Shell Asset Management Co. Lowers Stake in Owens Corning (OC)

Shell Asset Management Co. lowered its stake in shares of Owens Corning (NYSE:OC) by 77.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,913 shares of the construction company’s stock after selling 29,838 shares during the quarter. Shell Asset Management Co.’s holdings in Owens Corning were worth $484,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of OC. Zacks Investment Management grew its holdings in shares of Owens Corning by 4.9% during the 2nd quarter. Zacks Investment Management now owns 18,662 shares of the construction company’s stock valued at $1,183,000 after purchasing an additional 880 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its holdings in Owens Corning by 10.3% in the 2nd quarter. Nissay Asset Management Corp Japan ADV now owns 9,802 shares of the construction company’s stock worth $621,000 after acquiring an additional 912 shares during the last quarter. Vident Investment Advisory LLC grew its holdings in Owens Corning by 2.8% in the 2nd quarter. Vident Investment Advisory LLC now owns 37,334 shares of the construction company’s stock worth $2,366,000 after acquiring an additional 1,028 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in Owens Corning by 1.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 74,111 shares of the construction company’s stock worth $4,696,000 after acquiring an additional 1,128 shares during the last quarter. Finally, DNB Asset Management AS grew its holdings in Owens Corning by 8.5% in the 3rd quarter. DNB Asset Management AS now owns 15,300 shares of the construction company’s stock worth $830,000 after acquiring an additional 1,200 shares during the last quarter. Hedge funds and other institutional investors own 94.02% of the company’s stock.

NYSE:OC opened at $49.01 on Friday. Owens Corning has a 12 month low of $42.88 and a 12 month high of $96.52. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.62 and a quick ratio of 0.87. The stock has a market capitalization of $5.42 billion, a PE ratio of 10.73, a P/E/G ratio of 0.78 and a beta of 1.13.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, October 24th. The construction company reported $1.54 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.65 by ($0.11). Owens Corning had a return on equity of 12.37% and a net margin of 5.33%. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the prior year, the business posted $1.25 earnings per share. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. As a group, research analysts forecast that Owens Corning will post 4.74 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, January 18th. Stockholders of record on Thursday, January 3rd will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.80%. This is a boost from Owens Corning’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Wednesday, January 2nd. Owens Corning’s dividend payout ratio (DPR) is currently 19.09%.

A number of brokerages have issued reports on OC. Northcoast Research raised their price target on shares of Owens Corning to $64.00 and gave the stock a “buy” rating in a report on Tuesday, November 27th. TheStreet lowered shares of Owens Corning from a “b-” rating to a “c+” rating in a report on Tuesday, October 30th. Credit Suisse Group cut their price target on shares of Owens Corning from $57.00 to $47.00 and set a “neutral” rating on the stock in a report on Thursday, October 25th. SunTrust Banks cut their price target on shares of Owens Corning to $45.00 and set a “positive” rating on the stock in a report on Thursday, October 25th. Finally, Barclays raised shares of Owens Corning from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $62.00 to $58.00 in a report on Thursday, October 25th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. Owens Corning presently has a consensus rating of “Hold” and a consensus target price of $73.87.

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Owens Corning Company Profile

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential and commercial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

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