Korea Investment CORP Sells 7,909 Shares of Owens Corning Inc $OC

Korea Investment CORP decreased its stake in Owens Corning Inc (NYSE:OC) by 10.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 64,774 shares of the construction company’s stock after selling 7,909 shares during the quarter. Korea Investment CORP’s holdings in Owens Corning were worth $9,163,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of OC. Vanguard Group Inc. raised its position in shares of Owens Corning by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 9,947,480 shares of the construction company’s stock valued at $1,367,977,000 after acquiring an additional 131,795 shares during the period. Dimensional Fund Advisors LP increased its stake in Owens Corning by 6.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,930,632 shares of the construction company’s stock valued at $273,101,000 after purchasing an additional 110,452 shares in the last quarter. LSV Asset Management increased its stake in Owens Corning by 0.3% in the third quarter. LSV Asset Management now owns 1,449,562 shares of the construction company’s stock valued at $205,055,000 after purchasing an additional 4,370 shares in the last quarter. Norges Bank bought a new position in shares of Owens Corning during the second quarter worth $163,719,000. Finally, First Trust Advisors LP grew its holdings in shares of Owens Corning by 27.0% in the 3rd quarter. First Trust Advisors LP now owns 1,169,485 shares of the construction company’s stock valued at $165,435,000 after buying an additional 248,759 shares during the period. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OC has been the subject of several recent analyst reports. Evercore lowered their price target on Owens Corning from $121.00 to $117.00 and set an “in-line” rating for the company in a report on Thursday, December 4th. Zacks Research raised Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Owens Corning in a report on Monday, December 29th. 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, Wells Fargo & Company upped their target price on shares of Owens Corning from $145.00 to $155.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $151.58.

Owens Corning Stock Performance

Shares of OC opened at $107.39 on Thursday. The stock has a market capitalization of $8.63 billion, a price-to-earnings ratio of -16.78, a PEG ratio of 1.72 and a beta of 1.35. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.42. The firm has a fifty day simple moving average of $123.21 and a 200 day simple moving average of $125.31. The company has a current ratio of 1.26, a quick ratio of 0.70 and a debt-to-equity ratio of 1.20.

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

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Monday, March 9th will be paid a dividend of $0.79 per share. The ex-dividend date is Monday, March 9th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.9%. Owens Corning’s dividend payout ratio is currently -49.38%.

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.