WealthBridge Investment Counsel Inc. Trims Stake in Owens Corning (NYSE:OC)

WealthBridge Investment Counsel Inc. lessened its position in Owens Corning (NYSE:OC) by 0.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,270 shares of the construction company’s stock after selling 150 shares during the quarter. Owens Corning accounts for approximately 2.2% of WealthBridge Investment Counsel Inc.’s portfolio, making the stock its 25th largest holding. WealthBridge Investment Counsel Inc.’s holdings in Owens Corning were worth $5,883,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in OC. Mariner LLC lifted its position in Owens Corning by 4.3% in the 3rd quarter. Mariner LLC now owns 4,335 shares of the construction company’s stock worth $591,000 after buying an additional 179 shares during the last quarter. Natixis Advisors L.P. grew its stake in shares of Owens Corning by 11.2% during the third quarter. Natixis Advisors L.P. now owns 15,949 shares of the construction company’s stock valued at $2,176,000 after buying an additional 1,611 shares during the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of Owens Corning in the third quarter worth about $6,904,000. Lazard Asset Management LLC lifted its stake in shares of Owens Corning by 73.7% in the 3rd quarter. Lazard Asset Management LLC now owns 131,593 shares of the construction company’s stock valued at $17,949,000 after acquiring an additional 55,830 shares during the last quarter. Finally, Glenmede Trust Co. NA boosted its holdings in Owens Corning by 26.1% during the 3rd quarter. Glenmede Trust Co. NA now owns 100,009 shares of the construction company’s stock valued at $13,642,000 after acquiring an additional 20,699 shares during the period. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

NYSE OC traded down $0.02 on Thursday, reaching $168.35. 299,341 shares of the stock were exchanged, compared to its average volume of 642,819. The firm has a market capitalization of $14.59 billion, a PE ratio of 13.65, a PEG ratio of 5.01 and a beta of 1.42. Owens Corning has a one year low of $109.95 and a one year high of $184.00. The company’s 50-day simple moving average is $175.63 and its two-hundred day simple moving average is $162.04. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 0.50.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share for the quarter, topping the consensus estimate of $3.04 by $0.55. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same quarter in the prior year, the firm posted $2.77 EPS. Owens Corning’s quarterly revenue was down 1.3% compared to the same quarter last year. Analysts expect that Owens Corning will post 15.48 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Monday, July 15th will be paid a $0.60 dividend. The ex-dividend date is Monday, July 15th. This represents a $2.40 annualized dividend and a yield of 1.43%. Owens Corning’s payout ratio is 19.43%.

Insider Buying and Selling at Owens Corning

In other news, VP Mari Doerfler sold 240 shares of Owens Corning stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $182.05, for a total value of $43,692.00. Following the sale, the vice president now directly owns 4,954 shares of the company’s stock, valued at $901,875.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Todd W. Fister sold 3,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $173.65, for a total value of $520,950.00. Following the sale, the chief financial officer now directly owns 31,626 shares in the company, valued at approximately $5,491,854.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Mari Doerfler sold 240 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $182.05, for a total transaction of $43,692.00. Following the sale, the vice president now owns 4,954 shares in the company, valued at $901,875.70. The disclosure for this sale can be found here. Insiders sold a total of 19,360 shares of company stock valued at $3,437,315 in the last three months. 0.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

OC has been the subject of a number of analyst reports. UBS Group increased their price objective on Owens Corning from $169.00 to $192.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. Citigroup boosted their price objective on shares of Owens Corning from $150.00 to $169.00 and gave the company a “neutral” rating in a research report on Friday, April 5th. StockNews.com upgraded Owens Corning from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 27th. Barclays lifted their price objective on Owens Corning from $160.00 to $190.00 and gave the stock an “equal weight” rating in a research report on Monday, June 3rd. Finally, Jefferies Financial Group assumed coverage on shares of Owens Corning in a research report on Wednesday, May 22nd. They set a “buy” rating and a $215.00 price objective on the stock. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Owens Corning has a consensus rating of “Moderate Buy” and a consensus target price of $179.00.

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.