Public Employees Retirement System of Ohio Reduces Stock Position in Owens Corning Inc $OC

Public Employees Retirement System of Ohio trimmed its holdings in Owens Corning Inc (NYSE:OC) by 59.0% during the first quarter, HoldingsChannel.com reports. The firm owned 26,750 shares of the construction company’s stock after selling 38,524 shares during the period. Public Employees Retirement System of Ohio’s holdings in Owens Corning were worth $2,895,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Itau Unibanco Holding S.A. acquired a new stake in shares of Owens Corning during the fourth quarter worth approximately $29,000. Cassaday & Co Wealth Management LLC acquired a new stake in Owens Corning in the first quarter valued at $30,000. Harbour Investments Inc. raised its holdings in Owens Corning by 66.5% in the fourth quarter. Harbour Investments Inc. now owns 323 shares of the construction company’s stock valued at $36,000 after acquiring an additional 129 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in Owens Corning during the 4th quarter valued at $37,000. Finally, Measured Wealth Private Client Group LLC bought a new position in Owens Corning during the 3rd quarter valued at $42,000. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on OC. Zacks Research raised shares of Owens Corning from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Truist Financial lifted their price target on Owens Corning from $120.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, May 7th. The Goldman Sachs Group boosted their price objective on Owens Corning from $141.00 to $159.00 and gave the company a “neutral” rating in a report on Friday, July 10th. Royal Bank Of Canada upped their price objective on Owens Corning from $148.00 to $172.00 and gave the company an “outperform” rating in a research note on Friday, July 10th. Finally, Wells Fargo & Company lifted their target price on Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $157.92.

Owens Corning Stock Performance

Shares of OC stock opened at $139.13 on Friday. The firm has a market capitalization of $11.20 billion, a price-to-earnings ratio of -21.05, a price-to-earnings-growth ratio of 2.69 and a beta of 1.30. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.24 and a quick ratio of 0.74. Owens Corning Inc has a 12-month low of $97.53 and a 12-month high of $159.91. The business has a 50 day simple moving average of $133.95 and a 200 day simple moving average of $124.23.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, May 6th. The construction company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.21. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. The business had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter in the prior year, the company posted $2.97 earnings per share. The company’s quarterly revenue was down 10.5% compared to the same quarter last year. On average, equities research analysts anticipate that Owens Corning Inc will post 9.55 EPS for the current year.

Owens Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 6th. Shareholders of record on Monday, July 20th will be paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Monday, July 20th. Owens Corning’s dividend payout ratio (DPR) is presently -47.81%.

Insider Buying and Selling at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 700 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the transaction, the insider owned 15,848 shares of the company’s stock, valued at $1,913,012.08. This trade represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of Owens Corning stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $120.92, for a total value of $232,891.92. Following the transaction, the vice president directly owned 3,093 shares in the company, valued at approximately $374,005.56. The trade was a 38.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.92% of the stock is currently owned by company insiders.

Owens Corning Company Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.