Geode Capital Management LLC Lowers Stake in Owens Corning (NYSE:OC)

Geode Capital Management LLC lessened its holdings in Owens Corning (NYSE:OC) by 0.2% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,562,873 shares of the construction company’s stock after selling 3,534 shares during the quarter. Geode Capital Management LLC’s holdings in Owens Corning were worth $265,733,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in OC. National Bank of Canada FI grew its stake in shares of Owens Corning by 48.9% in the 4th quarter. National Bank of Canada FI now owns 37,423 shares of the construction company’s stock worth $6,374,000 after buying an additional 12,293 shares during the last quarter. Edmond DE Rothschild Holding S.A. grew its stake in shares of Owens Corning by 44.2% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 5,381 shares of the construction company’s stock worth $916,000 after acquiring an additional 1,650 shares during the last quarter. Allianz SE bought a new position in shares of Owens Corning during the fourth quarter valued at $281,000. Allstate Corp purchased a new position in shares of Owens Corning in the 4th quarter worth about $425,000. Finally, denkapparat Operations GmbH bought a new position in Owens Corning in the 4th quarter worth about $220,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on OC. JPMorgan Chase & Co. decreased their target price on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. Citigroup decreased their price objective on shares of Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft assumed coverage on Owens Corning in a research note on Tuesday, April 1st. They set a “buy” rating and a $183.00 target price on the stock. Benchmark restated a “hold” rating on shares of Owens Corning in a research note on Monday, March 3rd. Finally, UBS Group dropped their price objective on Owens Corning from $245.00 to $235.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $202.42.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Monaco Nicolas Del sold 1,750 shares of Owens Corning stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the transaction, the insider now owns 11,635 shares of the company’s stock, valued at $2,140,490.95. The trade was a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.82% of the stock is currently owned by corporate insiders.

Owens Corning Price Performance

NYSE OC opened at $134.17 on Friday. The company has a 50-day moving average price of $160.07 and a 200-day moving average price of $175.44. Owens Corning has a 52 week low of $126.15 and a 52 week high of $214.53. 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 capitalization of $11.48 billion, a P/E ratio of 11.42, a PEG ratio of 1.88 and a beta of 1.39.

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

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 10th will be given 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 yield of 2.06%. Owens Corning’s dividend payout ratio (DPR) is presently 37.70%.

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.