SVB Wealth LLC Boosts Holdings in Owens Corning (NYSE:OC)

SVB Wealth LLC lifted its stake in Owens Corning (NYSE:OC) by 28.4% in the 4th quarter, HoldingsChannel reports. The firm owned 4,752 shares of the construction company’s stock after buying an additional 1,050 shares during the quarter. SVB Wealth LLC’s holdings in Owens Corning were worth $704,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of OC. State Street Corp lifted 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 acquiring an additional 155,155 shares during the period. LSV Asset Management lifted its position in Owens Corning by 0.9% during the 3rd 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 during the period. Bank of America Corp DE lifted its position in Owens Corning by 24.9% during the 1st 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 during the period. Invesco Ltd. lifted its position in Owens Corning by 156.1% during the 3rd quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock valued at $202,932,000 after acquiring an additional 906,782 shares during the period. Finally, Geode Capital Management LLC lifted its position in Owens Corning by 2.4% during the 1st quarter. Geode Capital Management LLC now owns 1,400,910 shares of the construction company’s stock valued at $134,803,000 after acquiring an additional 32,729 shares during the period. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

Shares of OC stock opened at $160.16 on Friday. The company has a 50 day moving average price of $157.70 and a 200-day moving average price of $145.13. Owens Corning has a 52 week low of $98.02 and a 52 week high of $173.65. The firm has a market capitalization of $13.94 billion, a PE ratio of 12.21, a P/E/G ratio of 0.28 and a beta of 1.47. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.50.

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

Owens Corning Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Barclays cut shares of Owens Corning from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $170.00 to $160.00 in a research report on Monday, February 12th. Loop Capital lifted their price target on shares of Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a research report on Monday, April 1st. Royal Bank of Canada lowered their price target on shares of Owens Corning from $183.00 to $175.00 and set an “outperform” rating for the company in a research report on Thursday, February 15th. Evercore ISI lowered shares of Owens Corning from an “outperform” rating to an “in-line” rating and reduced their price objective for the company from $163.00 to $154.00 in a research note on Thursday, February 15th. Finally, UBS Group reduced their price objective on shares of Owens Corning from $175.00 to $169.00 and set a “buy” rating for the company in a research note on Thursday, February 15th. Eight equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $162.14.

Insider Buying and Selling

In related news, insider Gunner Smith sold 708 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $153.73, for a total value of $108,840.84. Following the transaction, the insider now owns 39,994 shares of the company’s stock, valued at $6,148,277.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Gunner Smith sold 708 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $153.73, for a total value of $108,840.84. Following the transaction, the insider now owns 39,994 shares of the company’s stock, valued at $6,148,277.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Paula Russell sold 3,765 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the transaction, 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. Over the last quarter, insiders have sold 21,672 shares of company stock valued at $3,325,799. 0.89% of the stock is owned by insiders.

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.