Guinness Asset Management LTD Sells 4,637 Shares of Owens Corning Inc $OC

Guinness Asset Management LTD lowered its position in shares of Owens Corning Inc (NYSE:OC) by 8.4% during the third quarter, HoldingsChannel reports. The fund owned 50,466 shares of the construction company’s stock after selling 4,637 shares during the quarter. Guinness Asset Management LTD’s holdings in Owens Corning were worth $7,119,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Ossiam boosted its holdings in Owens Corning by 5.9% in the second quarter. Ossiam now owns 1,254 shares of the construction company’s stock valued at $172,000 after acquiring an additional 70 shares during the last quarter. Pitcairn Co. increased its stake in Owens Corning by 4.6% during the 2nd quarter. Pitcairn Co. now owns 1,821 shares of the construction company’s stock valued at $250,000 after purchasing an additional 80 shares in the last quarter. Archer Investment Corp raised its holdings in shares of Owens Corning by 13.3% in the 3rd quarter. Archer Investment Corp now owns 748 shares of the construction company’s stock worth $106,000 after acquiring an additional 88 shares during the last quarter. Brown Advisory Inc. raised its stake in shares of Owens Corning by 0.8% in the second quarter. Brown Advisory Inc. now owns 11,847 shares of the construction company’s stock worth $1,629,000 after purchasing an additional 96 shares during the last quarter. Finally, State of Michigan Retirement System raised its holdings in shares of Owens Corning by 0.4% in the second quarter. State of Michigan Retirement System now owns 24,588 shares of the construction company’s stock valued at $3,381,000 after purchasing an additional 100 shares during the last quarter. Institutional investors own 88.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on OC. Vertical Research started coverage on Owens Corning in a research note on Monday, October 20th. They set a “hold” rating on the stock. Zacks Research raised shares of Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Wells Fargo & Company raised their price target on Owens Corning from $130.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday, January 14th. Evercore ISI dropped their price objective on Owens Corning from $121.00 to $117.00 and set an “in-line” rating on the stock in a report on Thursday, December 4th. Finally, UBS Group reduced their target price on Owens Corning from $179.00 to $160.00 and set a “buy” rating for the company in a report on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Owens Corning has a consensus rating of “Moderate Buy” and a consensus price target of $149.75.

Owens Corning Stock Down 0.4%

Shares of OC opened at $132.33 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.40 and a quick ratio of 0.86. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $186.18. The stock has a 50 day simple moving average of $117.83 and a two-hundred day simple moving average of $128.92. The firm has a market cap of $10.88 billion, a P/E ratio of -23.13, a P/E/G ratio of 2.78 and a beta of 1.36.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share for the quarter, topping the consensus estimate of $3.64 by $0.03. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.71 billion. During the same period in the previous year, the firm posted $4.38 earnings per share. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 9th will be issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Monday, March 9th. Owens Corning’s dividend payout ratio is currently -55.24%.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.