Intech Investment Management LLC Reduces Holdings in Owens Corning Inc $OC

Intech Investment Management LLC trimmed its holdings in shares of Owens Corning Inc (NYSE:OC) by 31.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,884 shares of the construction company’s stock after selling 8,605 shares during the quarter. Intech Investment Management LLC’s holdings in Owens Corning were worth $2,671,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in OC. US Bancorp DE grew its position in shares of Owens Corning by 31.8% during the 3rd quarter. US Bancorp DE now owns 10,339 shares of the construction company’s stock valued at $1,463,000 after acquiring an additional 2,494 shares during the period. Bradley Foster & Sargent Inc. CT lifted its position in Owens Corning by 45.3% during the third quarter. Bradley Foster & Sargent Inc. CT now owns 3,587 shares of the construction company’s stock valued at $507,000 after purchasing an additional 1,118 shares in the last quarter. AXQ Capital LP bought a new stake in Owens Corning during the third quarter valued at about $287,000. Semanteon Capital Management LP bought a new stake in Owens Corning during the third quarter valued at about $566,000. Finally, Lansforsakringar Fondforvaltning AB publ increased its position in Owens Corning by 46.2% in the third quarter. Lansforsakringar Fondforvaltning AB publ now owns 150,293 shares of the construction company’s stock worth $21,260,000 after buying an additional 47,502 shares in the last quarter. 88.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on OC. Barclays boosted their price objective on Owens Corning from $130.00 to $138.00 and gave the company an “overweight” rating in a research note on Thursday, January 15th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a research report on Monday, December 29th. Zacks Research raised shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Citigroup decreased their price objective on shares of Owens Corning from $137.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, January 8th. Finally, Wells Fargo & Company upped their target price on shares of Owens Corning from $145.00 to $155.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $151.58.

Owens Corning Stock Performance

OC opened at $116.76 on Tuesday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.70 and a current ratio of 1.26. The stock has a market capitalization of $9.39 billion, a price-to-earnings ratio of -18.24, a PEG ratio of 1.91 and a beta of 1.36. The company has a fifty day moving average of $123.58 and a 200 day moving average of $127.11. Owens Corning Inc has a fifty-two week low of $97.53 and a fifty-two week high of $159.42.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.26). The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The firm’s revenue for the quarter was down 16.8% on a year-over-year basis. During the same period last year, the company earned $3.22 EPS. As a group, sell-side 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 disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Monday, March 9th will be issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Monday, March 9th. Owens Corning’s dividend payout ratio is -49.38%.

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.