California Public Employees Retirement System Has $27.74 Million Holdings in Owens Corning (NYSE:OC)

California Public Employees Retirement System cut its position in Owens Corning (NYSE:OC) by 3.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 187,146 shares of the construction company’s stock after selling 7,696 shares during the quarter. California Public Employees Retirement System owned approximately 0.21% of Owens Corning worth $27,741,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of OC. IFP Advisors Inc grew its stake in Owens Corning by 59.8% in the 3rd quarter. IFP Advisors Inc now owns 390 shares of the construction company’s stock valued at $53,000 after buying an additional 146 shares during the last quarter. DAVENPORT & Co LLC grew its position in Owens Corning by 12.4% in the 3rd quarter. DAVENPORT & Co LLC now owns 3,688 shares of the construction company’s stock worth $503,000 after purchasing an additional 406 shares during the last quarter. UMB Bank n.a. grew its position in Owens Corning by 26.4% in the 3rd quarter. UMB Bank n.a. now owns 469 shares of the construction company’s stock worth $64,000 after purchasing an additional 98 shares during the last quarter. Oak Thistle LLC acquired a new stake in Owens Corning in the 3rd quarter worth $489,000. Finally, Commonwealth Equity Services LLC grew its position in Owens Corning by 36.4% in the 3rd quarter. Commonwealth Equity Services LLC now owns 43,415 shares of the construction company’s stock worth $5,922,000 after purchasing an additional 11,586 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Stock Performance

Shares of OC opened at $168.50 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.17 and a current ratio of 1.76. Owens Corning has a twelve month low of $99.49 and a twelve month high of $173.65. The firm’s 50 day moving average price is $159.88 and its two-hundred day moving average price is $146.41. The firm has a market cap of $14.60 billion, a P/E ratio of 13.64, a PEG ratio of 7.12 and a beta of 1.47.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, April 24th. The construction company reported $3.59 earnings per share for the quarter, beating analysts’ consensus estimates of $3.04 by $0.55. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. The firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same quarter in the previous year, the firm posted $2.77 earnings per share. The business’s revenue was down 1.3% on a year-over-year basis. On average, analysts forecast that Owens Corning will post 14.74 EPS for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Monday, March 4th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date was Friday, March 1st. Owens Corning’s payout ratio is currently 19.43%.

Insider Transactions at Owens Corning

In other news, insider Gunner Smith sold 657 shares of the business’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $153.36, for a total value of $100,757.52. Following the sale, the insider now owns 37,587 shares of the company’s stock, valued at $5,764,342.32. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Owens Corning news, insider Gunner Smith sold 657 shares of the company’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $153.36, for a total value of $100,757.52. Following the transaction, the insider now directly owns 37,587 shares in the company, valued at $5,764,342.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Paula Russell sold 3,765 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were 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 owns 20,419 shares in the company, valued at $3,307,878. The disclosure for this sale can be found here. Insiders have sold a total of 21,672 shares of company stock valued at $3,325,799 over the last 90 days. 0.89% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on OC. Royal Bank of Canada raised their price target on shares of Owens Corning from $175.00 to $192.00 and gave the stock an “outperform” rating in a research report on Thursday. JPMorgan Chase & Co. decreased their price target on shares of Owens Corning from $164.00 to $163.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 20th. Citigroup raised their price target on shares of Owens Corning from $150.00 to $169.00 and gave the stock a “neutral” rating in a research report on Friday, April 5th. Truist Financial raised their price objective 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. Finally, UBS Group raised their price objective on shares of Owens Corning from $169.00 to $192.00 and gave the stock a “buy” rating in a report on Thursday. Eight 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $168.21.

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.