Soltis Investment Advisors LLC Reduces Stock Position in Owens Corning (NYSE:OC)

Soltis Investment Advisors LLC decreased its stake in shares of Owens Corning (NYSE:OC) by 18.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,391 shares of the construction company’s stock after selling 309 shares during the quarter. Soltis Investment Advisors LLC’s holdings in Owens Corning were worth $237,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OC. JPMorgan Chase & Co. increased its holdings in shares of Owens Corning by 113.9% during the 3rd 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 during the last quarter. Pacer Advisors Inc. grew its position in Owens Corning by 16.4% in the third quarter. Pacer Advisors Inc. now owns 1,854,100 shares of the construction company’s stock worth $327,286,000 after acquiring an additional 261,564 shares during the period. Goldentree Asset Management LP acquired a new stake in Owens Corning during the third quarter worth $43,559,000. Nordea Investment Management AB raised its position in Owens Corning by 12.5% in the fourth 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 during the period. Finally, Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Owens Corning by 31.6% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 824,013 shares of the construction company’s stock valued at $145,455,000 after purchasing an additional 197,667 shares during the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Trading Down 1.1 %

NYSE:OC opened at $178.20 on Wednesday. Owens Corning has a 12-month low of $138.70 and a 12-month high of $214.53. The firm has a market cap of $15.29 billion, a PE ratio of 15.17, a price-to-earnings-growth ratio of 2.01 and a beta of 1.46. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. The stock has a fifty day moving average price of $181.09 and a 200 day moving average price of $178.79.

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 $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend is Monday, March 10th. Owens Corning’s payout ratio is presently 23.49%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on OC. Citigroup cut their price objective 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. Loop Capital dropped their price target on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Royal Bank of Canada upped their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Barclays upgraded shares of Owens Corning from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $192.00 to $245.00 in a report on Wednesday, December 11th. Finally, The Goldman Sachs Group upped their price target on Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Owens Corning currently has a consensus rating of “Moderate Buy” and an average target price of $201.75.

Insider Transactions at Owens Corning

In related news, insider Gunner Smith sold 17,450 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $191.19, for a total value of $3,336,265.50. Following the completion of the transaction, the insider now directly owns 18,866 shares of the company’s stock, valued at $3,606,990.54. This represents a 48.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Monaco Nicolas Del sold 1,750 shares of the firm’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction 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. The trade was a 13.07 % 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 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.