State of Wisconsin Investment Board cut its stake in shares of Owens Corning (NYSE:OC) by 1.7% during the third quarter, Holdings Channel reports. The fund owned 73,412 shares of the company’s stock after selling 1,300 shares during the period. State of Wisconsin Investment Board’s holdings in Owens Corning were worth $3,919,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Tower Research Capital LLC TRC bought a new position in Owens Corning during the second quarter valued at $171,000. CIBC Asset Management Inc bought a new position in Owens Corning during the third quarter valued at $200,000. Societe Generale bought a new position in Owens Corning during the second quarter valued at $208,000. Ingalls & Snyder LLC bought a new position in Owens Corning during the second quarter valued at $224,000. Finally, Kalos Management Inc. bought a new position in Owens Corning during the second quarter valued at $256,000.
Owens Corning (NYSE:OC) traded down 1.15% during trading on Monday, reaching $53.09. 1,003,736 shares of the company were exchanged. The stock has a market capitalization of $6.02 billion, a price-to-earnings ratio of 14.86 and a beta of 1.15. The firm’s 50 day moving average price is $50.75 and its 200-day moving average price is $52.06. Owens Corning has a one year low of $38.96 and a one year high of $58.69.
Owens Corning (NYSE:OC) last posted its quarterly earnings results on Wednesday, October 26th. The company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.10. Owens Corning had a net margin of 7.44% and a return on equity of 10.77%. The business earned $1.52 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter last year, the firm posted $0.96 EPS. Owens Corning’s revenue was up 4.0% compared to the same quarter last year. On average, equities research analysts predict that Owens Corning will post $3.51 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 2nd. Investors of record on Monday, October 17th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.36%. The ex-dividend date of this dividend was Thursday, October 13th. Owens Corning’s payout ratio is currently 20.17%.
OC has been the subject of several research analyst reports. Wells Fargo & Co. initiated coverage on shares of Owens Corning in a report on Thursday, September 29th. They issued a “market perform” rating for the company. Zacks Investment Research cut shares of Owens Corning from a “buy” rating to a “hold” rating in a report on Wednesday, October 5th. Bank of America Corp. initiated coverage on shares of Owens Corning in a report on Friday, September 23rd. They issued a “neutral” rating and a $59.00 price target for the company. FBR & Co reduced their price target on shares of Owens Corning from $57.00 to $56.00 and set a “market perform” rating for the company in a report on Thursday, October 27th. Finally, Vertical Research upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 27th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. Owens Corning currently has a consensus rating of “Hold” and an average price target of $55.24.
In related news, insider Arnaud Genis sold 66,619 shares of Owens Corning stock in a transaction on Tuesday, August 30th. The shares were sold at an average price of $54.68, for a total value of $3,642,726.92. Following the completion of the sale, the insider now owns 101,538 shares of the company’s stock, valued at approximately $5,552,097.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.00% of the stock is currently owned by corporate insiders.
About Owens Corning
Owens Corning is a holding company, which is engaged in the business of composite and building materials systems. The Company’s products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications.