Oppenheimer Asset Management Inc. Sells 122 Shares of Owens Corning (NYSE:OC)

Oppenheimer Asset Management Inc. lowered its position in shares of Owens Corning (NYSE:OC) by 4.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,896 shares of the construction company’s stock after selling 122 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Owens Corning were worth $277,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in OC. US Bancorp DE raised its stake in Owens Corning by 3.7% during the 1st quarter. US Bancorp DE now owns 3,539 shares of the construction company’s stock worth $339,000 after buying an additional 126 shares during the period. Wrapmanager Inc. raised its position in Owens Corning by 5.5% during the first quarter. Wrapmanager Inc. now owns 2,684 shares of the construction company’s stock valued at $257,000 after purchasing an additional 140 shares in the last quarter. Sigma Planning Corp raised its position in Owens Corning by 4.3% during the first quarter. Sigma Planning Corp now owns 3,543 shares of the construction company’s stock valued at $339,000 after purchasing an additional 145 shares in the last quarter. Quadrant Capital Group LLC grew its stake in shares of Owens Corning by 12.0% during the fourth quarter. Quadrant Capital Group LLC now owns 1,437 shares of the construction company’s stock valued at $123,000 after buying an additional 154 shares during the last quarter. Finally, Foster & Motley Inc. grew its stake in shares of Owens Corning by 0.5% in the first quarter. Foster & Motley Inc. now owns 31,117 shares of the construction company’s stock worth $2,981,000 after purchasing an additional 154 shares during the last quarter. Institutional investors own 90.22% of the company’s stock.

Owens Corning Stock Performance

Shares of OC stock opened at $141.67 on Wednesday. The company has a 50 day moving average price of $134.85 and a 200-day moving average price of $114.16. Owens Corning has a 52 week low of $74.22 and a 52 week high of $143.70. The firm has a market capitalization of $12.73 billion, a PE ratio of 10.04, a P/E/G ratio of 1.29 and a beta of 1.48. The company has a quick ratio of 1.37, a current ratio of 2.07 and a debt-to-equity ratio of 0.60.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, July 26th. The construction company reported $4.22 EPS for the quarter, topping analysts’ consensus estimates of $3.25 by $0.97. The firm had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.54 billion. Owens Corning had a net margin of 13.62% and a return on equity of 25.59%. The business’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the previous year, the business posted $3.83 earnings per share. As a group, equities research analysts expect that Owens Corning will post 13.59 earnings per share for the current year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 4th. Investors of record on Monday, July 17th were given a dividend of $0.52 per share. The ex-dividend date was Friday, July 14th. This represents a $2.08 annualized dividend and a yield of 1.47%. Owens Corning’s dividend payout ratio (DPR) is 14.74%.

Insider Activity at Owens Corning

In related news, EVP Daniel T. Smith sold 3,670 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $106.11, for a total transaction of $389,423.70. Following the completion of the sale, the executive vice president now directly owns 46,811 shares in the company, valued at $4,967,115.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Owens Corning news, insider Gunner Smith sold 6,900 shares of Owens Corning stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $115.01, for a total transaction of $793,569.00. Following the transaction, the insider now owns 31,153 shares of the company’s stock, valued at $3,582,906.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Daniel T. Smith sold 3,670 shares of Owens Corning stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $106.11, for a total transaction of $389,423.70. Following the transaction, the executive vice president now directly owns 46,811 shares in the company, valued at approximately $4,967,115.21. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,978 shares of company stock worth $2,061,533. 0.89% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on OC. Barclays lifted their price target on shares of Owens Corning from $161.00 to $185.00 and gave the company an “overweight” rating in a report on Thursday, July 27th. Truist Financial lifted their price target on shares of Owens Corning from $105.00 to $135.00 in a research report on Thursday, July 6th. Royal Bank of Canada raised shares of Owens Corning from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $135.00 to $168.00 in a research report on Thursday, July 27th. Bank of America lifted their price target on shares of Owens Corning from $127.00 to $152.00 in a research report on Friday, July 14th. Finally, Argus lifted their price target on shares of Owens Corning from $120.00 to $155.00 and gave the company a “buy” rating in a research report on Tuesday, August 1st. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $140.92.

About Owens Corning

Owens Corning engages in manufacture and sale of insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, Latin America, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.