LPL Financial LLC decreased its holdings in shares of Owens Corning (NYSE:OC) by 14.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,604 shares of the construction company’s stock after selling 1,133 shares during the period. LPL Financial LLC’s holdings in Owens Corning were worth $290,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Owens Corning by 0.6% in the third quarter. Vanguard Group Inc. now owns 9,479,115 shares of the construction company’s stock worth $514,432,000 after purchasing an additional 58,689 shares in the last quarter. Morgan Stanley grew its stake in shares of Owens Corning by 360.0% in the third quarter. Morgan Stanley now owns 1,151,400 shares of the construction company’s stock worth $62,487,000 after acquiring an additional 901,083 shares during the last quarter. KCS Wealth Advisory acquired a new stake in shares of Owens Corning in the fourth quarter worth $548,000. Paragon Capital Management Ltd acquired a new stake in Owens Corning during the fourth quarter worth $268,000. Finally, Vanguard Group Inc boosted its stake in Owens Corning by 0.6% during the third quarter. Vanguard Group Inc now owns 9,479,115 shares of the construction company’s stock worth $514,432,000 after buying an additional 58,689 shares in the last quarter. Institutional investors own 94.51% of the company’s stock.
A number of research firms recently issued reports on OC. Zacks Investment Research cut Owens Corning from a “hold” rating to a “sell” rating in a report on Tuesday, February 12th. Zelman & Associates lowered Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 26th. Buckingham Research assumed coverage on Owens Corning in a research report on Friday, February 1st. They set a “neutral” rating and a $54.00 price target for the company. Barclays set a $58.00 price objective on Owens Corning and gave the stock a “buy” rating in a research note on Tuesday, February 5th. Finally, Citigroup set a $53.00 price objective on Owens Corning and gave the stock a “hold” rating in a research report on Tuesday, February 26th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. Owens Corning has an average rating of “Hold” and an average price target of $69.12.
Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, February 20th. The construction company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.09. Owens Corning had a return on equity of 12.92% and a net margin of 7.72%. The firm had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.69 billion. During the same period in the prior year, the business earned $1.11 EPS. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, equities research analysts expect that Owens Corning will post 4.92 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 2nd. Stockholders of record on Friday, March 8th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend was Thursday, March 7th. Owens Corning’s payout ratio is currently 17.81%.
In related news, insider Marcio A. Sandri sold 3,700 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $47.01, for a total transaction of $173,937.00. Following the completion of the sale, the insider now directly owns 42,005 shares in the company, valued at approximately $1,974,655.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Daniel T. Smith sold 18,681 shares of the stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $50.75, for a total value of $948,060.75. Following the sale, the vice president now owns 74,891 shares of the company’s stock, valued at $3,800,718.25. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.
Owens Corning Profile
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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