Mirae Asset Global Investments Co. Ltd. Sells 413 Shares of Owens Corning Inc $OC

Mirae Asset Global Investments Co. Ltd. reduced its position in Owens Corning Inc (NYSE:OC) by 14.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,468 shares of the construction company’s stock after selling 413 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Owens Corning were worth $339,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Truist Financial Corp raised its stake in Owens Corning by 10.1% in the second quarter. Truist Financial Corp now owns 14,380 shares of the construction company’s stock valued at $1,978,000 after purchasing an additional 1,317 shares in the last quarter. Greenleaf Trust raised its stake in Owens Corning by 33.6% in the second quarter. Greenleaf Trust now owns 5,125 shares of the construction company’s stock valued at $705,000 after purchasing an additional 1,288 shares in the last quarter. Financial Partners Group LLC raised its stake in Owens Corning by 23.2% in the second quarter. Financial Partners Group LLC now owns 11,994 shares of the construction company’s stock valued at $1,649,000 after purchasing an additional 2,259 shares in the last quarter. Bank Pictet & Cie Europe AG raised its stake in Owens Corning by 3.2% in the second quarter. Bank Pictet & Cie Europe AG now owns 166,957 shares of the construction company’s stock valued at $22,960,000 after purchasing an additional 5,180 shares in the last quarter. Finally, Ballentine Partners LLC raised its stake in Owens Corning by 54.0% in the second quarter. Ballentine Partners LLC now owns 2,959 shares of the construction company’s stock valued at $407,000 after purchasing an additional 1,038 shares in the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Down 2.6%

Shares of NYSE OC opened at $126.39 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. Owens Corning Inc has a 52 week low of $123.40 and a 52 week high of $214.53. The firm’s fifty day moving average is $146.51 and its 200 day moving average is $141.94. The company has a market cap of $10.57 billion, a price-to-earnings ratio of 32.83, a PEG ratio of 9.32 and a beta of 1.32.

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

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Monday, October 20th. Owens Corning’s payout ratio is presently 71.69%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on OC shares. Wells Fargo & Company raised their target price on shares of Owens Corning from $170.00 to $175.00 and gave the company an “overweight” rating in a research note on Thursday, September 11th. Jefferies Financial Group lowered their target price on shares of Owens Corning from $185.00 to $180.00 and set a “buy” rating on the stock in a research note on Tuesday. Evercore ISI lowered their target price on shares of Owens Corning from $169.00 to $153.00 and set an “in-line” rating on the stock in a research note on Tuesday. Royal Bank Of Canada decreased their price target on shares of Owens Corning from $184.00 to $180.00 and set an “outperform” rating on the stock in a research note on Thursday, August 7th. Finally, Truist Financial decreased their price target on shares of Owens Corning from $165.00 to $135.00 and set a “hold” rating on the stock in a research note on Thursday. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $178.31.

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.