California Public Employees Retirement System Cuts Stake in Owens Corning (NYSE:OC)

California Public Employees Retirement System reduced its stake in Owens Corning (NYSE:OC) by 3.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 187,146 shares of the construction company’s stock after selling 7,696 shares during the period. California Public Employees Retirement System’s holdings in Owens Corning were worth $27,741,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Lecap Asset Management Ltd. purchased a new position in shares of Owens Corning in the 4th quarter worth about $1,791,000. Voss Capital LLC purchased a new stake in Owens Corning during the fourth quarter valued at about $5,929,000. Louisiana State Employees Retirement System purchased a new stake in Owens Corning during the fourth quarter valued at about $3,706,000. Federated Hermes Inc. lifted its holdings in Owens Corning by 11.6% during the fourth quarter. Federated Hermes Inc. now owns 530,802 shares of the construction company’s stock valued at $78,681,000 after purchasing an additional 55,263 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in Owens Corning by 97.3% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 22,798 shares of the construction company’s stock valued at $3,110,000 after purchasing an additional 11,241 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Argus upped their price objective on shares of Owens Corning from $175.00 to $182.00 and gave the company a “buy” rating in a report on Thursday. JPMorgan Chase & Co. dropped their price objective on shares of Owens Corning from $164.00 to $163.00 and set a “neutral” rating on the stock in a report on Tuesday, February 20th. Royal Bank of Canada upped their price objective on shares of Owens Corning from $175.00 to $192.00 and gave the company an “outperform” rating in a report on Thursday. Citigroup upped their price objective on shares of Owens Corning from $150.00 to $169.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Finally, Evercore ISI upped their price target on Owens Corning from $154.00 to $172.00 and gave the company an “in-line” rating in a research report on Thursday. Eight research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and a consensus price target of $168.21.

Insider Buying and Selling

In related news, insider Gunner Smith sold 708 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $153.73, for a total value of $108,840.84. Following the transaction, the insider now directly owns 39,994 shares in the company, valued at $6,148,277.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Owens Corning news, EVP Paula Russell sold 3,765 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 20,419 shares in the company, valued at $3,307,878. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gunner Smith sold 708 shares of the stock in a transaction that occurred on 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 in the company, valued at $6,148,277.62. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,672 shares of company stock worth $3,325,799. Insiders own 0.89% of the company’s stock.

Owens Corning Stock Up 2.1 %

OC stock opened at $168.50 on Friday. The company has a current ratio of 1.76, a quick ratio of 1.17 and a debt-to-equity ratio of 0.50. The company’s 50 day moving average is $159.88 and its 200 day moving average is $146.41. The stock has a market cap of $14.60 billion, a price-to-earnings ratio of 13.64, a price-to-earnings-growth ratio of 7.12 and a beta of 1.47. Owens Corning has a 1-year low of $99.49 and a 1-year high of $173.65.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, April 24th. The construction company reported $3.59 earnings per share for the quarter, topping the consensus estimate of $3.04 by $0.55. The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.28 billion. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. Owens Corning’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.77 earnings per share. Sell-side analysts predict that Owens Corning will post 14.74 EPS for the current fiscal year.

Owens Corning Dividend Announcement

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

Owens Corning Profile

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.