Owens Corning (NYSE:OC) Holdings Trimmed by PGGM Investments

PGGM Investments lowered its position in shares of Owens Corning (NYSE:OC) by 21.2% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 651,000 shares of the construction company’s stock after selling 175,000 shares during the period. PGGM Investments’ holdings in Owens Corning were worth $37,888,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Bank of Montreal Can boosted its position in shares of Owens Corning by 29.7% in the 1st quarter. Bank of Montreal Can now owns 504,947 shares of the construction company’s stock valued at $23,791,000 after purchasing an additional 115,566 shares during the period. Fox Run Management L.L.C. acquired a new position in shares of Owens Corning in the 2nd quarter valued at $329,000. Commonwealth Bank of Australia boosted its position in shares of Owens Corning by 75.6% in the 1st quarter. Commonwealth Bank of Australia now owns 29,731 shares of the construction company’s stock valued at $1,395,000 after purchasing an additional 12,802 shares during the period. Norges Bank acquired a new position in shares of Owens Corning in the 4th quarter valued at $52,991,000. Finally, Skylands Capital LLC boosted its position in shares of Owens Corning by 33.5% in the 1st quarter. Skylands Capital LLC now owns 163,575 shares of the construction company’s stock valued at $7,708,000 after purchasing an additional 41,050 shares during the period. 96.27% of the stock is owned by institutional investors and hedge funds.

In other Owens Corning news, insider Michael H. Thaman sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $51.49, for a total transaction of $1,544,700.00. Following the completion of the sale, the insider now directly owns 856,240 shares in the company, valued at approximately $44,087,797.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Kelly Schmidt sold 2,438 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $53.03, for a total value of $129,287.14. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

NYSE OC traded up $0.10 during trading on Tuesday, reaching $55.10. 36,404 shares of the company’s stock were exchanged, compared to its average volume of 1,357,936. Owens Corning has a fifty-two week low of $40.64 and a fifty-two week high of $62.42. The company has a market capitalization of $6.10 billion, a price-to-earnings ratio of 11.12, a PEG ratio of 1.46 and a beta of 1.27. The company has a quick ratio of 0.89, a current ratio of 1.69 and a debt-to-equity ratio of 0.80. The stock has a fifty day moving average price of $55.56.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, July 24th. The construction company reported $1.31 EPS for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.18. Owens Corning had a return on equity of 12.18% and a net margin of 7.21%. The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same period last year, the company posted $1.17 EPS. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. As a group, sell-side analysts expect that Owens Corning will post 4.68 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Tuesday, July 16th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.88 dividend on an annualized basis and a yield of 1.60%. Owens Corning’s payout ratio is presently 17.81%.

A number of equities analysts recently weighed in on OC shares. Bank of America upgraded Owens Corning from a “neutral” rating to a “buy” rating and increased their price target for the company from $58.00 to $72.00 in a research report on Thursday, June 27th. ValuEngine lowered Owens Corning from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Stifel Nicolaus lowered Owens Corning from a “buy” rating to a “hold” rating and set a $52.45 price target for the company. in a research report on Wednesday, April 24th. Royal Bank of Canada increased their price target on Owens Corning to $65.00 and gave the company an “outperform” rating in a research report on Monday, July 8th. Finally, Seaport Global Securities upgraded Owens Corning from a “sell” rating to a “neutral” rating in a research report on Thursday, June 27th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $58.29.

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.

Featured Story: Institutional Investors

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

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