Sterling Capital Management LLC boosted its holdings in shares of Owens Corning Inc (NYSE:OC – Free Report) by 284.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,213 shares of the construction company’s stock after buying an additional 6,816 shares during the quarter. Sterling Capital Management LLC’s holdings in Owens Corning were worth $1,076,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. First Pacific Financial boosted its stake in Owens Corning by 2.3% in the first quarter. First Pacific Financial now owns 3,749 shares of the construction company’s stock valued at $406,000 after acquiring an additional 85 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its stake in Owens Corning by 2.9% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,170 shares of the construction company’s stock valued at $343,000 after acquiring an additional 90 shares during the period. Basecamp Wealth Advisors LLC lifted its position in Owens Corning by 3.0% during the first quarter. Basecamp Wealth Advisors LLC now owns 3,317 shares of the construction company’s stock valued at $359,000 after purchasing an additional 97 shares during the period. HM Payson & Co. lifted its position in Owens Corning by 203.6% during the second quarter. HM Payson & Co. now owns 167 shares of the construction company’s stock valued at $27,000 after purchasing an additional 112 shares during the period. Finally, V Square Quantitative Management LLC boosted its holdings in Owens Corning by 26.9% in the third quarter. V Square Quantitative Management LLC now owns 556 shares of the construction company’s stock valued at $65,000 after purchasing an additional 118 shares during the last quarter. 88.40% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other news, insider Rachel Barthelemy Marcon sold 900 shares of the stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $144.07, for a total value of $129,663.00. Following the completion of the sale, the insider directly owned 21,449 shares in the company, valued at $3,090,157.43. This represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.92% of the stock is owned by insiders.
Wall Street Analyst Weigh In
Several brokerages have weighed in on OC. Truist Financial cut their price target on Owens Corning from $140.00 to $115.00 and set a “hold” rating on the stock in a research report on Thursday, October 8th. Weiss Ratings reissued a “sell (d+)” rating on shares of Owens Corning in a report on Monday, September 21st. Melius Research started coverage on Owens Corning in a report on Tuesday, October 6th. They issued a “sell” rating and a $118.00 price objective for the company. Wall Street Zen downgraded Owens Corning from a “buy” rating to a “hold” rating in a research note on Saturday, October 10th. Finally, Evercore set a $185.00 target price on Owens Corning in a report on Thursday, October 1st. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $141.57.
View Our Latest Analysis on Owens Corning
Owens Corning Price Performance
NYSE:OC opened at $114.31 on Tuesday. The stock has a 50 day moving average of $126.84 and a two-hundred day moving average of $126.13. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The firm has a market cap of $9.04 billion, a P/E ratio of -14.18, a price-to-earnings-growth ratio of 2.64 and a beta of 1.32. The company has a current ratio of 1.16, a quick ratio of 0.67 and a debt-to-equity ratio of 1.10.
Owens Corning (NYSE:OC – Get Free Report) last released its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%. The business had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter last year, the business posted $4.21 earnings per share. The business’s quarterly revenue was up .3% compared to the same quarter last year. On average, analysts expect that Owens Corning Inc will post 9.59 earnings per share for the current fiscal year.
Owens Corning Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Monday, October 19th will be issued a dividend of $0.79 per share. The ex-dividend date of this dividend is Monday, October 19th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.8%. Owens Corning’s dividend payout ratio is presently -39.21%.
About Owens Corning
Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its offerings are designed to improve energy efficiency, weather protection, durability and comfort in buildings.
The company’s primary businesses include roofing, insulation and doors. Its products include asphalt roofing shingles and components, fiberglass and mineral wool insulation, and residential and commercial door systems.
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