SVB Wealth LLC Buys 1,050 Shares of Owens Corning (NYSE:OC)

SVB Wealth LLC lifted its stake in Owens Corning (NYSE:OC) by 28.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,752 shares of the construction company’s stock after buying an additional 1,050 shares during the period. SVB Wealth LLC’s holdings in Owens Corning were worth $704,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. State Street Corp raised its position in Owens Corning by 3.7% during the third quarter. State Street Corp now owns 4,301,672 shares of the construction company’s stock valued at $338,154,000 after purchasing an additional 155,155 shares in the last quarter. LSV Asset Management raised its position in Owens Corning by 0.9% during the third quarter. LSV Asset Management now owns 2,256,436 shares of the construction company’s stock valued at $307,800,000 after purchasing an additional 19,590 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Owens Corning by 24.9% during the first quarter. Bank of America Corp DE now owns 1,556,181 shares of the construction company’s stock worth $149,082,000 after buying an additional 310,487 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Owens Corning by 156.1% during the third quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock worth $202,932,000 after buying an additional 906,782 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Owens Corning by 2.4% during the first quarter. Geode Capital Management LLC now owns 1,400,910 shares of the construction company’s stock worth $134,803,000 after buying an additional 32,729 shares in 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 $160.16 on Friday. The company has a current ratio of 1.69, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $13.94 billion, a P/E ratio of 12.21, a price-to-earnings-growth ratio of 0.28 and a beta of 1.47. The firm’s fifty day simple moving average is $157.70 and its two-hundred day simple moving average is $145.13. Owens Corning has a 12 month low of $98.02 and a 12 month high of $173.65.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, February 14th. The construction company reported $3.21 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.39. The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Owens Corning had a net margin of 12.36% and a return on equity of 25.88%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.49 earnings per share. As a group, analysts predict that Owens Corning will post 13.77 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Monday, March 4th were given a dividend of $0.60 per share. The ex-dividend date was Friday, March 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.50%. Owens Corning’s dividend payout ratio (DPR) is presently 18.29%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OC. UBS Group lowered their price target on shares of Owens Corning from $175.00 to $169.00 and set a “buy” rating for the company in a report on Thursday, February 15th. Citigroup upped their price target on shares of Owens Corning from $150.00 to $169.00 and gave the stock a “neutral” rating in a report on Friday, April 5th. Loop Capital upped their price target on shares of Owens Corning from $167.00 to $188.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Truist Financial increased their price objective on Owens Corning from $115.00 to $145.00 and gave the company a “hold” rating in a report on Thursday, February 15th. Finally, JPMorgan Chase & Co. decreased their price objective on Owens Corning from $164.00 to $163.00 and set a “neutral” rating for the company in a report on Tuesday, February 20th. Eight analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Owens Corning presently has a consensus rating of “Moderate Buy” and an average target price of $162.14.

Insider Transactions at Owens Corning

In other news, insider Gunner Smith sold 708 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $153.73, for a total transaction of $108,840.84. Following the transaction, the insider now owns 39,994 shares of the company’s stock, valued at approximately $6,148,277.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Paula Russell sold 3,765 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $162.00, for a total value of $609,930.00. Following the sale, the executive vice president now owns 20,419 shares in the company, valued at approximately $3,307,878. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gunner Smith sold 708 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $153.73, for a total transaction of $108,840.84. Following the completion of the sale, the insider now owns 39,994 shares of the company’s stock, valued at approximately $6,148,277.62. The disclosure for this sale can be found here. Insiders have sold 21,672 shares of company stock valued at $3,325,799 in the last 90 days. 0.89% of the stock is currently owned by corporate insiders.

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.