Point72 Hong Kong Ltd Has $2.89 Million Stock Holdings in Owens Corning (NYSE:OC)

Point72 Hong Kong Ltd reduced its holdings in shares of Owens Corning (NYSE:OC) by 22.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 16,386 shares of the construction company’s stock after selling 4,685 shares during the period. Point72 Hong Kong Ltd’s holdings in Owens Corning were worth $2,892,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in OC. Point72 Asset Management L.P. lifted its holdings in shares of Owens Corning by 168.3% during the second quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock valued at $128,772,000 after acquiring an additional 464,981 shares during the period. Pacer Advisors Inc. lifted its holdings in Owens Corning by 38.9% during the 2nd quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock valued at $276,655,000 after purchasing an additional 446,073 shares during the last quarter. Panagora Asset Management Inc. boosted its position in Owens Corning by 2,813.6% in the second quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock valued at $65,815,000 after buying an additional 365,853 shares in the last quarter. Goldentree Asset Management LP bought a new stake in Owens Corning during the third quarter worth about $43,559,000. Finally, Kimelman & Baird LLC acquired a new stake in shares of Owens Corning during the second quarter worth approximately $35,970,000. Institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

OC opened at $205.62 on Monday. Owens Corning has a 52 week low of $132.62 and a 52 week high of $214.53. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The firm has a market capitalization of $17.64 billion, a PE ratio of 17.50, a P/E/G ratio of 2.30 and a beta of 1.41. The company has a fifty day moving average price of $186.20 and a two-hundred day moving average price of $176.47.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.05 by $0.33. The firm had revenue of $3.05 billion for the quarter, compared to analysts’ expectations of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company’s revenue was up 22.9% compared to the same quarter last year. During the same quarter last year, the business earned $4.15 earnings per share. As a group, analysts anticipate that Owens Corning will post 15.46 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Friday, October 18th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend was Friday, October 18th. Owens Corning’s payout ratio is presently 20.43%.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the completion of the transaction, the insider now directly owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. The trade was a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.89% of the company’s stock.

Analyst Upgrades and Downgrades

OC has been the topic of several recent analyst reports. Royal Bank of Canada boosted their target price on Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. The Goldman Sachs Group increased their target price on Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. UBS Group raised their target price on Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Wells Fargo & Company upped their price target on shares of Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Finally, Evercore ISI raised their price objective on shares of Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $192.62.

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.