Owens Corning (NYSE:OC) Shares Sold by abrdn plc

abrdn plc lessened its stake in Owens Corning (NYSE:OC) by 3.3% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 337,350 shares of the construction company’s stock after selling 11,500 shares during the quarter. abrdn plc’s holdings in Owens Corning were worth $57,211,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Global Trust Asset Management LLC bought a new position in shares of Owens Corning in the fourth quarter valued at approximately $31,000. Brooklyn Investment Group bought a new position in Owens Corning during the 3rd quarter valued at $38,000. Tobam increased its position in shares of Owens Corning by 38.0% during the 3rd quarter. Tobam now owns 265 shares of the construction company’s stock valued at $47,000 after purchasing an additional 73 shares during the period. Versant Capital Management Inc raised its stake in shares of Owens Corning by 88.1% in the 4th quarter. Versant Capital Management Inc now owns 380 shares of the construction company’s stock worth $65,000 after buying an additional 178 shares in the last quarter. Finally, NBC Securities Inc. lifted its holdings in shares of Owens Corning by 85.3% in the third quarter. NBC Securities Inc. now owns 515 shares of the construction company’s stock valued at $90,000 after buying an additional 237 shares during the period. 88.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Citigroup lowered their target price on Owens Corning from $212.00 to $207.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Royal Bank of Canada lifted their price objective on shares of Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Evercore ISI increased their target price on shares of Owens Corning from $189.00 to $196.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. UBS Group lifted their price target on shares of Owens Corning from $197.00 to $218.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Barclays upgraded Owens Corning from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $192.00 to $245.00 in a research report on Wednesday, December 11th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $201.75.

Insider Activity at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 17,450 shares of Owens Corning stock in a transaction on Friday, December 13th. The shares were sold at an average price of $191.19, for a total transaction of $3,336,265.50. Following the completion of the sale, the insider now owns 18,866 shares of the company’s stock, valued at $3,606,990.54. This trade represents a 48.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.90% of the stock is currently owned by insiders.

Owens Corning Price Performance

OC opened at $181.01 on Wednesday. Owens Corning has a 12-month low of $138.70 and a 12-month high of $214.53. 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 firm has a market capitalization of $15.53 billion, a P/E ratio of 15.41, a PEG ratio of 2.02 and a beta of 1.46. The stock has a fifty day moving average of $183.43 and a 200-day moving average of $178.67.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, November 6th. The construction company reported $4.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.05 by $0.33. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The firm had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $3.04 billion. During the same period in the prior year, the business earned $4.15 EPS. The business’s revenue for the quarter was up 22.9% on a year-over-year basis. Equities analysts forecast that Owens Corning will post 15.49 EPS for the current fiscal year.

Owens Corning Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Monday, January 6th were issued a dividend of $0.69 per share. This is a boost from Owens Corning’s previous quarterly dividend of $0.60. This represents a $2.76 annualized dividend and a dividend yield of 1.52%. The ex-dividend date was Monday, January 6th. Owens Corning’s dividend payout ratio (DPR) is currently 23.49%.

Owens Corning Company 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.