Wakefield Asset Management LLLP Reduces Stock Position in Owens Corning (NYSE:OC)

Wakefield Asset Management LLLP lessened its holdings in Owens Corning (NYSE:OC) by 4.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,563 shares of the construction company’s stock after selling 918 shares during the quarter. Wakefield Asset Management LLLP’s holdings in Owens Corning were worth $3,162,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of OC. FPC Investment Advisory Inc. acquired a new stake in shares of Owens Corning during the fourth quarter worth $28,000. Venturi Wealth Management LLC increased its position in shares of Owens Corning by 55.8% in the fourth quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company’s stock worth $30,000 after acquiring an additional 63 shares in the last quarter. Global Trust Asset Management LLC acquired a new stake in shares of Owens Corning during the fourth quarter valued at approximately $31,000. Wilmington Savings Fund Society FSB lifted its position in shares of Owens Corning by 193.7% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company’s stock valued at $32,000 after acquiring an additional 122 shares in the last quarter. Finally, Whipplewood Advisors LLC acquired a new position in Owens Corning in the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on OC shares. Wells Fargo & Company decreased their price objective on Owens Corning from $225.00 to $200.00 and set an “overweight” rating for the company in a research report on Tuesday. Royal Bank of Canada reduced their price target on Owens Corning from $224.00 to $212.00 and set an “outperform” rating for the company in a report on Tuesday. Loop Capital dropped their price objective on Owens Corning from $215.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, January 10th. StockNews.com lowered shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Barclays decreased their target price on Owens Corning from $245.00 to $215.00 and set an “overweight” rating on the stock in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $207.00.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $191.19, for a total value of $3,336,265.50. Following the sale, the insider now directly owns 18,866 shares in the company, valued at $3,606,990.54. This represents a 48.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Monaco Nicolas Del sold 1,750 shares of the business’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the transaction, the insider now directly owns 11,635 shares of the company’s stock, valued at approximately $2,140,490.95. This represents a 13.07 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.90% of the company’s stock.

Owens Corning Stock Performance

NYSE OC opened at $151.86 on Friday. The firm’s fifty day moving average price is $175.72 and its two-hundred day moving average price is $178.65. The stock has a market cap of $13.03 billion, a PE ratio of 12.92, a PEG ratio of 1.88 and a beta of 1.46. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. Owens Corning has a fifty-two week low of $148.62 and a fifty-two week high of $214.53.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, beating the consensus estimate of $2.87 by $0.35. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.88 billion. During the same quarter in the prior year, the firm posted $3.21 earnings per share. The business’s quarterly revenue was up 23.3% on a year-over-year basis. On average, equities analysts expect that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 1.82%. The ex-dividend date of this dividend is Monday, March 10th. Owens Corning’s payout ratio is presently 23.49%.

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.