Citigroup Inc. Sells 28,779 Shares of Owens Corning Inc $OC

Citigroup Inc. trimmed its stake in Owens Corning Inc (NYSE:OC) by 24.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 90,321 shares of the construction company’s stock after selling 28,779 shares during the period. Citigroup Inc. owned 0.11% of Owens Corning worth $12,777,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Raiffeisen Bank International AG raised its stake in Owens Corning by 5.0% in the third quarter. Raiffeisen Bank International AG now owns 314,417 shares of the construction company’s stock worth $44,352,000 after buying an additional 14,943 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in shares of Owens Corning during the 3rd quarter worth approximately $341,000. Syon Capital LLC bought a new position in shares of Owens Corning in the 3rd quarter worth approximately $501,000. Advisors Capital Management LLC lifted its stake in shares of Owens Corning by 1.5% in the 3rd quarter. Advisors Capital Management LLC now owns 54,166 shares of the construction company’s stock valued at $7,662,000 after purchasing an additional 826 shares during the period. Finally, Hodges Capital Management Inc. boosted its position in shares of Owens Corning by 20.3% during the third quarter. Hodges Capital Management Inc. now owns 29,968 shares of the construction company’s stock valued at $4,239,000 after purchasing an additional 5,062 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $121.99 on Friday. The stock has a market cap of $9.81 billion, a price-to-earnings ratio of -19.06, a PEG ratio of 2.57 and a beta of 1.36. The firm’s 50-day moving average is $123.51 and its 200 day moving average is $127.56. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.42. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.26 and a quick ratio of 0.86.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, February 25th. The construction company reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.26). The firm had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The firm’s revenue for the quarter was down 16.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.22 earnings per share. Sell-side analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 9th will be given a $0.79 dividend. The ex-dividend date of this dividend is Monday, March 9th. This represents a $3.16 annualized dividend and a yield of 2.6%. Owens Corning’s dividend payout ratio is -49.38%.

Analyst Ratings Changes

A number of equities analysts have issued reports on OC shares. Citigroup decreased their price objective on Owens Corning from $137.00 to $135.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Royal Bank Of Canada set a $143.00 target price on shares of Owens Corning in a research report on Friday, January 9th. UBS Group increased their price target on shares of Owens Corning from $160.00 to $172.00 and gave the stock a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. lowered their price target on shares of Owens Corning from $157.00 to $113.00 and set a “neutral” rating for the company in a research report on Tuesday, November 11th. Finally, Argus upgraded shares of Owens Corning to a “strong-buy” rating in a report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $151.58.

Owens Corning Profile

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.