Jacobs Levy Equity Management Inc. Cuts Stake in Owens Corning Inc $OC

Jacobs Levy Equity Management Inc. lowered its stake in shares of Owens Corning Inc (NYSE:OC) by 19.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,932 shares of the construction company’s stock after selling 927 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in Owens Corning were worth $562,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Gotham Asset Management LLC increased its stake in shares of Owens Corning by 161.4% during the first quarter. Gotham Asset Management LLC now owns 104,432 shares of the construction company’s stock worth $14,915,000 after purchasing an additional 64,485 shares in the last quarter. Hancock Whitney Corp grew its stake in Owens Corning by 58.4% during the 1st quarter. Hancock Whitney Corp now owns 27,016 shares of the construction company’s stock valued at $3,858,000 after acquiring an additional 9,958 shares in the last quarter. Edmond DE Rothschild Holding S.A. grew its stake in Owens Corning by 26.4% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 6,802 shares of the construction company’s stock valued at $971,000 after acquiring an additional 1,421 shares in the last quarter. Cinctive Capital Management LP purchased a new stake in Owens Corning during the 1st quarter valued at about $238,000. Finally, Ariel Investments LLC purchased a new stake in Owens Corning during the 1st quarter valued at about $16,078,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

NYSE:OC opened at $152.36 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95. The firm has a market capitalization of $12.74 billion, a price-to-earnings ratio of 39.57, a PEG ratio of 11.17 and a beta of 1.32. The company’s 50-day moving average is $147.39 and its two-hundred day moving average is $142.67. Owens Corning Inc has a 1-year low of $123.40 and a 1-year high of $214.53.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating the consensus estimate of $3.80 by $0.41. The company had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. Owens Corning’s revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the business posted $4.64 EPS. Analysts forecast that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Monday, July 21st were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 1.8%. The ex-dividend date was Monday, July 21st. Owens Corning’s payout ratio is presently 71.69%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on OC shares. Wells Fargo & Company upped their price objective on shares of Owens Corning from $170.00 to $175.00 and gave the company an “overweight” rating in a research note on Thursday. Evercore ISI upped their price objective on shares of Owens Corning from $165.00 to $169.00 and gave the company an “in-line” rating in a research note on Friday, August 8th. Barclays upped their price objective on shares of Owens Corning from $167.00 to $173.00 and gave the company an “overweight” rating in a research note on Thursday, August 7th. Royal Bank Of Canada dropped their price objective on shares of Owens Corning from $184.00 to $180.00 and set an “outperform” rating for the company in a research note on Thursday, August 7th. Finally, UBS Group dropped their price objective on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Owens Corning currently has an average rating of “Moderate Buy” and an average target price of $185.10.

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.