PNC Financial Services Group Inc. Decreases Stake in Owens Corning (NYSE:OC)

PNC Financial Services Group Inc. lessened its holdings in Owens Corning (NYSE:OC) by 1.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 5,861 shares of the construction company’s stock after selling 73 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Owens Corning were worth $1,035,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Quadrature Capital Ltd purchased a new stake in shares of Owens Corning during the 1st quarter worth approximately $416,000. Price T Rowe Associates Inc. MD increased its position in Owens Corning by 14.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 74,470 shares of the construction company’s stock worth $12,422,000 after buying an additional 9,584 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Owens Corning by 371.5% in the first quarter. Janus Henderson Group PLC now owns 35,355 shares of the construction company’s stock valued at $5,897,000 after buying an additional 27,856 shares during the period. B. Riley Wealth Advisors Inc. purchased a new position in shares of Owens Corning during the 1st quarter valued at $305,000. Finally, Tidal Investments LLC grew its stake in shares of Owens Corning by 76.1% during the 1st quarter. Tidal Investments LLC now owns 12,044 shares of the construction company’s stock worth $2,009,000 after acquiring an additional 5,205 shares during the period. 88.40% of the stock is owned by institutional investors.

Owens Corning Stock Performance

NYSE:OC opened at $205.10 on Thursday. The stock has a market cap of $17.59 billion, a P/E ratio of 17.46, a PEG ratio of 2.36 and a beta of 1.41. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. The business’s 50-day moving average price is $184.37 and its two-hundred day moving average price is $175.86. Owens Corning has a twelve month low of $131.67 and a twelve month high of $214.53.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating analysts’ consensus estimates of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $3.04 billion. During the same period last year, the firm posted $4.15 earnings per share. Owens Corning’s quarterly revenue was up 22.9% on a year-over-year basis. As a group, equities analysts predict that Owens Corning will post 15.46 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 4th. Stockholders of record on Friday, October 18th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date was Friday, October 18th. Owens Corning’s dividend payout ratio is currently 20.43%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. The Goldman Sachs Group upped their price objective on shares of Owens Corning from $178.00 to $198.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Benchmark restated a “hold” rating on shares of Owens Corning in a research note on Wednesday, August 7th. StockNews.com upgraded shares of Owens Corning from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Wells Fargo & Company increased their target price on Owens Corning from $175.00 to $195.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 7th. Finally, Evercore ISI lifted their price target on Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $192.62.

Insider Buying and Selling

In other Owens Corning news, insider Marcio A. Sandri sold 3,050 shares of Owens Corning stock in a transaction that occurred 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 transaction, the insider now directly owns 60,130 shares of the company’s stock, valued at approximately $10,222,100. This trade represents a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.90% of the stock is owned by company insiders.

Owens Corning 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.