Summit Investment Advisors Inc. Lowers Stock Holdings in Owens Corning (NYSE:OC)

Summit Investment Advisors Inc. lowered its position in shares of Owens Corning (NYSE:OC) by 2.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 24,082 shares of the construction company’s stock after selling 656 shares during the period. Summit Investment Advisors Inc.’s holdings in Owens Corning were worth $4,102,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Nordea Investment Management AB grew its position in shares of Owens Corning by 12.5% during the 4th quarter. Nordea Investment Management AB now owns 2,148,610 shares of the construction company’s stock valued at $366,166,000 after purchasing an additional 238,694 shares in the last quarter. Norges Bank bought a new stake in Owens Corning during the fourth quarter valued at $208,519,000. JPMorgan Chase & Co. grew its position in Owens Corning by 113.9% during the third quarter. JPMorgan Chase & Co. now owns 797,743 shares of the construction company’s stock worth $140,818,000 after buying an additional 424,786 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Owens Corning by 2.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 640,506 shares of the construction company’s stock worth $109,091,000 after acquiring an additional 16,958 shares during the last quarter. Finally, AustralianSuper Pty Ltd raised its holdings in shares of Owens Corning by 1.8% in the 4th quarter. AustralianSuper Pty Ltd now owns 593,831 shares of the construction company’s stock valued at $101,141,000 after acquiring an additional 10,448 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Insiders Place Their Bets

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

Owens Corning Stock Performance

Shares of OC stock opened at $138.84 on Monday. 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 fifty-two week low of $123.41 and a fifty-two week high of $214.53. The company has a market capitalization of $11.88 billion, a P/E ratio of 11.82, a PEG ratio of 1.88 and a beta of 1.39. The stock has a 50 day moving average price of $152.71 and a two-hundred day moving average price of $173.48.

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

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 10th. Shareholders of record on Monday, March 10th were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend was Monday, March 10th. Owens Corning’s payout ratio is 37.70%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on OC shares. JPMorgan Chase & Co. cut their price objective on Owens Corning from $200.00 to $176.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. Barclays cut their price target on shares of Owens Corning from $215.00 to $179.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. StockNews.com cut shares of Owens Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a research report on Monday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft began coverage on Owens Corning in a research report on Tuesday, April 1st. They set a “buy” rating and a $183.00 price target on the stock. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Owens Corning has a consensus rating of “Moderate Buy” and an average target price of $199.42.

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.