Owens Corning (NYSE:OC) Position Cut by WealthBridge Investment Counsel Inc.

WealthBridge Investment Counsel Inc. lowered its holdings in shares of Owens Corning (NYSE:OC) by 0.7% during the 4th quarter, Holdings Channel reports. The fund owned 36,760 shares of the construction company’s stock after selling 250 shares during the period. Owens Corning makes up approximately 2.3% of WealthBridge Investment Counsel Inc.’s portfolio, making the stock its 22nd largest holding. WealthBridge Investment Counsel Inc.’s holdings in Owens Corning were worth $6,261,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the business. Alpha DNA Investment Management LLC lifted its stake in shares of Owens Corning by 147.4% in the 3rd quarter. Alpha DNA Investment Management LLC now owns 4,270 shares of the construction company’s stock worth $754,000 after acquiring an additional 2,544 shares during the period. Janus Henderson Group PLC lifted its position in Owens Corning by 3.1% in the third quarter. Janus Henderson Group PLC now owns 6,744 shares of the construction company’s stock worth $1,189,000 after purchasing an additional 200 shares during the period. Penserra Capital Management LLC boosted its stake in Owens Corning by 53.3% during the 3rd quarter. Penserra Capital Management LLC now owns 4,726 shares of the construction company’s stock valued at $832,000 after purchasing an additional 1,643 shares in the last quarter. Atria Investments Inc boosted its stake in Owens Corning by 93.3% during the 3rd quarter. Atria Investments Inc now owns 13,200 shares of the construction company’s stock valued at $2,330,000 after purchasing an additional 6,373 shares in the last quarter. Finally, CWA Asset Management Group LLC acquired a new position in shares of Owens Corning during the 3rd quarter valued at $1,046,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Insider Buying and Selling at Owens Corning

In related news, insider Gunner Smith sold 17,450 shares of Owens Corning stock in a transaction on Friday, December 13th. The stock was sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the completion of the sale, the insider now owns 18,866 shares of the company’s stock, valued at approximately $3,606,990.54. This trade represents a 48.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.90% of the company’s stock.

Owens Corning Price Performance

OC opened at $182.86 on Friday. Owens Corning has a 12-month low of $138.70 and a 12-month high of $214.53. 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 firm has a market capitalization of $15.69 billion, a P/E ratio of 15.56, a PEG ratio of 1.84 and a beta of 1.46. The stock has a fifty day moving average of $186.08 and a 200-day moving average of $177.36.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $3.04 billion. During the same period in the prior year, the business earned $4.15 EPS. The business’s revenue for the quarter was up 22.9% on a year-over-year basis. Equities analysts forecast that Owens Corning will post 15.46 EPS for the current fiscal year.

Owens Corning Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Monday, January 6th were given a dividend of $0.69 per share. The ex-dividend date of this dividend was Monday, January 6th. This is an increase from Owens Corning’s previous quarterly dividend of $0.60. This represents a $2.76 dividend on an annualized basis and a yield of 1.51%. Owens Corning’s payout ratio is presently 23.49%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Royal Bank of Canada raised their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” 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 lifted their price objective for the stock from $195.00 to $225.00 in a research note on Tuesday, December 17th. Loop Capital cut their target price on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, January 10th. Finally, Citigroup decreased their price target on shares of Owens Corning from $212.00 to $207.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $201.75.

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.