Owens Corning (NYSE:OC) Shares Sold by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. trimmed its stake in shares of Owens Corning (NYSE:OC) by 34.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,117 shares of the construction company’s stock after selling 2,161 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Owens Corning were worth $727,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Point72 Asset Management L.P. boosted its position in 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 worth $128,772,000 after purchasing an additional 464,981 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of Owens Corning by 38.9% in the 2nd quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock worth $276,655,000 after buying an additional 446,073 shares in the last quarter. Panagora Asset Management Inc. grew its stake in Owens Corning by 2,813.6% in the 2nd quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock valued at $65,815,000 after acquiring an additional 365,853 shares during the last quarter. Swedbank AB purchased a new position in Owens Corning during the 1st quarter valued at about $60,424,000. Finally, Kimelman & Baird LLC acquired a new position in Owens Corning during the second quarter worth about $35,970,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

NYSE:OC opened at $193.99 on Friday. Owens Corning has a fifty-two week low of $128.79 and a fifty-two week high of $199.54. The firm’s 50 day moving average is $179.12 and its two-hundred day moving average is $174.55. The company has a market cap of $16.64 billion, a P/E ratio of 16.51, a P/E/G ratio of 2.20 and a beta of 1.41. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share 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 business had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same period last year, the company posted $4.15 EPS. The business’s quarterly revenue was up 22.9% on a year-over-year basis. Analysts expect that Owens Corning will post 15.39 EPS for the current year.

Owens Corning Dividend Announcement

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

Insiders Place Their Bets

In other news, insider Marcio A. Sandri sold 3,051 shares of the stock in a transaction dated 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 sale, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. This trade represents a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.89% of the stock is owned by insiders.

Analysts Set New Price Targets

OC has been the topic of several research reports. Wells Fargo & Company increased their price target on shares of Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Royal Bank of Canada increased their target price on Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Evercore ISI boosted their price target on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Finally, StockNews.com raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Owens Corning has an average rating of “Moderate Buy” and an average price target of $192.62.

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.