Allianz Asset Management GmbH Cuts Position in Owens Corning Inc $OC

Allianz Asset Management GmbH reduced its stake in shares of Owens Corning Inc (NYSE:OC) by 22.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 359,190 shares of the construction company’s stock after selling 102,900 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.43% of Owens Corning worth $50,811,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Owens Corning in the 2nd quarter valued at about $26,000. Rexford Capital Inc. purchased a new position in Owens Corning in the second quarter worth $28,000. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Owens Corning during the second quarter worth $30,000. Vermillion & White Wealth Management Group LLC lifted its holdings in shares of Owens Corning by 149.4% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 222 shares of the construction company’s stock valued at $31,000 after purchasing an additional 133 shares during the last quarter. Finally, Chilton Capital Management LLC acquired a new stake in shares of Owens Corning in the 2nd quarter worth $37,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Trading Up 6.3%

NYSE OC opened at $132.77 on Thursday. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $186.18. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.40 and a quick ratio of 0.86. The company has a market capitalization of $10.91 billion, a PE ratio of -23.21, a P/E/G ratio of 2.62 and a beta of 1.36. The company has a fifty day moving average of $117.41 and a 200 day moving average of $128.89.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, November 5th. The construction company reported $3.67 EPS for the quarter, topping analysts’ consensus estimates of $3.64 by $0.03. The firm had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.71 billion. Owens Corning had a positive return on equity of 24.42% and a negative net margin of 4.46%.The company’s revenue was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.38 earnings per share. Research analysts forecast that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 21st. Stockholders of record on Monday, January 5th were issued a dividend of $0.79 per share. This is a positive change from Owens Corning’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend was Monday, January 5th. This represents a $3.16 annualized dividend and a dividend yield of 2.4%. Owens Corning’s payout ratio is presently -55.24%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Owens Corning in a research report on Monday, December 29th. UBS Group cut their price objective on shares of Owens Corning from $179.00 to $160.00 and set a “buy” rating on the stock in a report on Tuesday, January 6th. Argus upgraded shares of Owens Corning to a “strong-buy” rating in a research note on Wednesday, January 14th. Barclays upped their price target on shares of Owens Corning from $130.00 to $138.00 and gave the company an “overweight” rating in a research note on Thursday, January 15th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Owens Corning from $157.00 to $113.00 and set a “neutral” rating on the stock in a report on Tuesday, November 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.75.

About Owens Corning

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.