Lbp Am Sa Decreases Holdings in Owens Corning (NYSE:OC)

Lbp Am Sa trimmed its holdings in shares of Owens Corning (NYSE:OC) by 65.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,832 shares of the construction company’s stock after selling 13,137 shares during the quarter. Lbp Am Sa’s holdings in Owens Corning were worth $1,140,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. LSV Asset Management raised its position in shares of Owens Corning by 0.7% during the 4th quarter. LSV Asset Management now owns 2,272,150 shares of the construction company’s stock valued at $336,801,000 after buying an additional 15,714 shares in the last quarter. Victory Capital Management Inc. grew its holdings 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 valued at $219,668,000 after purchasing an additional 35,530 shares during the last quarter. Nordea Investment Management AB grew its holdings in Owens Corning by 74.4% during 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 during the last quarter. Allianz Asset Management GmbH grew its holdings in Owens Corning by 7.7% during 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 during the last quarter. Finally, Norges Bank bought a new position in Owens Corning during the 4th quarter valued at about $118,251,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Argus upped their price target on shares of Owens Corning from $175.00 to $182.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Jefferies Financial Group assumed coverage on shares of Owens Corning in a report on Wednesday, May 22nd. They set a “buy” rating and a $215.00 price target on the stock. The Goldman Sachs Group restated a “neutral” rating and issued a $187.00 target price on shares of Owens Corning in a research note on Monday, June 17th. Royal Bank of Canada upped their target price on shares of Owens Corning from $192.00 to $201.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 21st. Finally, Evercore ISI upped their target price on shares of Owens Corning from $172.00 to $188.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and a consensus target price of $183.92.

Insider Transactions at Owens Corning

In related news, insider Marcio A. Sandri sold 9,697 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $178.00, for a total transaction of $1,726,066.00. Following the completion of the sale, the insider now owns 62,895 shares of the company’s stock, valued at $11,195,310. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Owens Corning news, insider Marcio A. Sandri sold 9,697 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $178.00, for a total value of $1,726,066.00. Following the completion of the transaction, the insider now owns 62,895 shares of the company’s stock, valued at $11,195,310. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Mari Doerfler sold 240 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $182.05, for a total transaction of $43,692.00. Following the completion of the transaction, the vice president now directly owns 4,954 shares of the company’s stock, valued at approximately $901,875.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,360 shares of company stock valued at $3,437,315. Company insiders own 0.89% of the company’s stock.

Owens Corning Stock Down 6.4 %

Shares of OC traded down $11.67 during mid-day trading on Friday, hitting $171.15. The company’s stock had a trading volume of 426,615 shares, compared to its average volume of 658,244. The company’s 50-day moving average is $176.04 and its 200-day moving average is $165.86. Owens Corning has a 52-week low of $109.95 and a 52-week high of $191.13. The firm has a market capitalization of $14.83 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 1.65 and a beta of 1.42. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 0.50.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Monday, July 15th will be given a $0.60 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $2.40 annualized dividend and a dividend yield of 1.40%. Owens Corning’s payout ratio is presently 19.43%.

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.