Malaga Cove Capital LLC Sells 400 Shares of Owens Corning (NYSE:OC)

Malaga Cove Capital LLC trimmed its holdings in shares of Owens Corning (NYSE:OC) by 5.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,687 shares of the construction company’s stock after selling 400 shares during the quarter. Malaga Cove Capital LLC’s holdings in Owens Corning were worth $1,180,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Point72 Asset Management L.P. lifted its position in shares of Owens Corning by 168.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 741,262 shares of the construction company’s stock valued at $128,772,000 after acquiring an additional 464,981 shares during the period. Pacer Advisors Inc. grew its stake 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 worth $276,655,000 after buying an additional 446,073 shares in the last quarter. Panagora Asset Management Inc. increased its holdings in Owens Corning by 2,813.6% in the 2nd quarter. Panagora Asset Management Inc. now owns 378,856 shares of the construction company’s stock valued at $65,815,000 after buying an additional 365,853 shares during the period. Swedbank AB acquired a new position in shares of Owens Corning in the 1st quarter valued at approximately $60,424,000. Finally, Kimelman & Baird LLC bought a new stake in shares of Owens Corning during the 2nd quarter worth approximately $35,970,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Insider Transactions at Owens Corning

In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total transaction of $518,500.00. Following the sale, the insider now owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Owens Corning news, insider Marcio A. Sandri sold 3,051 shares of Owens Corning stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the sale, the insider now directly owns 57,079 shares in the company, valued at approximately $10,074,443.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $170.00, for a total transaction of $518,500.00. Following the completion of the sale, the insider now owns 60,130 shares of the company’s stock, valued at $10,222,100. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company’s stock.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $184.73 on Thursday. The stock has a market cap of $16.06 billion, a price-to-earnings ratio of 15.64, a P/E/G ratio of 2.20 and a beta of 1.41. Owens Corning has a twelve month low of $120.17 and a twelve month high of $191.44. The company’s fifty day moving average is $174.98 and its 200 day moving average is $173.36. The company has a quick ratio of 0.79, a current ratio of 1.37 and a debt-to-equity ratio of 0.91.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share for the quarter, beating the consensus estimate of $4.37 by $0.27. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.92 billion. Owens Corning had a return on equity of 26.33% and a net margin of 10.66%. The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.22 earnings per share. Sell-side analysts forecast that Owens Corning will post 15.34 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 4th. Shareholders of record on Friday, October 18th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, October 18th. This represents a $2.40 annualized dividend and a yield of 1.30%. Owens Corning’s payout ratio is 20.32%.

Wall Street Analysts Forecast Growth

OC has been the topic of a number of recent analyst reports. Barclays decreased their price objective on shares of Owens Corning from $190.00 to $189.00 and set an “equal weight” rating on the stock in a research note on Friday, July 12th. Citigroup raised Owens Corning from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $178.00 to $191.00 in a report on Thursday, July 11th. Evercore ISI raised their price objective on Owens Corning from $175.00 to $189.00 and gave the company an “in-line” rating in a research note on Wednesday, October 16th. Royal Bank of Canada boosted their target price on Owens Corning from $211.00 to $213.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company increased their target price on shares of Owens Corning from $165.00 to $175.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Owens Corning has an average rating of “Hold” and a consensus target price of $187.77.

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.