Rhumbline Advisers trimmed its stake in Owens Corning (NYSE:OC) by 1.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 107,841 shares of the construction company’s stock after selling 1,905 shares during the quarter. Rhumbline Advisers owned about 0.10% of Owens Corning worth $5,853,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Gradient Investments LLC bought a new position in shares of Owens Corning during the third quarter valued at about $138,000. Pendal Group Ltd bought a new stake in Owens Corning in the third quarter worth about $145,000. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in Owens Corning in the second quarter worth about $163,000. Synovus Financial Corp raised its position in Owens Corning by 2,016.9% in the second quarter. Synovus Financial Corp now owns 3,133 shares of the construction company’s stock worth $198,000 after acquiring an additional 2,985 shares during the period. Finally, Cornerstone Wealth Management LLC bought a new stake in Owens Corning in the second quarter worth about $218,000. 94.02% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have recently weighed in on OC shares. Bank of America downgraded shares of Owens Corning from a “neutral” rating to an “underperform” rating in a research note on Tuesday, October 23rd. Credit Suisse Group reduced their target price on shares of Owens Corning from $57.00 to $47.00 and set a “neutral” rating for the company in a research note on Thursday, October 25th. Barclays upgraded shares of Owens Corning from an “equal weight” rating to an “overweight” rating and reduced their target price for the stock from $62.00 to $58.00 in a research note on Thursday, October 25th. Zacks Investment Research upgraded shares of Owens Corning from a “sell” rating to a “hold” rating in a research note on Tuesday, October 9th. Finally, TheStreet downgraded shares of Owens Corning from a “b-” rating to a “c+” rating in a research note on Tuesday, October 30th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. Owens Corning presently has a consensus rating of “Hold” and an average target price of $73.87.
Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, October 24th. The construction company reported $1.54 EPS for the quarter, missing the Zacks’ 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 firm earned $1.25 EPS. Owens Corning’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, equities research analysts forecast that Owens Corning will post 4.74 earnings per share for the current fiscal year.
ILLEGAL ACTIVITY NOTICE: This piece of content was originally reported by Dakota Financial News and is the property of of Dakota Financial News. If you are reading this piece of content on another domain, it was stolen and republished in violation of international trademark and copyright laws. The original version of this piece of content can be accessed at https://dakotafinancialnews.com/2018/12/06/rhumbline-advisers-trims-holdings-in-owens-corning-oc-2.html.
About Owens Corning
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.
Featured Story: Growth Stocks, What They Are, What They Are Not
Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning (NYSE:OC).
Receive News & Ratings for Owens Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning and related companies with MarketBeat.com's FREE daily email newsletter.