Strs Ohio Trims Stock Holdings in Owens Corning (NYSE:OC)

Strs Ohio lowered its position in shares of Owens Corning (NYSE:OC) by 10.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,376 shares of the construction company’s stock after selling 1,510 shares during the quarter. Strs Ohio’s holdings in Owens Corning were worth $1,982,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. State Street Corp increased its position in Owens Corning by 3.7% during the 3rd quarter. State Street Corp now owns 4,301,672 shares of the construction company’s stock valued at $338,154,000 after buying an additional 155,155 shares in the last quarter. LSV Asset Management increased its holdings in shares of Owens Corning by 0.9% during the third quarter. LSV Asset Management now owns 2,256,436 shares of the construction company’s stock valued at $307,800,000 after acquiring an additional 19,590 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Owens Corning by 24.9% during the first quarter. Bank of America Corp DE now owns 1,556,181 shares of the construction company’s stock valued at $149,082,000 after acquiring an additional 310,487 shares in the last quarter. Invesco Ltd. raised its position in shares of Owens Corning by 156.1% in the 3rd quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock worth $202,932,000 after purchasing an additional 906,782 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Owens Corning by 2.4% in the 1st quarter. Geode Capital Management LLC now owns 1,400,910 shares of the construction company’s stock worth $134,803,000 after purchasing an additional 32,729 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on OC. Truist Financial lifted their target price on shares of Owens Corning from $115.00 to $145.00 and gave the stock a “hold” rating in a report on Thursday, February 15th. UBS Group cut their target price on Owens Corning from $175.00 to $169.00 and set a “buy” rating on the stock in a research note on Thursday, February 15th. Royal Bank of Canada decreased their price target on Owens Corning from $183.00 to $175.00 and set an “outperform” rating for the company in a research note on Thursday, February 15th. Loop Capital increased their price objective on Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. reduced their price objective on Owens Corning from $164.00 to $163.00 and set a “neutral” rating for the company in a report on Tuesday, February 20th. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $162.14.

Insider Buying and Selling at Owens Corning

In other news, CEO Brian Chambers sold 9,100 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $153.57, for a total transaction of $1,397,487.00. Following the sale, the chief executive officer now directly owns 269,696 shares in the company, valued at approximately $41,417,214.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Brian Chambers sold 9,100 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $153.57, for a total value of $1,397,487.00. Following the completion of the transaction, the chief executive officer now owns 269,696 shares of the company’s stock, valued at $41,417,214.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Paula Russell sold 3,765 shares of Owens Corning stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $162.00, for a total value of $609,930.00. Following the sale, the executive vice president now directly owns 20,419 shares in the company, valued at approximately $3,307,878. The disclosure for this sale can be found here. Insiders have sold 21,672 shares of company stock valued at $3,325,799 over the last 90 days. 0.89% of the stock is currently owned by corporate insiders.

Owens Corning Trading Down 0.2 %

Shares of OC stock opened at $160.16 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.69 and a quick ratio of 1.17. The company has a market cap of $13.94 billion, a price-to-earnings ratio of 12.21, a PEG ratio of 0.28 and a beta of 1.47. Owens Corning has a 1 year low of $98.02 and a 1 year high of $173.65. The firm has a fifty day moving average price of $157.70 and a 200-day moving average price of $145.13.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, February 14th. The construction company reported $3.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.39. Owens Corning had a return on equity of 25.88% and a net margin of 12.36%. The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.25 billion. During the same quarter in the previous year, the company posted $2.49 earnings per share. Owens Corning’s revenue for the quarter was up .8% on a year-over-year basis. As a group, equities analysts predict that Owens Corning will post 13.77 earnings per share for the current year.

Owens Corning Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Monday, March 4th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend was Friday, March 1st. Owens Corning’s payout ratio is 18.29%.

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.