Mediolanum International Funds Ltd Trims Holdings in Owens Corning (NYSE:OC)

Mediolanum International Funds Ltd reduced its stake in Owens Corning (NYSE:OC) by 20.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,670 shares of the construction company’s stock after selling 10,944 shares during the quarter. Mediolanum International Funds Ltd’s holdings in Owens Corning were worth $7,425,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its holdings in Owens Corning by 10.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,632 shares of the construction company’s stock valued at $1,106,000 after purchasing an additional 608 shares during the last quarter. KRS Capital Management LLC purchased a new position in Owens Corning during the first quarter worth about $200,000. Dumont & Blake Investment Advisors LLC acquired a new stake in shares of Owens Corning during the first quarter valued at about $440,000. LVW Advisors LLC purchased a new stake in shares of Owens Corning in the 1st quarter valued at approximately $268,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Owens Corning by 9.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 160,899 shares of the construction company’s stock worth $26,838,000 after acquiring an additional 14,175 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OC has been the subject of several research analyst reports. StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a research report on Thursday. UBS Group increased their price target on shares of Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a report on Wednesday, August 7th. Wells Fargo & Company upped their price target on Owens Corning from $165.00 to $175.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Finally, Citigroup upgraded Owens Corning from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $178.00 to $191.00 in a research note on Thursday, July 11th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $187.77.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $170.00, for a total value of $518,500.00. Following the transaction, the insider now directly owns 60,130 shares in the company, valued at approximately $10,222,100. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total value of $518,500.00. Following the sale, the insider now owns 60,130 shares of the company’s stock, valued at $10,222,100. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the transaction, the insider now owns 57,079 shares in the company, valued at approximately $10,074,443.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.89% of the company’s stock.

Owens Corning Stock Performance

NYSE OC opened at $181.85 on Friday. Owens Corning has a 1 year low of $110.96 and a 1 year high of $191.44. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.37 and a quick ratio of 0.79. The company has a market capitalization of $15.76 billion, a PE ratio of 14.72, a P/E/G ratio of 2.24 and a beta of 1.41. The company has a fifty day moving average of $172.47 and a two-hundred day moving average of $172.34.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 EPS for the quarter, topping the consensus estimate of $4.37 by $0.27. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.92 billion. During the same quarter in the previous year, the company posted $4.22 earnings per share. The firm’s revenue was up 8.8% compared to the same quarter last year. As a group, analysts expect that Owens Corning will post 15.34 earnings per share for the current year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Friday, October 18th will be issued a $0.60 dividend. The ex-dividend date is Friday, October 18th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.32%. Owens Corning’s payout ratio is 19.43%.

Owens Corning Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.