Ballentine Partners LLC Cuts Stakes in Owens Corning (NYSE:OC)

VaselineSeptember 10, 2024

0 4 minutes read

Ballentine Partners LLC lowered its position in shares of Owens Corning (NYSE:OC – Free Report) by 2.8% during the second quarter, HoldingsChannel reports. The firm owned 5,844 shares of the construction company’s stock after selling 170 shares during the period. Ballentine Partners LLC’s holdings in Owens Corning were worth $1,015,000 as of its most recent SEC filing.

A number of other hedge funds have recently modified their positions in OC. Norges Bank bought a new stake in shares of Owens Corning in the fourth quarter valued at $118,251,000. Nordea Investment Management AB boosted 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 worth $210,040,000 after buying an additional 533,910 shares in the last quarter. Panagora Asset Management Inc. raised its stake in shares of 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 worth $65,815,000 after purchasing an additional 365,853 shares in the last quarter. Swedbank AB bought a new stake in shares of Owens Corning in the first quarter worth $60,424,000. Finally, Guinness Asset Management LTD bought a new stake in shares of Owens Corning in the second quarter valued at $30,708,000. Hedge funds and other institutional investors own 88.40% of the company’s shares.

Insider activity at Owens Corning

In related news, CFO Todd W. Fister sold 3,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $173.65, for a total value of $520,950.00. Following the completion of the transaction, the chief financial officer now owns 31,626 shares in the company, valued at approximately $5,491,854.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible via this link. In other Owens Corning news, VP Mari Doerfler sold 240 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $182.05, for a total value of $43,692.00. Following the completion of the sale, the vice president now directly owns 4,954 shares of the company’s stock, valued at approximately $901,875.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Also, CFO Todd W. Fister sold 3,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $173.65, for a total transaction of $520,950.00. Following the completion of the sale, the chief financial officer now directly owns 31,626 shares of the company’s stock, valued at $5,491,854.90. The disclosure for this sale can be found here. Insiders have sold 6,240 shares of company stock worth $1,107,192 over the last 90 days. Corporate insiders own 0.89% of the company’s shares.

Owens Corning Stock Performance

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Shares of OC stock opened at $156.73 on Tuesday. The company has a 50-day simple moving average of $167.93 and a 200-day simple moving average of $168.53. The company has a market cap of $13.63 billion, a P/E ratio of 12.69, a PEG ratio of 3.12 and a beta of 1.41. 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 has a fifty-two week low of $109.95 and a fifty-two week high of $191.13.

Owens Corning (NYSE:OC – Get Your Free Report ) last announced its earnings results on Tuesday, August 6th. The construction company reported $4.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.37 by $0.27. The firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.92 billion. Owens Corning had a net margin of 10.66% and a return on equity of 26.33%. Owens Corning’s revenue was up 8.8% compared to the same quarter last year. In the same quarter last year, the firm posted EPS of $4.22. sell-side analysts predict that Owens Corning will post 15.38 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 15th were given a $0.60 dividend. The ex-dividend date was Monday, July 15. This represents a dividend of $2.40 on an annualized basis and a yield of 1.53%. Owens Corning’s dividend payout ratio is currently 19.43%.

Analysts on Wall Street are forecasting an increase

A number of analysts have recently issued reports on OC shares. Benchmark restated a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. UBS Group lifted their price objective on shares of Owens Corning from $192.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Citigroup raised shares of Owens Corning from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $178.00 to $191.00 in a report on Thursday, July 11th. StockNews.com raised shares of Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Goldman Sachs Group restated a “neutral” rating and issued a $187.00 price objective on shares of Owens Corning in a report on Monday, June 17th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Owens Corning has a consensus rating of “Moderate Buy” and a consensus price target of $184.23, according to MarketBeat.com .

See Owens Corning’s latest stock report

Owens Corning Company Profile

(Free Report)

Owens Corning manufactures and sells building and construction materials in the United States, Europe, Asia Pacific and internationally. It operates in three segments: Roofing, Insulation and Composites. The Roofing segment manufactures and sells laminated shingles and asphalt roofing tape, oxidized asphalt materials and roofing components used in residential and commercial construction and specialty applications.