iA Global Asset Management Inc. Sells 70 Shares of Owens Corning (NYSE:OC)

iA Global Asset Management Inc. reduced its stake in Owens Corning (NYSE:OC) by 4.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,615 shares of the construction company’s stock after selling 70 shares during the quarter. iA Global Asset Management Inc.’s holdings in Owens Corning were worth $269,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in OC. Norges Bank bought a new stake in shares of Owens Corning in the 4th quarter worth approximately $118,251,000. Nordea Investment Management AB lifted its position in Owens Corning by 74.4% in the 1st quarter. Nordea Investment Management AB now owns 1,251,653 shares of the construction company’s stock valued at $210,040,000 after acquiring an additional 533,910 shares in the last quarter. Bank of Nova Scotia lifted its position in Owens Corning by 9,571.1% in the 4th quarter. Bank of Nova Scotia now owns 143,616 shares of the construction company’s stock valued at $21,287,000 after acquiring an additional 142,131 shares in the last quarter. Cincinnati Insurance Co. bought a new position in Owens Corning in the 1st quarter valued at approximately $21,684,000. Finally, Hsbc Holdings PLC lifted its position in Owens Corning by 66.0% in the 4th quarter. Hsbc Holdings PLC now owns 213,643 shares of the construction company’s stock valued at $31,692,000 after acquiring an additional 84,958 shares in the last quarter. 88.40% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO Todd W. Fister sold 3,000 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $5,491,854.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Owens Corning 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 transaction of $520,950.00. Following the completion of the transaction, the chief financial officer now owns 31,626 shares of the company’s stock, valued at approximately $5,491,854.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Marcio A. Sandri sold 9,697 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $178.00, for a total transaction of $1,726,066.00. Following the transaction, the insider now directly owns 62,895 shares of the company’s stock, valued at approximately $11,195,310. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,360 shares of company stock valued at $3,437,315. Company insiders own 0.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on OC. Argus upped their price objective on Owens Corning from $175.00 to $182.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Evercore ISI upped their price objective on Owens Corning from $172.00 to $188.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Loop Capital upped their price objective on Owens Corning from $188.00 to $215.00 and gave the company a “buy” rating in a research report on Friday, June 21st. StockNews.com upgraded shares of Owens Corning from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 27th. Finally, Jefferies Financial Group assumed coverage on shares of Owens Corning in a research note on Wednesday, May 22nd. They set a “buy” rating and a $215.00 target price for the company. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $183.92.

Owens Corning Stock Performance

Shares of NYSE:OC traded down $11.51 during midday trading on Friday, hitting $171.31. The company had a trading volume of 478,882 shares, compared to its average volume of 658,579. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.76 and a quick ratio of 1.22. The company has a market cap of $14.85 billion, a price-to-earnings ratio of 13.91, a PEG ratio of 1.65 and a beta of 1.42. Owens Corning has a 12-month low of $109.95 and a 12-month high of $191.13. The company has a fifty day moving average of $176.04 and a two-hundred day moving average of $165.86.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Monday, July 15th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.40%. The ex-dividend date of this dividend is Monday, July 15th. Owens Corning’s dividend payout ratio is currently 19.43%.

About Owens Corning

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.