Rathbones Group PLC Decreases Stock Position in Owens Corning (NYSE:OC)

Rathbones Group PLC decreased its position in shares of Owens Corning (NYSE:OC) by 0.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,798 shares of the construction company’s stock after selling 193 shares during the period. Rathbones Group PLC’s holdings in Owens Corning were worth $4,134,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in OC. Nordea Investment Management AB increased its position in shares of Owens Corning by 74.4% during the first quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock worth $210,040,000 after acquiring an additional 533,910 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in Owens Corning by 7.7% during the 4th quarter. Allianz Asset Management GmbH now owns 1,057,518 shares of the construction company’s stock worth $156,756,000 after purchasing an additional 75,594 shares during the last quarter. Norges Bank acquired a new position in shares of Owens Corning in the 4th quarter valued at approximately $118,251,000. AustralianSuper Pty Ltd boosted its stake in shares of Owens Corning by 2.2% during the 2nd quarter. AustralianSuper Pty Ltd now owns 590,977 shares of the construction company’s stock valued at $102,665,000 after buying an additional 12,707 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in shares of Owens Corning by 6.7% during the fourth quarter. Franklin Resources Inc. now owns 515,262 shares of the construction company’s stock worth $76,377,000 after buying an additional 32,436 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Insider Buying and Selling at Owens Corning

In other news, CFO Todd W. Fister sold 3,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $173.65, for a total transaction of $520,950.00. Following the transaction, the chief financial officer now directly owns 31,626 shares of the company’s stock, valued at $5,491,854.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.89% of the stock is owned by company insiders.

Owens Corning Stock Performance

Shares of OC opened at $165.60 on Monday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37. Owens Corning has a 1 year low of $109.95 and a 1 year high of $191.13. The firm has a fifty day moving average of $167.41 and a 200-day moving average of $168.89. The company has a market cap of $14.35 billion, a price-to-earnings ratio of 13.41, a price-to-earnings-growth ratio of 3.18 and a beta of 1.41.

Owens Corning (NYSE:OC) last posted its 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 during the quarter, compared to analysts’ expectations of $2.92 billion. During the same quarter in the prior year, the firm earned $4.22 EPS. Owens Corning’s quarterly revenue was up 8.8% on a year-over-year basis. As a group, equities analysts anticipate that Owens Corning will post 15.38 earnings per share for the current year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 15th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.45%. The ex-dividend date was Monday, July 15th. Owens Corning’s dividend payout ratio is currently 19.43%.

Analyst Ratings Changes

Several analysts recently issued reports on OC shares. UBS Group upped their price target on shares of Owens Corning from $192.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. Barclays cut their target price on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a research note on Friday, July 12th. Royal Bank of Canada increased their price target on shares of Owens Corning from $211.00 to $213.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Benchmark restated a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $187.00 target price on shares of Owens Corning in a research report on Monday, June 17th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $184.23.

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.