Financial Partners Group LLC Reduces Position in Owens Corning (NYSE:OC)

Financial Partners Group LLC reduced its holdings in Owens Corning (NYSE:OC) by 5.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,253 shares of the construction company’s stock after selling 453 shares during the period. Financial Partners Group LLC’s holdings in Owens Corning were worth $1,406,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of OC. State Street Corp increased its stake in shares of Owens Corning by 4.7% in the 3rd quarter. State Street Corp now owns 4,181,421 shares of the construction company’s stock worth $738,104,000 after acquiring an additional 187,001 shares during the last quarter. Nordea Investment Management AB grew 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 during the period. Pacer Advisors Inc. increased its position in Owens Corning by 16.4% during the third 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 during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in Owens Corning by 31.6% during the third 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 period. Finally, JPMorgan Chase & Co. boosted its holdings in Owens Corning by 113.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock valued at $140,818,000 after purchasing an additional 424,786 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on the stock. UBS Group lifted their price target on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their target price on Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Citigroup lowered their price target on Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a report on Monday, January 6th. Royal Bank of Canada boosted their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Finally, Wells Fargo & Company raised shares of Owens Corning from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $195.00 to $225.00 in a research note on Tuesday, December 17th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Owens Corning has a consensus rating of “Moderate Buy” and a consensus price target of $201.75.

Insider Activity at Owens Corning

In related news, insider Gunner Smith sold 17,450 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $191.19, for a total value of $3,336,265.50. Following the transaction, the insider now owns 18,866 shares of the company’s stock, valued at $3,606,990.54. This represents a 48.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.89% of the stock is owned by corporate insiders.

Owens Corning Price Performance

Owens Corning stock opened at $187.82 on Friday. The company’s 50 day moving average is $185.49 and its two-hundred day moving average is $177.82. The firm has a market cap of $16.11 billion, a PE ratio of 15.98, a price-to-earnings-growth ratio of 2.05 and a beta of 1.46. 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 has a 52-week low of $138.70 and a 52-week high of $214.53.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) 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 period last year, the business posted $4.15 earnings per share. Owens Corning’s revenue was up 22.9% compared to the same quarter last year. On average, research analysts expect that Owens Corning will post 15.47 EPS for the current fiscal year.

Owens Corning Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Monday, January 6th were paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.47%. This is a positive change from Owens Corning’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Monday, January 6th. Owens Corning’s dividend payout ratio is presently 23.49%.

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.