First Eagle Investment Management LLC Sells 315,590 Shares of Owens Corning (OC)
First Eagle Investment Management LLC lowered its stake in Owens Corning (NYSE:OC) by 46.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 362,425 shares of the company’s stock after selling 315,590 shares during the period. First Eagle Investment Management LLC owned 0.32% of Owens Corning worth $19,350,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Shinko Asset Management Co. Ltd. boosted its position in shares of Owens Corning by 0.8% in the third quarter. Shinko Asset Management Co. Ltd. now owns 6,364 shares of the company’s stock valued at $340,000 after buying an additional 49 shares during the period. Raymond James Trust N.A. boosted its position in Owens Corning by 1.0% in the second quarter. Raymond James Trust N.A. now owns 5,122 shares of the company’s stock worth $264,000 after buying an additional 53 shares during the last quarter. Globeflex Capital L P boosted its position in Owens Corning by 0.3% in the second quarter. Globeflex Capital L P now owns 28,324 shares of the company’s stock worth $1,459,000 after buying an additional 91 shares during the last quarter. Amalgamated Bank boosted its position in Owens Corning by 1.0% in the second quarter. Amalgamated Bank now owns 13,866 shares of the company’s stock worth $749,000 after buying an additional 138 shares during the last quarter. Finally, Alpha Windward LLC boosted its position in Owens Corning by 2.1% in the third quarter. Alpha Windward LLC now owns 8,769 shares of the company’s stock worth $468,000 after buying an additional 180 shares during the last quarter.
Shares of Owens Corning (NYSE:OC) traded down 0.09% during trading on Tuesday, hitting $53.04. 253,774 shares of the stock traded hands. Owens Corning has a 52-week low of $38.96 and a 52-week high of $58.69. The company’s 50 day moving average is $50.75 and its 200 day moving average is $52.14. The firm has a market cap of $6.01 billion, a PE ratio of 14.85 and a beta of 1.15.
Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, October 26th. The company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.10. The business earned $1.52 billion during the quarter, compared to analyst estimates of $1.32 billion. Owens Corning had a net margin of 7.44% and a return on equity of 10.77%. The business’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.96 earnings per share. On average, equities research analysts predict that Owens Corning will post $3.51 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 2nd. Investors of record on Monday, October 17th were paid a $0.18 dividend. The ex-dividend date was Thursday, October 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.36%. Owens Corning’s dividend payout ratio (DPR) is presently 20.17%.
OC has been the subject of a number of recent analyst reports. Wells Fargo & Co. initiated coverage on shares of Owens Corning in a report on Thursday, September 29th. They issued a “market perform” rating for the company. Zacks Investment Research cut shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Wednesday, October 5th. Bank of America Corp. initiated coverage on shares of Owens Corning in a report on Friday, September 23rd. They issued a “neutral” rating and a $59.00 price objective for the company. Vertical Research raised shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 27th. Finally, FBR & Co cut their price objective on shares of Owens Corning from $57.00 to $56.00 and set a “market perform” rating for the company in a report on Thursday, October 27th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. Owens Corning presently has a consensus rating of “Hold” and a consensus target price of $55.24.
About Owens Corning
Owens Corning is a holding company, which is engaged in the business of composite and building materials systems. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.
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