Insider Selling: Owens Corning (NYSE:OC) Insider Sells $518,500.00 in Stock

Owens Corning (NYSE:OC) insider Marcio A. Sandri sold 3,050 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the transaction, the insider now directly owns 60,130 shares of the company’s stock, valued at $10,222,100. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Owens Corning Stock Down 2.2 %

Shares of OC stock opened at $174.20 on Friday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37. The stock has a market cap of $15.10 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 3.18 and a beta of 1.41. The business’s fifty day moving average is $167.63 and its 200-day moving average is $169.53. Owens Corning has a 1 year low of $109.95 and a 1 year high of $191.13.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 EPS for the quarter, topping the consensus estimate of $4.37 by $0.27. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.92 billion. During the same period in the previous year, the business earned $4.22 earnings per share. Owens Corning’s revenue for the quarter was up 8.8% compared to the same quarter last year. Equities analysts expect that Owens Corning will post 15.38 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Friday, October 18th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.38%. The ex-dividend date is Friday, October 18th. Owens Corning’s dividend payout ratio is presently 19.43%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OC. Pacer Advisors Inc. increased its stake in 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 purchasing an additional 446,073 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Owens Corning by 74.4% in the first quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock worth $210,040,000 after buying an additional 533,910 shares during the period. Allianz Asset Management GmbH increased its position in shares of Owens Corning by 7.7% in the fourth quarter. Allianz Asset Management GmbH now owns 1,057,518 shares of the construction company’s stock worth $156,756,000 after acquiring an additional 75,594 shares in the last quarter. Norges Bank acquired a new stake in shares of Owens Corning during the fourth quarter valued at approximately $118,251,000. Finally, Point72 Asset Management L.P. lifted its position in shares of Owens Corning by 168.3% in the 2nd 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 in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on OC. Evercore ISI lowered their price objective on Owens Corning from $188.00 to $175.00 and set an “in-line” rating for the company in a research note on Wednesday, August 7th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a report on Wednesday, August 7th. Loop Capital boosted their target price on shares of Owens Corning from $188.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Citigroup upgraded shares of Owens Corning from a “neutral” rating to a “buy” rating and raised their price target for the company from $178.00 to $191.00 in a research note on Thursday, July 11th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $187.00 price objective on shares of Owens Corning in a research report on Monday, June 17th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Owens Corning currently has a consensus rating of “Moderate Buy” and an average target price of $184.23.

Owens Corning Company 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.