Y Intercept Hong Kong Ltd Sells 24,974 Shares of Owens Corning Inc $OC

Y Intercept Hong Kong Ltd lowered its stake in Owens Corning Inc (NYSE:OC) by 65.6% during the third quarter, HoldingsChannel.com reports. The firm owned 13,110 shares of the construction company’s stock after selling 24,974 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Owens Corning were worth $1,855,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Owens Corning during the 2nd quarter valued at about $163,719,000. First Trust Advisors LP increased its holdings in shares of Owens Corning by 164.6% during the 2nd quarter. First Trust Advisors LP now owns 920,726 shares of the construction company’s stock worth $126,618,000 after buying an additional 572,770 shares during the last quarter. Amundi increased its position in shares of Owens Corning by 92.9% during the second quarter. Amundi now owns 1,086,735 shares of the construction company’s stock worth $157,279,000 after acquiring an additional 523,376 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Owens Corning by 17,614.0% during the second quarter. Marshall Wace LLP now owns 422,832 shares of the construction company’s stock valued at $58,148,000 after purchasing an additional 420,445 shares during the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of Owens Corning by 70.9% in the second quarter. AQR Capital Management LLC now owns 960,604 shares of the construction company’s stock valued at $132,102,000 after acquiring an additional 398,440 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Trading Down 0.6%

Shares of Owens Corning stock opened at $119.91 on Friday. The stock’s 50-day simple moving average is $116.01 and its 200 day simple moving average is $129.44. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $192.60. The stock has a market capitalization of $9.85 billion, a P/E ratio of -20.96, a P/E/G ratio of 2.50 and a beta of 1.35. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.86 and a current ratio of 1.40.

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

Owens Corning Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 21st. Shareholders of record on Monday, January 5th were given a dividend of $0.79 per share. The ex-dividend date was Monday, January 5th. This is a positive change from Owens Corning’s previous quarterly dividend of $0.69. This represents a $3.16 dividend on an annualized basis and a yield of 2.6%. Owens Corning’s dividend payout ratio (DPR) is presently -55.24%.

Analysts Set New Price Targets

OC has been the topic of a number of research analyst reports. Vertical Research began coverage on Owens Corning in a research note on Monday, October 20th. They issued a “hold” rating on the stock. Royal Bank Of Canada set a $143.00 price objective on shares of Owens Corning in a research note on Friday, January 9th. Zacks Research raised shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. JPMorgan Chase & Co. cut their price objective on shares of Owens Corning from $157.00 to $113.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Finally, Evercore ISI reduced their price target on shares of Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a research report on Thursday, December 4th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $149.75.

Owens Corning Company Profile

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.