Summit Global Investments Lowers Stock Position in Owens Corning (NYSE:OC)

Summit Global Investments cut its position in shares of Owens Corning (NYSE:OC) by 19.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 62,537 shares of the construction company’s stock after selling 15,147 shares during the period. Summit Global Investments owned 0.07% of Owens Corning worth $10,651,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. FPC Investment Advisory Inc. purchased a new position in Owens Corning during the fourth quarter valued at $28,000. Venturi Wealth Management LLC lifted its holdings in Owens Corning by 55.8% during the fourth quarter. Venturi Wealth Management LLC now owns 176 shares of the construction company’s stock valued at $30,000 after purchasing an additional 63 shares in the last quarter. Global Trust Asset Management LLC purchased a new position in Owens Corning during the fourth quarter valued at $31,000. Wilmington Savings Fund Society FSB lifted its holdings in Owens Corning by 193.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 185 shares of the construction company’s stock valued at $32,000 after purchasing an additional 122 shares in the last quarter. Finally, Whipplewood Advisors LLC purchased a new position in Owens Corning during the fourth quarter valued at $34,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Price Performance

Shares of OC opened at $144.49 on Friday. Owens Corning has a 1-year low of $137.50 and a 1-year high of $214.53. The stock has a market cap of $12.36 billion, a PE ratio of 12.30, a P/E/G ratio of 1.88 and a beta of 1.52. The firm has a 50-day simple moving average of $167.56 and a two-hundred day simple moving average of $176.53. 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 results on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.88 billion. During the same period last year, the business earned $3.21 earnings per share. The business’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, analysts forecast that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 10th will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date is Monday, March 10th. Owens Corning’s dividend payout ratio is presently 37.70%.

Insider Buying and Selling at Owens Corning

In other news, insider Monaco Nicolas Del sold 1,750 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total value of $321,947.50. Following the completion of the transaction, the insider now owns 11,635 shares of the company’s stock, valued at approximately $2,140,490.95. This trade represents a 13.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on OC shares. Loop Capital reduced their target price on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, January 10th. UBS Group reduced their target price on shares of Owens Corning from $245.00 to $235.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Royal Bank of Canada reiterated an “outperform” rating and issued a $212.00 target price on shares of Owens Corning in a research report on Monday, March 17th. Citigroup reduced their target price on shares of Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and an average price target of $204.18.

About Owens Corning

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.