AlphaQuest LLC Cuts Position in Owens Corning (NYSE:OC)

AlphaQuest LLC lessened its holdings in Owens Corning (NYSE:OC) by 44.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,933 shares of the construction company’s stock after selling 4,007 shares during the quarter. AlphaQuest LLC’s holdings in Owens Corning were worth $840,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in OC. Stratos Wealth Partners LTD. increased its position in shares of Owens Corning by 4.3% during the fourth quarter. Stratos Wealth Partners LTD. now owns 1,297 shares of the construction company’s stock valued at $221,000 after acquiring an additional 53 shares in the last quarter. Greenleaf Trust increased its position in shares of Owens Corning by 1.5% during the fourth quarter. Greenleaf Trust now owns 3,895 shares of the construction company’s stock valued at $663,000 after acquiring an additional 56 shares in the last quarter. Retirement Guys Formula LLC increased its position in shares of Owens Corning by 3.1% during the fourth quarter. Retirement Guys Formula LLC now owns 1,999 shares of the construction company’s stock valued at $341,000 after acquiring an additional 60 shares in the last quarter. IFP Advisors Inc increased its position in shares of Owens Corning by 35.6% during the fourth quarter. IFP Advisors Inc now owns 236 shares of the construction company’s stock valued at $40,000 after acquiring an additional 62 shares in the last quarter. Finally, Venturi Wealth Management LLC increased its position in shares of Owens Corning by 55.8% during the fourth quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company’s stock valued at $30,000 after acquiring an additional 63 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Trading Down 3.2 %

Shares of OC stock opened at $139.91 on Tuesday. Owens Corning has a 1 year low of $137.50 and a 1 year high of $214.53. The firm has a fifty day moving average price of $172.32 and a 200-day moving average price of $178.21. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The company has a market cap of $11.97 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 1.88 and a beta of 1.52.

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

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 10th will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend is Monday, March 10th. Owens Corning’s dividend payout ratio (DPR) is 37.70%.

Insider Activity at Owens Corning

In related news, insider Monaco Nicolas Del sold 1,750 shares of Owens Corning stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the transaction, the insider now owns 11,635 shares in the company, valued at approximately $2,140,490.95. The trade was a 13.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gunner Smith sold 17,450 shares of Owens Corning stock in a transaction on Friday, December 13th. The shares were sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the transaction, the insider now owns 18,866 shares in the company, valued at approximately $3,606,990.54. This trade represents a 48.05 % decrease in their position. The disclosure for this sale can be found here. 0.89% of the stock is owned by corporate insiders.

Analyst Ratings Changes

OC has been the subject of several analyst reports. StockNews.com downgraded shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Barclays cut their target price on shares of Owens Corning from $245.00 to $215.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. JPMorgan Chase & Co. cut their target price on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. 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 report on Friday, January 10th. Finally, Royal Bank of Canada cut their target price on shares of Owens Corning from $224.00 to $212.00 and set an “outperform” rating for the company in a research report on Tuesday, February 25th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Owens Corning currently has a consensus rating of “Moderate Buy” and an average target price of $204.18.

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.