Owens Corning Inc $OC Stock Holdings Trimmed by Guinness Atkinson Asset Management Inc

Guinness Atkinson Asset Management Inc lessened its holdings in shares of Owens Corning Inc (NYSE:OC) by 8.4% in the second quarter, HoldingsChannel reports. The fund owned 3,299 shares of the construction company’s stock after selling 301 shares during the period. Guinness Atkinson Asset Management Inc’s holdings in Owens Corning were worth $454,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of OC. OneDigital Investment Advisors LLC grew its position in Owens Corning by 33.3% in the 1st quarter. OneDigital Investment Advisors LLC now owns 1,639 shares of the construction company’s stock valued at $234,000 after buying an additional 409 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Owens Corning by 11.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,921 shares of the construction company’s stock worth $4,416,000 after acquiring an additional 3,298 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Owens Corning by 0.7% in the second quarter. Nordea Investment Management AB now owns 2,225,800 shares of the construction company’s stock valued at $305,291,000 after acquiring an additional 15,927 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Owens Corning by 0.4% during the first quarter. Principal Financial Group Inc. now owns 393,768 shares of the construction company’s stock valued at $56,238,000 after acquiring an additional 1,737 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Owens Corning by 21.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,720 shares of the construction company’s stock worth $1,245,000 after purchasing an additional 1,558 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OC has been the topic of several research analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Owens Corning in a research report on Saturday. Royal Bank Of Canada decreased their target price on Owens Corning from $184.00 to $180.00 and set an “outperform” rating for the company in a research note on Thursday, August 7th. Zacks Research cut shares of Owens Corning from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. UBS Group cut their price target on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating for the company in a report on Thursday, August 7th. Finally, Truist Financial lowered their price objective on shares of Owens Corning from $165.00 to $135.00 and set a “hold” rating on the stock in a research note on Thursday, October 9th. Ten analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $178.31.

Owens Corning Price Performance

NYSE OC opened at $127.87 on Monday. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. Owens Corning Inc has a 1 year low of $123.23 and a 1 year high of $214.53. The company has a market cap of $10.69 billion, a PE ratio of 33.21, a PEG ratio of 9.33 and a beta of 1.32. The stock’s 50-day moving average price is $142.69 and its two-hundred day moving average price is $141.19.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, August 6th. The construction company reported $4.21 EPS for the quarter, topping the consensus estimate of $3.80 by $0.41. The company had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. The business’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same period last year, the company posted $4.64 earnings per share. On average, analysts predict that Owens Corning Inc will post 15.49 EPS for the current year.

Owens Corning Dividend Announcement

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

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.