Royal Bank of Canada Sells 21,224 Shares of Owens Corning Inc $OC

Royal Bank of Canada trimmed its holdings in shares of Owens Corning Inc (NYSE:OC) by 15.2% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 118,039 shares of the construction company’s stock after selling 21,224 shares during the period. Royal Bank of Canada’s holdings in Owens Corning were worth $12,774,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Itau Unibanco Holding S.A. bought a new position in shares of Owens Corning in the 4th quarter valued at approximately $29,000. Cassaday & Co Wealth Management LLC bought a new position in shares of Owens Corning in the first quarter valued at approximately $30,000. Harbour Investments Inc. raised its position in shares of Owens Corning by 66.5% in the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after purchasing an additional 129 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Owens Corning in the fourth quarter worth $37,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in shares of Owens Corning during the 3rd quarter worth $42,000. Institutional investors own 88.40% of the company’s stock.

Insider Activity

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.71, for a total value of $84,497.00. Following the completion of the transaction, the insider owned 15,848 shares in the company, valued at approximately $1,913,012.08. This represents a 4.23% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company’s stock.

Owens Corning Price Performance

Shares of OC stock opened at $157.22 on Friday. The stock has a 50 day moving average of $136.74 and a two-hundred day moving average of $125.16. The company has a current ratio of 1.16, a quick ratio of 0.74 and a debt-to-equity ratio of 1.10. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The company has a market capitalization of $12.43 billion, a P/E ratio of -19.51, a P/E/G ratio of 2.89 and a beta of 1.32.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, August 5th. The construction company reported $3.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.84. The business had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.66 billion. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.Owens Corning’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the previous year, the business posted $4.21 earnings per share. As a group, equities analysts expect that Owens Corning Inc will post 9.65 EPS for the current year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 6th. Shareholders of record on Monday, July 20th were issued a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Monday, July 20th. Owens Corning’s payout ratio is -47.81%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on OC shares. Wall Street Zen upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday. The Goldman Sachs Group lifted their price objective on Owens Corning from $141.00 to $159.00 and gave the stock a “neutral” rating in a research note on Friday, July 10th. Barclays increased their target price on Owens Corning from $170.00 to $177.00 and gave the company an “overweight” rating in a research note on Thursday. Zacks Research upgraded Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Finally, Wells Fargo & Company raised their price objective on shares of Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and a consensus target price of $163.25.

Owens Corning Company Profile

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.