Healthcare of Ontario Pension Plan Trust Fund Takes Position in Owens Corning (NYSE:OC)

Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Owens Corning (NYSE:OC – Get Rating) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,789 shares of the construction company’s stock, valued at approximately $298,000.

Several other institutional investors have also modified their holdings of the stock. Eagle Bay Advisors LLC bought a new stake in shares of Owens Corning during the 2nd quarter worth approximately $45,000. Householder Group Estate & Retirement Specialist LLC bought a new stake in shares of Owens Corning during the 3rd quarter worth approximately $52,000. Zions Bancorporation N.A. lifted its stake in shares of Owens Corning by 611.0% during the 1st quarter. Zions Bancorporation N.A. now owns 583 shares of the construction company’s stock worth $53,000 after acquiring an additional 501 shares during the last quarter. Exos TFP Holdings LLC bought a new stake in shares of Owens Corning during the 3rd quarter worth approximately $55,000. Finally, Brown Brothers Harriman & Co. bought a new stake in shares of Owens Corning during the 1st quarter worth approximately $57,000. 94.59% of the stock is owned by institutional investors.

Owens Corning Stock Performance

Shares of OC opened at $98.42 on Thursday. The stock has a 50-day moving average of $93.71 and a two-hundred day moving average of $88.86. Owens Corning has a one year low of $72.97 and a one year high of $105.62. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.06 and a current ratio of 1.69. The stock has a market cap of $8.93 billion, a P/E ratio of 7.76, a P/E/G ratio of 1.78 and a beta of 1.45.

Owens Corning (NYSE:OC – Get Rating) last issued its quarterly earnings results on Wednesday, February 15th. The construction company reported $2.49 EPS for the quarter, topping analysts’ consensus estimates of $2.34 by $0.15. Owens Corning had a return on equity of 27.36% and a net margin of 12.71%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the previous year, the firm posted $2.20 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. As a group, research analysts predict that Owens Corning will post 9.59 EPS for the current year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 6th. Stockholders of record on Friday, March 3rd will be issued a $0.52 dividend. The ex-dividend date of this dividend is Thursday, March 2nd. This represents a $2.08 annualized dividend and a dividend yield of 2.11%. Owens Corning’s dividend payout ratio (DPR) is presently 16.40%.

Insider Activity

In other news, insider Todd W. Fister sold 2,505 shares of the business’s stock in a transaction dated Monday, February 6th. The stock was sold at an average price of $100.00, for a total value of $250,500.00. Following the completion of the transaction, the insider now owns 31,482 shares of the company’s stock, valued at approximately $3,148,200. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Kelly Schmidt sold 2,181 shares of Owens Corning stock in a transaction dated Friday, December 9th. The stock was sold at an average price of $93.74, for a total value of $204,446.94. Following the completion of the transaction, the vice president now owns 13,018 shares in the company, valued at approximately $1,220,307.32. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Todd W. Fister sold 2,505 shares of Owens Corning stock in a transaction dated Monday, February 6th. The shares were sold at an average price of $100.00, for a total value of $250,500.00. Following the completion of the transaction, the insider now owns 31,482 shares of the company’s stock, valued at approximately $3,148,200. The disclosure for this sale can be found here. Insiders own 0.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Citigroup raised their price objective on Owens Corning from $90.00 to $104.00 and gave the stock a “neutral” rating in a report on Friday, February 17th. Truist Financial raised their price objective on Owens Corning from $85.00 to $105.00 in a report on Friday, February 17th. Benchmark raised their price objective on Owens Corning from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, February 21st. JPMorgan Chase & Co. downgraded Owens Corning from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $85.00 to $79.00 in a report on Tuesday, December 20th. Finally, Barclays reduced their price objective on Owens Corning from $91.00 to $86.00 in a report on Wednesday, December 14th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $99.92.

Owens Corning Company Profile

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Owens Corning engages in the development, manufacture, and marketing of insulation, roofing, and fiberglass composites. It operates through the following segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber, and includes vertically integrated downstream activities.