Owens Corning (NYSE:OC) Shares Sold by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board lowered its stake in Owens Corning (NYSE:OC) by 61.5% during the third quarter, Holdings Channel.com reports. The fund owned 7,744 shares of the construction company’s stock after selling 12,395 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Owens Corning were worth $1,367,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in OC. ST Germain D J Co. Inc. raised its holdings 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 worth $26,000 after acquiring an additional 135 shares during the period. Innealta Capital LLC purchased a new position in shares of Owens Corning during the 2nd quarter worth $32,000. Tobam raised its holdings in shares of Owens Corning by 115.7% during the 2nd quarter. Tobam now owns 192 shares of the construction company’s stock worth $33,000 after acquiring an additional 103 shares during the period. Quarry LP raised its holdings in Owens Corning by 165.5% in 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 during the period. Finally, Friedenthal Financial purchased a new stake in Owens Corning in the 2nd quarter valued at about $48,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Stock Performance

Shares of OC opened at $194.27 on Thursday. The stock has a 50 day moving average price of $181.30 and a 200 day moving average price of $175.06. 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 company has a market capitalization of $16.66 billion, a price-to-earnings ratio of 16.53, a price-to-earnings-growth ratio of 2.18 and a beta of 1.41. Owens Corning has a 52-week low of $129.24 and a 52-week high of $199.54.

Owens Corning (NYSE:OC) last issued 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. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter in the previous year, the business earned $4.15 earnings per share. The firm’s revenue for the quarter was up 22.9% on a year-over-year basis. Research analysts predict that Owens Corning will post 15.39 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.24%. The ex-dividend date was Friday, October 18th. Owens Corning’s dividend payout ratio (DPR) is presently 20.43%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on OC shares. Royal Bank of Canada boosted their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. UBS Group boosted their price objective on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Evercore ISI boosted their price objective on shares of Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Wells Fargo & Company boosted their price objective on shares of Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. Finally, Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $192.62.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the transaction, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. This represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.89% of the company’s stock.

Owens Corning 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.