Guinness Asset Management LTD Trims Position in Owens Corning Inc $OC

Guinness Asset Management LTD lessened its holdings in shares of Owens Corning Inc (NYSE:OC) by 20.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 55,103 shares of the construction company’s stock after selling 14,171 shares during the quarter. Guinness Asset Management LTD’s holdings in Owens Corning were worth $7,580,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Bangor Savings Bank purchased a new position in Owens Corning during the 2nd quarter valued at $28,000. Chilton Capital Management LLC bought a new stake in shares of Owens Corning during the 2nd quarter valued at about $37,000. Ameritas Advisory Services LLC purchased a new position in shares of Owens Corning during the second quarter valued at about $42,000. Wayfinding Financial LLC bought a new position in Owens Corning in the first quarter worth about $60,000. Finally, IFP Advisors Inc lifted its holdings in Owens Corning by 76.0% in the second quarter. IFP Advisors Inc now owns 461 shares of the construction company’s stock worth $63,000 after buying an additional 199 shares during the period. Institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

OC opened at $127.87 on Monday. The firm has a market cap of $10.69 billion, a PE ratio of 33.21, a P/E/G ratio of 9.33 and a beta of 1.32. The stock has a 50-day moving average price of $142.69 and a 200-day moving average price of $141.19. Owens Corning Inc has a 1 year low of $123.23 and a 1 year high of $214.53. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.52 and a quick ratio of 0.95.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Wednesday, August 6th. The construction company reported $4.21 earnings per share for the quarter, beating analysts’ consensus estimates of $3.80 by $0.41. The business had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. Owens Corning’s revenue was up 10.0% compared to the same quarter last year. During the same period last year, the business earned $4.64 EPS. Sell-side analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Monday, October 20th. Owens Corning’s payout ratio is presently 71.69%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on OC shares. Wells Fargo & Company upped their target price on Owens Corning from $170.00 to $175.00 and gave the stock an “overweight” rating in a report on Thursday, September 11th. Evercore ISI reduced their price target on Owens Corning from $169.00 to $153.00 and set an “in-line” rating on the stock in a research note on Tuesday, October 7th. Bank of America decreased their price objective on Owens Corning from $180.00 to $168.00 and set a “buy” rating for the company in a report on Wednesday, October 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Owens Corning in a research report on Saturday. Finally, Jefferies Financial Group lowered their price target on shares of Owens Corning from $185.00 to $180.00 and set a “buy” rating for the company in a research report on Tuesday, October 7th. Ten analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and a consensus price target of $178.31.

About Owens Corning

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.