KLP Kapitalforvaltning AS Decreases Position in Owens Corning Inc $OC

KLP Kapitalforvaltning AS decreased its holdings in Owens Corning Inc (NYSE:OC) by 12.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 110,243 shares of the construction company’s stock after selling 15,600 shares during the quarter. KLP Kapitalforvaltning AS owned about 0.13% of Owens Corning worth $15,595,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in OC. Twin Peaks Wealth Advisors LLC acquired a new stake in Owens Corning in the second quarter worth about $26,000. Bangor Savings Bank acquired a new stake in Owens Corning in the 2nd quarter worth approximately $28,000. Rexford Capital Inc. purchased a new stake in Owens Corning during the 2nd quarter worth approximately $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Owens Corning during the 2nd quarter valued at approximately $30,000. Finally, Vermillion & White Wealth Management Group LLC raised its holdings in shares of Owens Corning by 149.4% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock worth $31,000 after buying an additional 133 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Zacks Research downgraded Owens Corning from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 15th. Wells Fargo & Company dropped their price target on shares of Owens Corning from $150.00 to $130.00 and set an “overweight” rating on the stock in a research report on Monday, December 15th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Owens Corning in a research note on Monday, December 29th. Jefferies Financial Group reduced their price target on shares of Owens Corning from $185.00 to $180.00 and set a “buy” rating for the company in a research report on Tuesday, October 7th. Finally, UBS Group cut their price objective on Owens Corning from $179.00 to $160.00 and set a “buy” rating for the company in a research note on Tuesday. Ten analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $148.00.

Owens Corning Stock Up 4.9%

Shares of OC opened at $117.18 on Friday. The company’s 50-day simple moving average is $111.19 and its 200-day simple moving average is $131.46. 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 Inc has a 1 year low of $97.53 and a 1 year high of $192.96. The stock has a market capitalization of $9.63 billion, a PE ratio of -20.49, a P/E/G ratio of 10.66 and a beta of 1.35.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.71 billion. During the same period in the prior year, the business earned $4.38 EPS. The firm’s quarterly revenue was down 2.9% on a year-over-year basis. Analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 21st. Investors of record on Monday, January 5th will be paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Monday, January 5th. This is a positive change from Owens Corning’s previous quarterly dividend of $0.69. Owens Corning’s payout ratio is presently -55.24%.

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.