Oak Family Advisors LLC Cuts Position in Owens Corning (NYSE:OC)

Oak Family Advisors LLC reduced its stake in shares of Owens Corning (NYSE:OC) by 80.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,259 shares of the construction company’s stock after selling 5,164 shares during the period. Oak Family Advisors LLC’s holdings in Owens Corning were worth $214,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. State Street Corp grew its holdings in Owens Corning by 4.7% in the third quarter. State Street Corp now owns 4,181,421 shares of the construction company’s stock valued at $738,104,000 after purchasing an additional 187,001 shares during the last quarter. Nordea Investment Management AB lifted its holdings in shares of Owens Corning by 12.5% in the fourth quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock valued at $366,166,000 after purchasing an additional 238,694 shares in the last quarter. Pacer Advisors Inc. increased its stake in shares of Owens Corning by 16.4% during the 3rd quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company’s stock worth $327,286,000 after purchasing an additional 261,564 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Owens Corning by 31.6% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company’s stock worth $145,455,000 after purchasing an additional 197,667 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Owens Corning by 113.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock valued at $140,818,000 after buying an additional 424,786 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Price Performance

OC stock opened at $184.57 on Monday. The stock has a 50-day simple moving average of $184.59 and a 200-day simple moving average of $178.57. The firm has a market cap of $15.83 billion, a P/E ratio of 15.71, a price-to-earnings-growth ratio of 2.02 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 1 year low of $138.70 and a 1 year high of $214.53.

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 firm had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.04 billion. During the same quarter last year, the firm earned $4.15 EPS. Owens Corning’s quarterly revenue was up 22.9% on a year-over-year basis. On average, equities analysts predict that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Monday, January 6th were issued a dividend of $0.69 per share. This is an increase from Owens Corning’s previous quarterly dividend of $0.60. The ex-dividend date was Monday, January 6th. This represents a $2.76 annualized dividend and a dividend yield of 1.50%. Owens Corning’s payout ratio is 23.49%.

Wall Street Analysts Forecast Growth

OC has been the topic of several recent research reports. UBS Group upped their price objective on Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Wells Fargo & Company raised shares of Owens Corning from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $195.00 to $225.00 in a research note on Tuesday, December 17th. Loop Capital cut their price objective on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Royal Bank of Canada lifted their target price on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Finally, Barclays upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $192.00 to $245.00 in a report on Wednesday, December 11th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $201.75.

Insider Buying and Selling at Owens Corning

In other news, insider Gunner Smith sold 17,450 shares of the company’s 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 completion of the sale, the insider now directly owns 18,866 shares of the company’s stock, valued at approximately $3,606,990.54. This represents a 48.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.90% of the stock is owned by company insiders.

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.