2,498 Shares in Owens Corning (NYSE:OC) Bought by Allstate Corp

Allstate Corp bought a new stake in Owens Corning (NYSE:OC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,498 shares of the construction company’s stock, valued at approximately $425,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OC. Truist Financial Corp grew its holdings in shares of Owens Corning by 4.0% in the 4th quarter. Truist Financial Corp now owns 16,038 shares of the construction company’s stock valued at $2,732,000 after buying an additional 624 shares during the period. Janus Henderson Group PLC grew its stake in Owens Corning by 3.1% in the third quarter. Janus Henderson Group PLC now owns 6,744 shares of the construction company’s stock valued at $1,189,000 after acquiring an additional 200 shares during the period. Principal Financial Group Inc. raised its position in shares of Owens Corning by 88.9% during the fourth quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company’s stock worth $66,777,000 after purchasing an additional 184,552 shares during the period. Empower Advisory Group LLC lifted its holdings in shares of Owens Corning by 1.0% during the 4th quarter. Empower Advisory Group LLC now owns 512,049 shares of the construction company’s stock valued at $87,212,000 after purchasing an additional 5,167 shares in the last quarter. Finally, Retirement Systems of Alabama grew its position in shares of Owens Corning by 3.1% in the 3rd quarter. Retirement Systems of Alabama now owns 196,672 shares of the construction company’s stock valued at $34,717,000 after purchasing an additional 5,916 shares during the period. Institutional investors own 88.40% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. JPMorgan Chase & Co. dropped their target price on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. UBS Group cut their price objective on shares of Owens Corning from $245.00 to $235.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Loop Capital lowered their target price on Owens Corning from $215.00 to $210.00 and set a “buy” rating for the company in a report on Friday, January 10th. Royal Bank of Canada restated an “outperform” rating and issued a $212.00 price target on shares of Owens Corning in a report on Monday, March 17th. Finally, Benchmark reissued a “hold” rating on shares of Owens Corning in a research report on Monday, March 3rd. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Owens Corning currently has an average rating of “Moderate Buy” and a consensus price target of $202.42.

Owens Corning Stock Performance

Shares of OC stock opened at $147.20 on Thursday. The company has a fifty day moving average price of $162.15 and a two-hundred day moving average price of $175.91. Owens Corning has a one year low of $137.50 and a one year high of $214.53. The stock has a market cap of $12.59 billion, a P/E ratio of 12.53, a P/E/G ratio of 1.88 and a beta of 1.52. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85.

Owens Corning (NYSE:OC) last posted its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, topping analysts’ consensus estimates of $2.87 by $0.35. The business had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.88 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. Owens Corning’s quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter last year, the company posted $3.21 earnings per share. As a group, equities analysts predict that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 10th will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Monday, March 10th. Owens Corning’s dividend payout ratio (DPR) is presently 37.70%.

Insider Buying and Selling at Owens Corning

In other news, insider Monaco Nicolas Del sold 1,750 shares of the firm’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $183.97, for a total transaction of $321,947.50. Following the completion of the sale, the insider now owns 11,635 shares in the company, valued at approximately $2,140,490.95. This trade represents a 13.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.82% 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.