Zurcher Kantonalbank Zurich Cantonalbank Sells 23,269 Shares of Owens Corning (NYSE:OC)

Zurcher Kantonalbank Zurich Cantonalbank lessened its holdings in Owens Corning (NYSE:OC) by 3.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 623,548 shares of the construction company’s stock after selling 23,269 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Owens Corning were worth $110,069,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in OC. ST Germain D J Co. Inc. lifted its holdings in shares of Owens Corning by 794.1% during the second quarter. ST Germain D J Co. Inc. now owns 152 shares of the construction company’s stock worth $26,000 after purchasing an additional 135 shares during the period. Innealta Capital LLC acquired a new position in Owens Corning during the 2nd quarter worth about $32,000. Tobam grew its position in shares of Owens Corning by 115.7% in the 2nd quarter. Tobam now owns 192 shares of the construction company’s stock valued at $33,000 after buying an additional 103 shares during the last quarter. Brooklyn Investment Group acquired a new stake in shares of Owens Corning in the third quarter valued at about $38,000. Finally, Quarry LP raised its position in shares of Owens Corning by 165.5% during the second quarter. Quarry LP now owns 231 shares of the construction company’s stock worth $40,000 after acquiring an additional 144 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now directly owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. The trade was a 5.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on OC shares. Wells Fargo & Company upped their target price on Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a report on Thursday, November 7th. The Goldman Sachs Group upped their price objective on shares of Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. StockNews.com raised shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Royal Bank of Canada upped their price target on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, Evercore ISI lifted their price objective on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and an average price target of $192.62.

Owens Corning Stock Performance

Shares of OC opened at $205.10 on Thursday. Owens Corning has a one year low of $131.67 and a one year high of $214.53. The company has a market cap of $17.59 billion, a PE ratio of 17.46, a P/E/G ratio of 2.36 and a beta of 1.41. The stock has a 50-day moving average of $184.37 and a 200-day moving average of $175.86. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 EPS for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter last year, the firm posted $4.15 earnings per share. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. On average, equities research analysts predict that Owens Corning will post 15.46 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Friday, October 18th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.40 annualized dividend and a yield of 1.17%. Owens Corning’s payout ratio is 20.43%.

Owens Corning Company 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.