Owens Corning (NYSE:OC) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. lowered its holdings in shares of Owens Corning (NYSE:OC) by 4.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 302,260 shares of the construction company’s stock after selling 13,334 shares during the period. Russell Investments Group Ltd. owned approximately 0.34% of Owens Corning worth $44,807,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Invesco Ltd. increased its position in shares of Owens Corning by 156.1% during the 3rd quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock valued at $202,932,000 after purchasing an additional 906,782 shares during the period. Pacer Advisors Inc. raised its position in Owens Corning by 6,116.6% in the fourth quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company’s stock worth $123,415,000 after acquiring an additional 819,201 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Owens Corning by 1,602.4% during the third quarter. Federated Hermes Inc. now owns 475,539 shares of the construction company’s stock worth $64,868,000 after buying an additional 447,606 shares in the last quarter. Teacher Retirement System of Texas boosted its holdings in shares of Owens Corning by 226.1% in the third quarter. Teacher Retirement System of Texas now owns 164,252 shares of the construction company’s stock worth $22,406,000 after buying an additional 113,890 shares during the period. Finally, Nordea Investment Management AB increased its position in shares of Owens Corning by 15.1% in the fourth quarter. Nordea Investment Management AB now owns 717,743 shares of the construction company’s stock worth $106,556,000 after acquiring an additional 94,185 shares in the last quarter. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Stock Performance

NYSE:OC opened at $171.68 on Tuesday. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 0.50. The firm has a 50-day moving average price of $160.52 and a 200 day moving average price of $146.78. The firm has a market capitalization of $14.88 billion, a PE ratio of 13.90, a price-to-earnings-growth ratio of 5.27 and a beta of 1.47. Owens Corning has a 12-month low of $103.41 and a 12-month high of $173.65.

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

Owens Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Monday, March 4th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, March 1st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.40%. Owens Corning’s dividend payout ratio is 19.43%.

Analysts Set New Price Targets

Several equities research analysts recently commented on OC shares. Barclays downgraded shares of Owens Corning from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $170.00 to $160.00 in a research report on Monday, February 12th. UBS Group raised their target price on Owens Corning from $169.00 to $192.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Evercore ISI lifted their price target on Owens Corning from $154.00 to $172.00 and gave the company an “in-line” rating in a report on Thursday, April 25th. Truist Financial increased their price objective on Owens Corning from $115.00 to $145.00 and gave the stock a “hold” rating in a research note on Thursday, February 15th. Finally, Citigroup raised their price objective on Owens Corning from $150.00 to $169.00 and gave the stock a “neutral” rating in a research report on Friday, April 5th. Eight research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $168.21.

Insider Buying and Selling at Owens Corning

In related news, CEO Brian Chambers sold 9,100 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $153.57, for a total value of $1,397,487.00. Following the completion of the transaction, the chief executive officer now owns 269,696 shares in the company, valued at approximately $41,417,214.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Paula Russell sold 3,765 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the transaction, the executive vice president now directly owns 20,419 shares in the company, valued at $3,307,878. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Brian Chambers sold 9,100 shares of Owens Corning stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $153.57, for a total transaction of $1,397,487.00. Following the completion of the sale, the chief executive officer now owns 269,696 shares in the company, valued at $41,417,214.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,672 shares of company stock worth $3,325,799. 0.90% of the stock is currently owned by corporate insiders.

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.