Cibc World Markets Corp Lowers Holdings in Owens Corning (NYSE:OC)

Cibc World Markets Corp trimmed its holdings in Owens Corning (NYSE:OC) by 22.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,935 shares of the construction company’s stock after selling 1,115 shares during the period. Cibc World Markets Corp’s holdings in Owens Corning were worth $670,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. FPC Investment Advisory Inc. bought a new stake in shares of Owens Corning in the fourth quarter worth about $28,000. Venturi Wealth Management LLC increased its holdings in shares of Owens Corning by 55.8% in the fourth quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company’s stock worth $30,000 after purchasing an additional 63 shares during the last quarter. Global Trust Asset Management LLC bought a new stake in Owens Corning during the fourth quarter worth approximately $31,000. Wilmington Savings Fund Society FSB increased its stake in Owens Corning by 193.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company’s stock worth $32,000 after acquiring an additional 122 shares during the last quarter. Finally, Whipplewood Advisors LLC bought a new stake in Owens Corning during the fourth quarter worth approximately $34,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Down 1.8 %

Owens Corning stock opened at $144.49 on Friday. The business has a fifty day moving average of $167.56 and a two-hundred day moving average of $176.64. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. The firm has a market cap of $12.36 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.88 and a beta of 1.52. Owens Corning has a twelve month low of $137.50 and a twelve month high of $214.53.

Owens Corning (NYSE:OC) last posted its earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.87 by $0.35. The company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.88 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. Owens Corning’s revenue was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.21 earnings per share. On average, analysts forecast that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be issued a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.76 annualized dividend and a dividend yield of 1.91%. Owens Corning’s dividend payout ratio is presently 37.70%.

Insider Activity

In other news, insider Monaco Nicolas Del sold 1,750 shares of the stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the sale, the insider now owns 11,635 shares in the company, valued at approximately $2,140,490.95. This represents a 13.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on OC. Citigroup cut their target price on Owens Corning from $212.00 to $207.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $212.00 target price on shares of Owens Corning in a research note on Monday, March 17th. Loop Capital cut their target price on Owens Corning from $215.00 to $210.00 and set a “buy” rating on the stock in a research note on Friday, January 10th. Barclays cut their target price on Owens Corning from $245.00 to $215.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. lowered their price target on Owens Corning from $200.00 to $176.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Owens Corning currently has a consensus rating of “Moderate Buy” and an average price target of $204.18.

Owens Corning Company 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.