DekaBank Deutsche Girozentrale Reduces Holdings in Owens Corning (NYSE:OC)

DekaBank Deutsche Girozentrale lessened its position in shares of Owens Corning (NYSE:OC) by 30.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 173,523 shares of the construction company’s stock after selling 74,571 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Owens Corning were worth $9,913,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of OC. Penserra Capital Management LLC bought a new stake in shares of Owens Corning during the 1st quarter valued at $26,000. First Mercantile Trust Co. bought a new stake in shares of Owens Corning during the 1st quarter valued at $33,000. Bremer Bank National Association bought a new stake in shares of Owens Corning during the 1st quarter valued at $58,000. Meeder Asset Management Inc. bought a new stake in shares of Owens Corning during the 1st quarter valued at $89,000. Finally, NEXT Financial Group Inc raised its stake in shares of Owens Corning by 105.1% during the 2nd quarter. NEXT Financial Group Inc now owns 1,641 shares of the construction company’s stock valued at $96,000 after purchasing an additional 841 shares during the period. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

OC has been the topic of a number of research analyst reports. SunTrust Banks upped their target price on Owens Corning to $58.00 and gave the stock a “hold” rating in a research note on Thursday, July 25th. Stifel Nicolaus lowered Owens Corning from a “buy” rating to a “hold” rating and set a $52.45 target price on the stock. in a research note on Wednesday, April 24th. Barclays restated a “buy” rating and issued a $65.00 target price on shares of Owens Corning in a research note on Monday, July 1st. Royal Bank of Canada upped their target price on Owens Corning to $65.00 and gave the stock an “outperform” rating in a research note on Monday, July 8th. Finally, Nomura restated a “neutral” rating and issued a $48.00 target price (down from $70.00) on shares of Owens Corning in a research note on Thursday, May 16th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $58.29.

In related news, Director W Howard Morris sold 2,773 shares of the stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $54.69, for a total transaction of $151,655.37. Following the completion of the sale, the director now directly owns 37,090 shares in the company, valued at approximately $2,028,452.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Kelly Schmidt sold 2,438 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $53.03, for a total value of $129,287.14. The disclosure for this sale can be found here. Insiders sold a total of 37,211 shares of company stock valued at $1,935,323 over the last quarter. Company insiders own 1.70% of the company’s stock.

Shares of OC traded up $1.61 during midday trading on Friday, reaching $55.38. The stock had a trading volume of 1,287,900 shares, compared to its average volume of 1,418,178. The company’s 50-day moving average is $56.27 and its 200 day moving average is $51.96. Owens Corning has a 12-month low of $40.64 and a 12-month high of $61.53. The company has a current ratio of 1.69, a quick ratio of 0.89 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $5.83 billion, a price-to-earnings ratio of 11.21, a price-to-earnings-growth ratio of 1.40 and a beta of 1.27.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, July 24th. The construction company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.18. Owens Corning had a return on equity of 12.18% and a net margin of 7.21%. The firm had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same period in the prior year, the business earned $1.17 EPS. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. Research analysts forecast that Owens Corning will post 4.68 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Tuesday, July 16th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend was Monday, July 15th. Owens Corning’s payout ratio is currently 17.81%.

Owens Corning Profile

Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composites; and residential, commercial, and industrial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber products in the form of fabrics, non-wovens, and other specialized products.

Recommended Story: What Factors Can Affect Return on Equity?

Want to see what other hedge funds are holding OC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Owens Corning (NYSE:OC).

Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

Receive News & Ratings for Owens Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning and related companies with MarketBeat.com's FREE daily email newsletter.