Owens Corning Inc $OC Position Reduced by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp reduced its position in Owens Corning Inc (NYSE:OC) by 6.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 90,117 shares of the construction company’s stock after selling 6,469 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned about 0.11% of Owens Corning worth $12,748,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in OC. Ariel Investments LLC boosted its position in shares of Owens Corning by 24.8% in the second quarter. Ariel Investments LLC now owns 140,449 shares of the construction company’s stock worth $19,315,000 after buying an additional 27,871 shares during the period. JPMorgan Chase & Co. raised its position in Owens Corning by 6.7% during the second quarter. JPMorgan Chase & Co. now owns 456,952 shares of the construction company’s stock valued at $62,840,000 after buying an additional 28,814 shares during the period. Nomura Asset Management Co. Ltd. lifted its stake in Owens Corning by 6.1% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 42,020 shares of the construction company’s stock worth $5,779,000 after acquiring an additional 2,421 shares in the last quarter. Nordea Investment Management AB boosted its position in Owens Corning by 0.7% during the 2nd quarter. Nordea Investment Management AB now owns 2,225,800 shares of the construction company’s stock worth $305,291,000 after acquiring an additional 15,927 shares during the period. Finally, Aviva PLC grew its stake in Owens Corning by 7.2% during the 2nd quarter. Aviva PLC now owns 60,634 shares of the construction company’s stock valued at $8,338,000 after acquiring an additional 4,091 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Down 1.2%

OC stock opened at $121.17 on Wednesday. The firm has a market cap of $9.96 billion, a PE ratio of -21.18, a PEG ratio of 2.54 and a beta of 1.35. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $192.64. The company has a fifty day simple moving average of $115.15 and a 200 day simple moving average of $129.57. The company has a current ratio of 1.40, a quick ratio of 0.86 and a debt-to-equity ratio of 1.05.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.64 by $0.03. Owens Corning had a positive return on equity of 24.42% and a negative net margin of 4.46%.The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.71 billion. During the same period last year, the company earned $4.38 earnings per share. The business’s revenue was down 2.9% compared to the same quarter last year. Sell-side analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 21st. Investors of record on Monday, January 5th were issued a $0.79 dividend. This is an increase from Owens Corning’s previous quarterly dividend of $0.69. The ex-dividend date was Monday, January 5th. This represents a $3.16 annualized dividend and a yield of 2.6%. Owens Corning’s dividend payout ratio is presently -55.24%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Argus upgraded shares of Owens Corning to a “strong-buy” rating in a report on Wednesday, January 14th. Vertical Research started coverage on shares of Owens Corning in a research report on Monday, October 20th. They issued a “hold” rating for the company. JPMorgan Chase & Co. lowered their price target on shares of Owens Corning from $157.00 to $113.00 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. Barclays upped their price target on shares of Owens Corning from $130.00 to $138.00 and gave the stock an “overweight” rating in a research note on Thursday, January 15th. Finally, Zacks Research raised Owens Corning from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.75.

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.