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

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

Several other institutional investors have also modified their holdings of the stock. Pacer Advisors Inc. boosted its stake in Owens Corning by 38.9% during the second 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 during the period. Point72 Asset Management L.P. lifted its stake in Owens Corning by 168.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock worth $128,772,000 after acquiring an additional 464,981 shares in the last quarter. Skandinaviska Enskilda Banken AB publ boosted its holdings in Owens Corning by 6.4% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 716,704 shares of the construction company’s stock valued at $124,506,000 after acquiring an additional 43,180 shares during the period. AustralianSuper Pty Ltd grew its position in Owens Corning by 2.2% in the 2nd quarter. AustralianSuper Pty Ltd now owns 590,977 shares of the construction company’s stock valued at $102,665,000 after acquiring an additional 12,707 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in Owens Corning by 54.1% during the third quarter. Victory Capital Management Inc. now owns 523,001 shares of the construction company’s stock worth $92,320,000 after purchasing an additional 183,666 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Benchmark reiterated a “hold” rating on shares of Owens Corning in a report on Wednesday, August 7th. Wells Fargo & Company increased their price objective on Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a research note on Thursday, November 7th. 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 research note on Thursday, November 7th. Evercore ISI increased their price target on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Finally, UBS Group boosted their price objective on Owens Corning from $197.00 to $218.00 and gave the stock a “buy” 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 company. According to data from MarketBeat, Owens Corning has a consensus rating of “Moderate Buy” and a consensus price target of $192.62.

Insider Buying and Selling at Owens Corning

In other news, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the transaction, the insider now owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. The trade was a 5.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.89% of the stock is currently owned by company insiders.

Owens Corning Stock Performance

Shares of OC stock opened at $193.99 on Friday. Owens Corning has a 1 year low of $128.79 and a 1 year high of $199.54. 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 cap of $16.64 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 2.20 and a beta of 1.41. The stock’s 50-day moving average is $179.12 and its two-hundred day moving average is $174.55.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, topping the consensus estimate of $4.05 by $0.33. The company had revenue of $3.05 billion for the quarter, compared to analyst estimates of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm’s revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.15 earnings per share. Analysts predict that Owens Corning will post 15.39 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently disclosed 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. This represents a $2.40 annualized dividend and a yield of 1.24%. The ex-dividend date was Friday, October 18th. Owens Corning’s payout ratio is currently 20.43%.

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.