Insider Selling: Owens Corning (NYSE:OC) Insider Sells 3,051 Shares of Stock

Owens Corning (NYSE:OC) insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $176.50, for a total transaction of $538,501.50. Following the completion of the sale, the insider now directly owns 57,079 shares of the company’s stock, valued at approximately $10,074,443.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Owens Corning Stock Down 2.4 %

Shares of OC opened at $170.31 on Thursday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.79 and a current ratio of 1.37. The company has a 50-day simple moving average of $167.44 and a 200-day simple moving average of $169.92. Owens Corning has a 52 week low of $109.95 and a 52 week high of $191.13. The firm has a market capitalization of $14.81 billion, a P/E ratio of 13.79, a P/E/G ratio of 3.47 and a beta of 1.41.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Tuesday, August 6th. The construction company reported $4.64 EPS for the quarter, topping analysts’ consensus estimates of $4.37 by $0.27. The company had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the company earned $4.22 EPS. On average, equities research analysts expect that Owens Corning will post 15.38 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 4th. Shareholders of record on Friday, October 18th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.41%. The ex-dividend date is Friday, October 18th. Owens Corning’s dividend payout ratio (DPR) is presently 19.43%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on OC shares. StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, September 7th. Evercore ISI reduced their target price on Owens Corning from $188.00 to $175.00 and set an “in-line” rating for the company in a report on Wednesday, August 7th. Citigroup upgraded Owens Corning from a “neutral” rating to a “buy” rating and increased their price target for the company from $178.00 to $191.00 in a report on Thursday, July 11th. The Goldman Sachs Group restated a “neutral” rating and issued a $187.00 price objective on shares of Owens Corning in a research note on Monday, June 17th. Finally, Benchmark reiterated a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $184.23.

Hedge Funds Weigh In On Owens Corning

Hedge funds have recently made changes to their positions in the business. Nordea Investment Management AB increased its stake in Owens Corning by 74.4% in the first quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock valued at $210,040,000 after acquiring an additional 533,910 shares during the period. Point72 Asset Management L.P. lifted its stake in Owens Corning by 168.3% during the second quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock worth $128,772,000 after purchasing an additional 464,981 shares during the period. Pacer Advisors Inc. boosted its holdings in Owens Corning by 38.9% during the second quarter. Pacer Advisors Inc. now owns 1,592,536 shares of the construction company’s stock valued at $276,655,000 after purchasing an additional 446,073 shares in the last quarter. Panagora Asset Management Inc. grew its position in Owens Corning by 2,813.6% in the second quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock valued at $65,815,000 after acquiring an additional 365,853 shares during the period. Finally, Swedbank AB acquired a new position in Owens Corning during the first quarter worth $60,424,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Company Profile

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.