American Century Companies Inc. Trims Stake in Owens Corning (NYSE:OC)

American Century Companies Inc. cut its stake in shares of Owens Corning (NYSE:OC) by 0.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 253,610 shares of the construction company’s stock after selling 1,948 shares during the period. American Century Companies Inc.’s holdings in Owens Corning were worth $43,195,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. increased its holdings in Owens Corning by 113.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock worth $140,818,000 after acquiring an additional 424,786 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Owens Corning in the fourth quarter worth $51,220,000. Goldentree Asset Management LP bought a new stake in shares of Owens Corning during the 3rd quarter valued at $43,559,000. Nordea Investment Management AB raised its position in shares of Owens Corning by 12.5% during the 4th quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock valued at $366,166,000 after purchasing an additional 238,694 shares during the period. Finally, LGT Group Foundation purchased a new position in shares of Owens Corning during the 4th quarter valued at $39,054,000. Institutional investors own 88.40% of the company’s stock.

Insider Activity at Owens Corning

In related news, insider Monaco Nicolas Del sold 1,750 shares of the company’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the transaction, the insider now directly owns 11,635 shares in the company, valued at approximately $2,140,490.95. This represents a 13.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.89% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have commented on OC. StockNews.com cut Owens Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Loop Capital lowered their price target on Owens Corning from $215.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $212.00 price objective on shares of Owens Corning in a report on Monday, March 17th. JPMorgan Chase & Co. lowered their target price on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Finally, Citigroup cut 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 note on Monday, January 6th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Owens Corning presently has a consensus rating of “Moderate Buy” and an average target price of $204.18.

Owens Corning Price Performance

OC stock opened at $147.25 on Friday. Owens Corning has a 52 week low of $137.50 and a 52 week high of $214.53. The firm has a market capitalization of $12.60 billion, a P/E ratio of 12.53, a price-to-earnings-growth ratio of 1.88 and a beta of 1.52. The company has a fifty day simple moving average of $165.43 and a two-hundred day simple moving average of $176.25. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, topping the consensus estimate of $2.87 by $0.35. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same quarter last year, the business posted $3.21 earnings per share. The firm’s revenue was up 23.3% on a year-over-year basis. Analysts anticipate that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 1.87%. The ex-dividend date is Monday, March 10th. Owens Corning’s dividend payout ratio is currently 37.70%.

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.