Owens Corning (NYSE:OC) Shares Sold by SVB Wealth LLC

SVB Wealth LLC lessened its holdings in Owens Corning (NYSE:OC) by 11.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,216 shares of the construction company’s stock after selling 536 shares during the period. SVB Wealth LLC’s holdings in Owens Corning were worth $703,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. LSV Asset Management lifted its stake in Owens Corning by 0.7% during the 4th quarter. LSV Asset Management now owns 2,272,150 shares of the construction company’s stock worth $336,801,000 after acquiring an additional 15,714 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Owens Corning by 2.5% during the 4th quarter. Victory Capital Management Inc. now owns 1,481,937 shares of the construction company’s stock worth $219,668,000 after acquiring an additional 35,530 shares in the last quarter. Nordea Investment Management AB raised its position in Owens Corning by 74.4% in the 1st quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock valued at $210,040,000 after purchasing an additional 533,910 shares in the last quarter. Allianz Asset Management GmbH raised its position in Owens Corning by 7.7% in the 4th quarter. Allianz Asset Management GmbH now owns 1,057,518 shares of the construction company’s stock valued at $156,756,000 after purchasing an additional 75,594 shares in the last quarter. Finally, Norges Bank acquired a new stake in Owens Corning in the 4th quarter valued at about $118,251,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on OC. Loop Capital increased their price target on Owens Corning from $188.00 to $215.00 and gave the company a “buy” rating in a research report on Friday, June 21st. Evercore ISI increased their price target on Owens Corning from $172.00 to $188.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and increased their price target for the company from $178.00 to $191.00 in a research report on Thursday, July 11th. StockNews.com raised Owens Corning from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 27th. Finally, Barclays reduced their price target on Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a research report on Friday, July 12th. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $183.92.

Owens Corning Stock Performance

NYSE:OC traded up $2.12 during mid-day trading on Monday, reaching $182.21. 600,091 shares of the stock were exchanged, compared to its average volume of 658,774. The company has a 50 day simple moving average of $175.67 and a 200-day simple moving average of $165.36. The stock has a market capitalization of $15.79 billion, a P/E ratio of 14.75, a P/E/G ratio of 1.59 and a beta of 1.42. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 0.50. Owens Corning has a 1 year low of $109.95 and a 1 year high of $184.00.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Monday, July 15th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $2.40 dividend on an annualized basis and a yield of 1.32%. Owens Corning’s dividend payout ratio is presently 19.43%.

Insider Buying and Selling

In related news, CFO Todd W. Fister sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $173.65, for a total transaction of $520,950.00. Following the transaction, the chief financial officer now owns 31,626 shares in the company, valued at approximately $5,491,854.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO Todd W. Fister sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $173.65, for a total value of $520,950.00. Following the transaction, the chief financial officer now owns 31,626 shares of the company’s stock, valued at $5,491,854.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Mari Doerfler sold 240 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $182.05, for a total value of $43,692.00. Following the completion of the transaction, the vice president now directly owns 4,954 shares in the company, valued at approximately $901,875.70. The disclosure for this sale can be found here. Insiders have sold 19,360 shares of company stock worth $3,437,315 in the last quarter. 0.89% of the stock is owned by insiders.

About Owens Corning

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.