Hodges Capital Management Inc. Has $8.71 Million Stock Position in Owens Corning (NYSE:OC)

Hodges Capital Management Inc. cut its stake in shares of Owens Corning (NYSE:OC) by 2.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 51,107 shares of the construction company’s stock after selling 1,284 shares during the period. Hodges Capital Management Inc.’s holdings in Owens Corning were worth $8,705,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Creative Planning grew its holdings in Owens Corning by 10.1% in the 2nd quarter. Creative Planning now owns 8,410 shares of the construction company’s stock valued at $1,461,000 after buying an additional 772 shares in the last quarter. NewEdge Advisors LLC increased its position in Owens Corning by 215.1% during the second quarter. NewEdge Advisors LLC now owns 5,568 shares of the construction company’s stock worth $967,000 after acquiring an additional 3,801 shares during the period. Quarry LP raised its stake in Owens Corning by 165.5% in the 2nd quarter. Quarry LP now owns 231 shares of the construction company’s stock worth $40,000 after purchasing an additional 144 shares in the last quarter. Truist Financial Corp boosted its holdings in Owens Corning by 17.3% in the 2nd quarter. Truist Financial Corp now owns 25,937 shares of the construction company’s stock valued at $4,506,000 after purchasing an additional 3,816 shares during the period. Finally, Cetera Investment Advisers grew its position in shares of Owens Corning by 18.8% during the 2nd quarter. Cetera Investment Advisers now owns 15,170 shares of the construction company’s stock worth $2,635,000 after purchasing an additional 2,405 shares in the last quarter. Institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

Shares of NYSE OC opened at $184.57 on Monday. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $15.83 billion, a PE ratio of 15.71, a PEG ratio of 2.02 and a beta of 1.46. The stock’s 50 day moving average price is $184.59 and its 200-day moving average price is $178.57. Owens Corning has a twelve month low of $138.70 and a twelve month high of $214.53.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.05 by $0.33. The firm had revenue of $3.05 billion during the quarter, compared to analyst estimates of $3.04 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The business’s revenue was up 22.9% compared to the same quarter last year. During the same period last year, the firm posted $4.15 EPS. On average, equities analysts anticipate that Owens Corning will post 15.49 EPS for the current year.

Owens Corning Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Monday, January 6th were given a dividend of $0.69 per share. This is an increase from Owens Corning’s previous quarterly dividend of $0.60. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date was Monday, January 6th. Owens Corning’s dividend payout ratio is currently 23.49%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on OC shares. The Goldman Sachs Group increased their price objective on shares of Owens Corning from $178.00 to $198.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Royal Bank of Canada boosted their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. StockNews.com raised Owens Corning from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. Wells Fargo & Company upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $195.00 to $225.00 in a research report on Tuesday, December 17th. Finally, Evercore ISI boosted their target price on Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $201.75.

Insider Transactions at Owens Corning

In other news, insider Gunner Smith sold 17,450 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $191.19, for a total value of $3,336,265.50. Following the sale, the insider now owns 18,866 shares of the company’s stock, valued at $3,606,990.54. The trade was a 48.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.90% of the stock is currently owned by company 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.