Geode Capital Management LLC Sells 3,534 Shares of Owens Corning (NYSE:OC)

Geode Capital Management LLC decreased its position in Owens Corning (NYSE:OC) by 0.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,562,873 shares of the construction company’s stock after selling 3,534 shares during the period. Geode Capital Management LLC owned 1.82% of Owens Corning worth $265,733,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OC. National Bank of Canada FI boosted its stake in Owens Corning by 48.9% in the fourth quarter. National Bank of Canada FI now owns 37,423 shares of the construction company’s stock valued at $6,374,000 after acquiring an additional 12,293 shares during the last quarter. Edmond DE Rothschild Holding S.A. increased its position in shares of Owens Corning by 44.2% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 5,381 shares of the construction company’s stock valued at $916,000 after buying an additional 1,650 shares during the period. Allianz SE bought a new stake in shares of Owens Corning during the fourth quarter valued at about $281,000. Allstate Corp purchased a new stake in shares of Owens Corning in the fourth quarter worth about $425,000. Finally, denkapparat Operations GmbH purchased a new position in Owens Corning during the fourth quarter valued at approximately $220,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

Shares of Owens Corning stock opened at $134.17 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. Owens Corning has a 52-week low of $126.15 and a 52-week high of $214.53. The company has a fifty day moving average of $160.07 and a 200-day moving average of $175.44. The stock has a market capitalization of $11.48 billion, a price-to-earnings ratio of 11.42, a price-to-earnings-growth ratio of 1.88 and a beta of 1.39.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.88 billion. During the same period last year, the firm earned $3.21 earnings per share. The company’s revenue for the quarter was up 23.3% compared to the same quarter last year. Equities research analysts expect that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date is Monday, March 10th. Owens Corning’s dividend payout ratio (DPR) is presently 37.70%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on OC shares. Barclays lowered their target price on shares of Owens Corning from $245.00 to $215.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Benchmark reissued a “hold” rating on shares of Owens Corning in a research note on Monday, March 3rd. StockNews.com lowered Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Citigroup dropped their price target on Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Finally, Loop Capital decreased their price objective on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $202.42.

Insider Transactions at Owens Corning

In other news, insider Monaco Nicolas Del sold 1,750 shares of Owens Corning stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total value of $321,947.50. Following the sale, the insider now directly owns 11,635 shares in the company, valued at approximately $2,140,490.95. This trade represents a 13.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.82% of the company’s stock.

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.