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

Public Employees Retirement System of Ohio purchased a new stake in shares of Owens Corning Inc (NYSE:OC) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 27,157 shares of the construction company’s stock, valued at approximately $4,317,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. BNP Paribas Financial Markets lifted its holdings in shares of Owens Corning by 178.2% during the fourth quarter. BNP Paribas Financial Markets now owns 186,652 shares of the construction company’s stock worth $20,888,000 after buying an additional 119,566 shares during the last quarter. Louisiana State Employees Retirement System bought a new position in shares of Owens Corning during the 1st quarter worth about $2,576,000. Tiptree Advisors LLC acquired a new position in shares of Owens Corning during the second quarter valued at about $11,445,000. Raiffeisen Bank International AG increased its stake in Owens Corning by 12.4% during the fourth quarter. Raiffeisen Bank International AG now owns 353,302 shares of the construction company’s stock valued at $39,976,000 after acquiring an additional 38,885 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Owens Corning by 460.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock worth $146,940,000 after acquiring an additional 1,078,877 shares during the period. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on OC. Royal Bank Of Canada upped their target price on shares of Owens Corning from $148.00 to $172.00 and gave the company an “outperform” rating in a research note on Friday, July 10th. Truist Financial set a $198.00 price target on Owens Corning in a research note on Thursday, August 6th. Deutsche Bank Aktiengesellschaft upped their price target on Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Wells Fargo & Company lifted their price objective on Owens Corning from $150.00 to $165.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. Finally, Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $165.31.

Insider Transactions at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 900 shares of Owens Corning stock in a transaction on Friday, August 28th. The stock was 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 of the company’s stock, valued at approximately $3,090,157.43. This trade represents a 4.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.92% of the company’s stock.

Owens Corning Trading Up 0.2%

Shares of OC opened at $134.53 on Friday. The stock has a fifty day moving average price of $145.60 and a two-hundred day moving average price of $127.75. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16. The company has a market cap of $10.63 billion, a price-to-earnings ratio of -16.69, a PEG ratio of 2.02 and a beta of 1.32. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.91.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same period last year, the company posted $4.21 earnings per share. The firm’s quarterly revenue was up .3% compared to the same quarter last year. Analysts predict that Owens Corning Inc will post 9.9 EPS for the current fiscal year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Investors of record on Monday, July 20th were given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.3%. The ex-dividend date was Monday, July 20th. Owens Corning’s payout ratio is -39.21%.

About Owens Corning

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.