Rhumbline Advisers Sells 3,754 Shares of Owens Corning Inc $OC

Rhumbline Advisers reduced its stake in Owens Corning Inc (NYSE:OC) by 1.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 240,352 shares of the construction company’s stock after selling 3,754 shares during the period. Rhumbline Advisers’ holdings in Owens Corning were worth $34,000,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of OC. Vanguard Group Inc. raised its holdings in Owens Corning by 1.3% in the second quarter. Vanguard Group Inc. now owns 9,947,480 shares of the construction company’s stock worth $1,367,977,000 after buying an additional 131,795 shares during the last quarter. Norges Bank purchased a new stake in Owens Corning during the 2nd quarter valued at $163,719,000. Qube Research & Technologies Ltd increased its holdings in shares of Owens Corning by 43.0% in the 2nd quarter. Qube Research & Technologies Ltd now owns 1,102,722 shares of the construction company’s stock worth $151,646,000 after purchasing an additional 331,835 shares in the last quarter. Amundi raised its stake in shares of Owens Corning by 92.9% in the second quarter. Amundi now owns 1,086,735 shares of the construction company’s stock worth $157,279,000 after purchasing an additional 523,376 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Owens Corning by 70.9% during the second quarter. AQR Capital Management LLC now owns 960,604 shares of the construction company’s stock valued at $132,102,000 after purchasing an additional 398,440 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. UBS Group decreased their target price on Owens Corning from $179.00 to $160.00 and set a “buy” rating for the company in a research report on Tuesday, January 6th. Weiss Ratings reissued a “sell (d+)” rating on shares of Owens Corning in a report on Monday, December 29th. Citigroup dropped their target price on shares of Owens Corning from $137.00 to $135.00 and set a “buy” rating on the stock 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 note on Friday, January 9th. Finally, Argus raised 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $150.58.

Owens Corning Stock Down 0.8%

OC opened at $134.16 on Friday. The firm’s 50 day simple moving average is $120.59 and its two-hundred day simple moving average is $128.50. The company has a market capitalization of $11.03 billion, a PE ratio of -23.45, a PEG ratio of 2.81 and a beta of 1.36. Owens Corning Inc has a 1-year low of $97.53 and a 1-year high of $179.82. The company has a current ratio of 1.40, a quick ratio of 0.86 and a debt-to-equity ratio of 1.05.

Owens Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 9th will be given a dividend of $0.79 per share. The ex-dividend date is Monday, March 9th. This represents a $3.16 annualized dividend and a yield of 2.4%. Owens Corning’s payout ratio is -55.24%.

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.