State Board of Administration of Florida Retirement System Sells 9,123 Shares of Owens Corning (NYSE:OC)

State Board of Administration of Florida Retirement System reduced its position in Owens Corning (NYSE:OC) by 7.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 112,356 shares of the construction company’s stock after selling 9,123 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Owens Corning were worth $10,764,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Householder Group Estate & Retirement Specialist LLC purchased a new position in Owens Corning during the 1st quarter worth $27,000. Belpointe Asset Management LLC purchased a new position in Owens Corning during the 4th quarter worth $33,000. Allworth Financial LP boosted its holdings in Owens Corning by 87.8% during the 1st quarter. Allworth Financial LP now owns 353 shares of the construction company’s stock worth $34,000 after acquiring an additional 165 shares during the last quarter. Power Corp of Canada purchased a new position in Owens Corning during the 1st quarter worth $34,000. Finally, Compass Wealth Management LLC purchased a new position in Owens Corning during the 4th quarter worth $34,000. 90.22% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Todd W. Fister sold 5,375 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $136.23, for a total transaction of $732,236.25. Following the completion of the transaction, the insider now owns 26,067 shares of the company’s stock, valued at $3,551,107.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director W Howard Morris sold 1,033 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $141.63, for a total transaction of $146,303.79. Following the completion of the transaction, the director now owns 40,889 shares of the company’s stock, valued at $5,791,109.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd W. Fister sold 5,375 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $136.23, for a total value of $732,236.25. Following the transaction, the insider now directly owns 26,067 shares of the company’s stock, valued at approximately $3,551,107.41. The disclosure for this sale can be found here. Company insiders own 0.89% of the company’s stock.

Owens Corning Trading Down 2.0 %

Shares of Owens Corning stock opened at $136.79 on Monday. Owens Corning has a 52-week low of $74.22 and a 52-week high of $147.00. The stock’s 50-day simple moving average is $138.57 and its 200 day simple moving average is $118.04. The stock has a market capitalization of $12.29 billion, a P/E ratio of 9.69, a P/E/G ratio of 1.31 and a beta of 1.49. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.37 and a current ratio of 2.07.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, July 26th. The construction company reported $4.22 earnings per share for the quarter, beating the consensus estimate of $3.25 by $0.97. Owens Corning had a return on equity of 25.59% and a net margin of 13.62%. The firm had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the prior year, the business posted $3.83 earnings per share. The company’s revenue was down 1.5% on a year-over-year basis. As a group, research analysts anticipate that Owens Corning will post 13.6 EPS for the current year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 3rd. Stockholders of record on Monday, October 16th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Friday, October 13th. Owens Corning’s dividend payout ratio is presently 14.74%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on OC shares. JPMorgan Chase & Co. raised shares of Owens Corning from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $95.00 to $133.00 in a report on Friday, July 28th. Loop Capital boosted their price target on shares of Owens Corning from $138.00 to $157.00 in a report on Thursday, July 27th. Barclays boosted their price target on shares of Owens Corning from $161.00 to $185.00 and gave the stock an “overweight” rating in a report on Thursday, July 27th. Citigroup boosted their price target on shares of Owens Corning from $132.00 to $134.00 and gave the stock a “neutral” rating in a report on Monday, July 24th. Finally, StockNews.com downgraded shares of Owens Corning from a “strong-buy” rating to a “buy” rating in a report on Monday, August 28th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $141.57.

Owens Corning Company Profile

Owens Corning engages in manufacture and sale of insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, Latin America, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.