Swiss National Bank Sells 8,600 Shares of Owens Corning (NYSE:OC)

Swiss National Bank decreased its position in shares of Owens Corning (NYSE:OC) by 2.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 419,613 shares of the construction company’s stock after selling 8,600 shares during the period. Swiss National Bank owned approximately 0.39% of Owens Corning worth $28,874,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the business. BlackRock Inc. increased its position in Owens Corning by 2.9% during the third quarter. BlackRock Inc. now owns 11,821,743 shares of the construction company’s stock valued at $813,454,000 after acquiring an additional 328,658 shares during the last quarter. Victory Capital Management Inc. increased its position in Owens Corning by 23.1% during the second quarter. Victory Capital Management Inc. now owns 4,871,001 shares of the construction company’s stock valued at $271,607,000 after acquiring an additional 912,622 shares during the last quarter. FMR LLC increased its position in Owens Corning by 41.4% during the second quarter. FMR LLC now owns 3,951,261 shares of the construction company’s stock valued at $220,322,000 after acquiring an additional 1,156,913 shares during the last quarter. Nuveen Asset Management LLC increased its position in Owens Corning by 8.1% during the second quarter. Nuveen Asset Management LLC now owns 3,405,034 shares of the construction company’s stock valued at $189,865,000 after acquiring an additional 254,250 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Owens Corning by 0.9% during the second quarter. Bank of New York Mellon Corp now owns 1,903,453 shares of the construction company’s stock valued at $106,137,000 after acquiring an additional 16,813 shares during the last quarter. Institutional investors and hedge funds own 94.63% of the company’s stock.

A number of research analysts have weighed in on OC shares. Zacks Investment Research upgraded shares of Owens Corning from a “hold” rating to a “strong-buy” rating and set a $71.00 price objective on the stock in a research report on Monday, August 3rd. JPMorgan Chase & Co. upgraded shares of Owens Corning from an “underweight” rating to a “neutral” rating and set a $78.00 price target on the stock in a report on Friday, October 30th. Royal Bank of Canada upped their price target on shares of Owens Corning from $60.00 to $70.00 and gave the stock a “sector perform” rating in a report on Thursday, October 29th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Owens Corning from $70.00 to $71.00 and gave the stock a “buy” rating in a report on Thursday, October 29th. Finally, SunTrust Banks upped their price target on shares of Owens Corning from $55.00 to $63.00 and gave the stock a “hold” rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $65.68.

OC stock opened at $70.78 on Friday. The firm has a market cap of $7.66 billion, a price-to-earnings ratio of -14.13, a PEG ratio of 1.51 and a beta of 1.58. The firm has a 50-day simple moving average of $71.15 and a two-hundred day simple moving average of $61.82. Owens Corning has a one year low of $28.56 and a one year high of $76.60. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.29 and a current ratio of 1.95.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, October 28th. The construction company reported $1.70 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.32 by $0.38. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.80 billion. Owens Corning had a negative net margin of 7.94% and a positive return on equity of 11.99%. The company’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.63 earnings per share. As a group, equities analysts predict that Owens Corning will post 4.39 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, November 6th. Shareholders of record on Tuesday, October 20th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.36%. The ex-dividend date was Monday, October 19th. Owens Corning’s payout ratio is 21.15%.

In other Owens Corning news, SVP Daniel T. Smith sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 6th. The shares were sold at an average price of $75.00, for a total transaction of $1,050,000.00. Following the sale, the senior vice president now owns 60,652 shares of the company’s stock, valued at approximately $4,548,900. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Kelly Schmidt sold 4,967 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $69.00, for a total transaction of $342,723.00. Following the transaction, the vice president now owns 19,807 shares in the company, valued at approximately $1,366,683. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,270 shares of company stock valued at $1,606,361. Insiders own 1.50% of the company’s stock.

About Owens Corning

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial 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.

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Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

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