Ruffer LLP Lowers Stock Position in Owens Corning Inc $OC

Ruffer LLP reduced its position in Owens Corning Inc (NYSE:OC) by 14.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 24,382 shares of the construction company’s stock after selling 4,182 shares during the quarter. Ruffer LLP’s holdings in Owens Corning were worth $3,449,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Ariel Investments LLC grew its stake in shares of Owens Corning by 24.8% during the second quarter. Ariel Investments LLC now owns 140,449 shares of the construction company’s stock valued at $19,315,000 after acquiring an additional 27,871 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Owens Corning by 6.7% in the second quarter. JPMorgan Chase & Co. now owns 456,952 shares of the construction company’s stock worth $62,840,000 after buying an additional 28,814 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in Owens Corning by 6.1% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 42,020 shares of the construction company’s stock valued at $5,779,000 after acquiring an additional 2,421 shares during the last quarter. Nordea Investment Management AB increased its position in shares of Owens Corning by 0.7% in the 2nd quarter. Nordea Investment Management AB now owns 2,225,800 shares of the construction company’s stock worth $305,291,000 after purchasing an additional 15,927 shares during the last quarter. Finally, Aviva PLC lifted its position in shares of Owens Corning by 7.2% during the second quarter. Aviva PLC now owns 60,634 shares of the construction company’s stock worth $8,338,000 after purchasing an additional 4,091 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

Shares of OC stock opened at $120.48 on Thursday. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $192.64. 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 firm has a market capitalization of $9.90 billion, a price-to-earnings ratio of -21.06, a price-to-earnings-growth ratio of 2.51 and a beta of 1.35. The business has a 50 day simple moving average of $115.58 and a 200 day simple moving average of $129.51.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.64 by $0.03. The company had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.71 billion. Owens Corning had a positive return on equity of 24.42% and a negative net margin of 4.46%.The firm’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.38 EPS. On average, equities research analysts anticipate that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 21st. Shareholders of record on Monday, January 5th were paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Monday, January 5th. This is a positive change from Owens Corning’s previous quarterly dividend of $0.69. Owens Corning’s dividend payout ratio is -55.24%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Evercore ISI reduced their target price on Owens Corning from $121.00 to $117.00 and set an “in-line” rating on the stock in a report on Thursday, December 4th. JPMorgan Chase & Co. lowered their target price on shares of Owens Corning from $157.00 to $113.00 and set a “neutral” rating for the company in a research note on Tuesday, November 11th. Royal Bank Of Canada set a $143.00 price target on shares of Owens Corning in a research report on Friday, January 9th. Citigroup lowered their price objective on shares of Owens Corning from $137.00 to $135.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. Finally, Barclays lifted their target price on Owens Corning from $130.00 to $138.00 and gave the company an “overweight” rating in a research note on Thursday, January 15th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Owens Corning has an average rating of “Moderate Buy” and a consensus price target of $149.75.

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.