut its position in Owens Corning Inc (NYSE:OC) by 55.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,150 shares of the construction company’s stock after selling 34,795 shares during the quarter. Voya Investment Management LLC’s holdings in Owens Corning were worth $3,982,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Owens Corning by 1.3% in the second quarter. Vanguard Group Inc. now owns 9,947,480 shares of the construction company’s stock valued at $1,367,977,000 after acquiring an additional 131,795 shares during the last quarter. Nordea Investment Management AB lifted its stake in Owens Corning by 0.7% in the 2nd quarter. Nordea Investment Management AB now owns 2,225,800 shares of the construction company’s stock valued at $305,291,000 after purchasing an additional 15,927 shares during the last quarter. Norges Bank bought a new position in Owens Corning during the second quarter worth about $163,719,000. Qube Research & Technologies Ltd grew its holdings in Owens Corning by 43.0% during the second quarter. Qube Research & Technologies Ltd now owns 1,102,722 shares of the construction company’s stock worth $151,646,000 after purchasing an additional 331,835 shares during the period. Finally, Amundi increased its position in Owens Corning by 92.9% during the second quarter. Amundi now owns 1,086,735 shares of the construction company’s stock worth $157,279,000 after buying an additional 523,376 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Trading Up 0.1%

OC stock opened at $113.65 on Friday. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $192.96. The company has a market capitalization of $9.34 billion, a PE ratio of -19.87, a price-to-earnings-growth ratio of 9.14 and a beta of 1.34. The company’s 50-day simple moving average is $113.92 and its 200 day simple moving average is $132.94. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.86 and a current ratio of 1.40.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, November 5th. The construction company reported $3.67 earnings per share for the quarter, topping the consensus estimate of $3.64 by $0.03. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.71 billion. During the same quarter in the previous year, the company earned $4.38 EPS. The business’s revenue was down 2.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 21st. Stockholders of record on Monday, January 5th will be issued a dividend of $0.79 per share. This is an increase from Owens Corning’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Monday, January 5th. This represents a $3.16 annualized dividend and a dividend yield of 2.8%. Owens Corning’s payout ratio is currently -48.25%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on OC. Wells Fargo & Company cut their price objective on Owens Corning from $150.00 to $130.00 and set an “overweight” rating for the company in a research report on Monday, December 15th. Vertical Research assumed coverage on Owens Corning in a report on Monday, October 20th. They set a “hold” rating for the company. Royal Bank Of Canada reduced their price objective on shares of Owens Corning from $174.00 to $145.00 and set an “outperform” rating for the company in a research report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a report on Monday. Finally, Barclays set a $130.00 price objective on shares of Owens Corning in a research report on Monday, December 8th. Ten analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $155.58.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.