Portside Wealth Group LLC Reduces Stake in Owens Corning (NYSE:OC)

Portside Wealth Group LLC trimmed its stake in Owens Corning (NYSE:OC) by 5.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,139 shares of the construction company’s stock after selling 67 shares during the quarter. Portside Wealth Group LLC’s holdings in Owens Corning were worth $201,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. ST Germain D J Co. Inc. lifted its stake in shares of Owens Corning by 794.1% during the 2nd quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock valued at $26,000 after buying an additional 135 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Owens Corning during the 2nd quarter valued at approximately $32,000. Tobam lifted its stake in shares of Owens Corning by 115.7% during the 2nd quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after buying an additional 103 shares in the last quarter. Quarry LP lifted its stake in shares of Owens Corning by 165.5% during the 2nd quarter. Quarry LP now owns 231 shares of the construction company’s stock valued at $40,000 after buying an additional 144 shares in the last quarter. Finally, Friedenthal Financial purchased a new stake in shares of Owens Corning during the 2nd quarter valued at approximately $48,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Up 1.6 %

Shares of Owens Corning stock opened at $190.44 on Monday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.79. The company has a 50-day moving average of $175.83 and a 200 day moving average of $173.74. The firm has a market cap of $16.34 billion, a price-to-earnings ratio of 16.21, a PEG ratio of 2.35 and a beta of 1.41. Owens Corning has a 1 year low of $121.08 and a 1 year high of $193.93.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. The business had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.04 billion. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. Owens Corning’s revenue was up 22.9% compared to the same quarter last year. During the same period last year, the business earned $4.15 EPS. As a group, sell-side analysts anticipate that Owens Corning will post 15.39 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Friday, October 18th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a yield of 1.26%. Owens Corning’s dividend payout ratio is currently 20.43%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Royal Bank of Canada upped their target price on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a report on Thursday. StockNews.com raised shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday. Evercore ISI upped their target price on shares of Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a report on Thursday. Wells Fargo & Company upped their target price on shares of Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a report on Thursday. Finally, The Goldman Sachs Group upped their target price on shares of Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a report on Thursday. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Owens Corning presently has an average rating of “Moderate Buy” and an average target price of $192.62.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the sale, the insider now directly owns 60,130 shares in the company, valued at $10,222,100. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now owns 57,079 shares of the company’s stock, valued at $10,074,443.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.89% of the stock is owned by company insiders.

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.