Ameriprise Financial Inc. Acquires 307,178 Shares of Owens Corning (NYSE:OC)

Ameriprise Financial Inc. grew its holdings in shares of Owens Corning (NYSE:OC) by 30.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,302,482 shares of the construction company’s stock after buying an additional 307,178 shares during the period. Ameriprise Financial Inc. owned approximately 1.45% of Owens Corning worth $124,787,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Power Corp of Canada bought a new position in shares of Owens Corning in the 1st quarter worth $34,000. Guardian Wealth Advisors LLC bought a new position in shares of Owens Corning in the 1st quarter worth $355,000. JPMorgan Chase & Co. lifted its holdings in shares of Owens Corning by 9.0% in the 1st quarter. JPMorgan Chase & Co. now owns 293,979 shares of the construction company’s stock worth $28,162,000 after purchasing an additional 24,242 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Owens Corning by 93.7% in the 1st quarter. Thrivent Financial for Lutherans now owns 116,850 shares of the construction company’s stock worth $11,194,000 after purchasing an additional 56,535 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its stake in Owens Corning by 11.1% during the 1st quarter. Mercer Global Advisors Inc. ADV now owns 7,209 shares of the construction company’s stock valued at $691,000 after acquiring an additional 722 shares in the last quarter. 90.22% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on OC. StockNews.com cut Owens Corning from a “strong-buy” rating to a “buy” rating in a research note on Monday, August 28th. Citigroup lifted their target price on Owens Corning from $132.00 to $134.00 and gave the stock a “neutral” rating in a research note on Monday, July 24th. Bank of America boosted their price objective on Owens Corning from $127.00 to $152.00 in a research note on Friday, July 14th. Truist Financial boosted their price objective on Owens Corning from $105.00 to $135.00 in a research note on Thursday, July 6th. Finally, JPMorgan Chase & Co. upgraded Owens Corning from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $95.00 to $133.00 in a research note on Friday, July 28th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Owens Corning currently has a consensus rating of “Moderate Buy” and a consensus target price of $141.57.

Owens Corning Price Performance

OC opened at $136.79 on Monday. The stock has a fifty day simple moving average of $138.57 and a two-hundred day simple moving average of $118.04. The company has a current ratio of 2.07, a quick ratio of 1.37 and a debt-to-equity ratio of 0.60. The company has a market cap of $12.29 billion, a price-to-earnings ratio of 9.69, a price-to-earnings-growth ratio of 1.31 and a beta of 1.49. Owens Corning has a 12-month low of $74.22 and a 12-month high of $147.00.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, July 26th. The construction company reported $4.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.25 by $0.97. Owens Corning had a return on equity of 25.59% and a net margin of 13.62%. The business had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter in the prior year, the company earned $3.83 earnings per share. The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. Research analysts predict that Owens Corning will post 13.6 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 3rd. Investors of record on Monday, October 16th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, October 13th. This represents a $2.08 annualized dividend and a dividend yield of 1.52%. Owens Corning’s dividend payout ratio (DPR) is presently 14.74%.

Insider Activity at Owens Corning

In other Owens Corning news, insider Todd W. Fister sold 5,375 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $136.23, for a total value of $732,236.25. Following the transaction, the insider now directly owns 26,067 shares of the company’s stock, valued at $3,551,107.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director W Howard Morris sold 1,033 shares of Owens Corning stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $141.63, for a total transaction of $146,303.79. Following the sale, the director now owns 40,889 shares of the company’s stock, valued at approximately $5,791,109.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Todd W. Fister sold 5,375 shares of Owens Corning stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $136.23, for a total value of $732,236.25. Following the sale, the insider now directly owns 26,067 shares in the company, valued at approximately $3,551,107.41. The disclosure for this sale can be found here. 0.89% of the stock is currently owned by insiders.

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.