Raymond James & Associates Trims Holdings in Owens Corning (NYSE:OC)

Raymond James & Associates cut its holdings in Owens Corning (NYSE:OC – Get Rating) by 0.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 72,205 shares of the construction company’s stock after selling 172 shares during the quarter. Raymond James & Associates owned approximately 0.08% of Owens Corning worth $5,676,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Lindbrook Capital LLC grew its position in Owens Corning by 66.3% during the 2nd quarter. Lindbrook Capital LLC now owns 414 shares of the construction company’s stock valued at $31,000 after purchasing an additional 165 shares during the last quarter. Zions Bancorporation N.A. grew its position in Owens Corning by 611.0% during the 1st quarter. Zions Bancorporation N.A. now owns 583 shares of the construction company’s stock valued at $53,000 after purchasing an additional 501 shares during the last quarter. Eagle Bay Advisors LLC purchased a new stake in Owens Corning during the 2nd quarter valued at about $45,000. Brown Brothers Harriman & Co. purchased a new stake in Owens Corning during the 1st quarter valued at about $57,000. Finally, Householder Group Estate & Retirement Specialist LLC purchased a new stake in Owens Corning during the 3rd quarter valued at about $52,000. 94.59% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Price Performance

Shares of NYSE:OC opened at $91.63 on Monday. The firm’s 50 day moving average price is $89.62 and its 200-day moving average price is $85.96. Owens Corning has a twelve month low of $72.97 and a twelve month high of $101.12. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $8.56 billion, a PE ratio of 6.74, a price-to-earnings-growth ratio of 0.80 and a beta of 1.42.

Owens Corning (NYSE:OC – Get Rating) last issued its quarterly earnings data on Wednesday, October 26th. The construction company reported $3.57 earnings per share for the quarter, topping the consensus estimate of $3.17 by $0.40. The firm had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Owens Corning had a net margin of 13.99% and a return on equity of 27.52%. The business’s quarterly revenue was up 14.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.52 EPS. Equities research analysts expect that Owens Corning will post 12.67 EPS for the current year.

Owens Corning Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 19th. Investors of record on Wednesday, January 4th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.27%. This is a positive change from Owens Corning’s previous quarterly dividend of $0.35. The ex-dividend date is Tuesday, January 3rd. Owens Corning’s dividend payout ratio is currently 15.31%.

Analyst Ratings Changes

Several brokerages recently commented on OC. Citigroup increased their price objective on shares of Owens Corning from $88.00 to $90.00 in a research report on Tuesday, January 10th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Owens Corning from $99.00 to $100.00 and gave the company a “hold” rating in a research report on Tuesday, January 10th. Bank of America upgraded shares of Owens Corning from an “underperform” rating to a “buy” rating and upped their target price for the company from $82.00 to $95.00 in a research note on Tuesday, October 18th. JPMorgan Chase & Co. cut shares of Owens Corning from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $85.00 to $79.00 in a research note on Tuesday, December 20th. Finally, Barclays lowered their target price on shares of Owens Corning from $91.00 to $86.00 in a research note on Wednesday, December 14th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $100.93.

Insider Buying and Selling

In related news, VP Kelly Schmidt sold 2,181 shares of the stock in a transaction that occurred on Friday, December 9th. The shares were sold at an average price of $93.74, for a total value of $204,446.94. Following the completion of the sale, the vice president now directly owns 13,018 shares of the company’s stock, valued at approximately $1,220,307.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Marcio A. Sandri sold 3,600 shares of the business’s stock in a transaction on Monday, November 28th. The shares were sold at an average price of $90.06, for a total value of $324,216.00. Following the transaction, the insider now owns 46,428 shares of the company’s stock, valued at $4,181,305.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Kelly Schmidt sold 2,181 shares of the firm’s stock in a transaction on Friday, December 9th. The shares were sold at an average price of $93.74, for a total transaction of $204,446.94. Following the transaction, the vice president now directly owns 13,018 shares of the company’s stock, valued at $1,220,307.32. The disclosure for this sale can be found here. 0.44% of the stock is currently owned by insiders.

Owens Corning Company Profile

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Owens Corning manufactures and markets insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.