Mirae Asset Global Investments Co. Ltd. Sells 413 Shares of Owens Corning Inc $OC

Mirae Asset Global Investments Co. Ltd. lowered its stake in Owens Corning Inc (NYSE:OC) by 14.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,468 shares of the construction company’s stock after selling 413 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Owens Corning were worth $339,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Bangor Savings Bank bought a new stake in Owens Corning in the second quarter valued at $28,000. Wayfinding Financial LLC bought a new stake in Owens Corning in the first quarter valued at $60,000. Geneos Wealth Management Inc. boosted its holdings in Owens Corning by 61.7% in the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock valued at $69,000 after acquiring an additional 184 shares in the last quarter. Archer Investment Corp boosted its holdings in Owens Corning by 17.9% in the first quarter. Archer Investment Corp now owns 660 shares of the construction company’s stock valued at $94,000 after acquiring an additional 100 shares in the last quarter. Finally, Quarry LP boosted its holdings in Owens Corning by 36.0% in the first quarter. Quarry LP now owns 676 shares of the construction company’s stock valued at $97,000 after acquiring an additional 179 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

OC opened at $126.39 on Friday. The stock has a 50-day moving average price of $146.51 and a 200-day moving average price of $141.94. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The firm has a market cap of $10.57 billion, a PE ratio of 32.83, a P/E/G ratio of 9.32 and a beta of 1.32. Owens Corning Inc has a 1 year low of $123.40 and a 1 year high of $214.53.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.80 by $0.41. The firm had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.70 billion. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.Owens Corning’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.64 EPS. Sell-side analysts predict that Owens Corning Inc will post 15.49 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 Thursday, November 6th. Shareholders of record on Monday, October 20th will be given a $0.69 dividend. The ex-dividend date of this dividend is Monday, October 20th. This represents a $2.76 dividend on an annualized basis and a yield of 2.2%. Owens Corning’s payout ratio is 71.69%.

Wall Street Analysts Forecast Growth

OC has been the topic of several recent analyst reports. Bank of America cut their price target on shares of Owens Corning from $180.00 to $168.00 and set a “buy” rating on the stock in a report on Wednesday, October 1st. Wells Fargo & Company boosted their target price on shares of Owens Corning from $170.00 to $175.00 and gave the company an “overweight” rating in a report on Thursday, September 11th. Jefferies Financial Group dropped their target price on shares of Owens Corning from $185.00 to $180.00 and set a “buy” rating on the stock in a report on Tuesday. Barclays boosted their target price on shares of Owens Corning from $167.00 to $173.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. Finally, Evercore ISI dropped their target price on shares of Owens Corning from $169.00 to $153.00 and set an “in-line” rating on the stock in a report on Tuesday. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $178.31.

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.