Owens Corning (NYSE:OC) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its stake in Owens Corning (NYSE:OC) by 26.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 146,724 shares of the construction company’s stock after acquiring an additional 30,815 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.17% of Owens Corning worth $21,749,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of OC. US Bancorp DE increased its stake in shares of Owens Corning by 4.0% in the 1st quarter. US Bancorp DE now owns 6,502 shares of the construction company’s stock worth $595,000 after acquiring an additional 249 shares during the last quarter. HighTower Advisors LLC increased its position in shares of Owens Corning by 9.3% during the 1st quarter. HighTower Advisors LLC now owns 2,606 shares of the construction company’s stock worth $238,000 after purchasing an additional 221 shares during the last quarter. Natixis Advisors L.P. increased its position in shares of Owens Corning by 24.9% during the 1st quarter. Natixis Advisors L.P. now owns 13,517 shares of the construction company’s stock worth $1,237,000 after purchasing an additional 2,693 shares during the last quarter. Bank of Montreal Can increased its position in shares of Owens Corning by 10.8% during the 1st quarter. Bank of Montreal Can now owns 19,987 shares of the construction company’s stock worth $1,888,000 after purchasing an additional 1,952 shares during the last quarter. Finally, Acadian Asset Management LLC increased its position in shares of Owens Corning by 245.2% during the 1st quarter. Acadian Asset Management LLC now owns 3,649 shares of the construction company’s stock worth $333,000 after purchasing an additional 2,592 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Owens Corning Stock Performance

Shares of OC opened at $165.51 on Friday. The stock has a 50-day simple moving average of $156.93 and a 200-day simple moving average of $144.30. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.17 and a current ratio of 1.69. The stock has a market capitalization of $14.40 billion, a PE ratio of 12.62, a PEG ratio of 0.29 and a beta of 1.47. Owens Corning has a 1 year low of $96.86 and a 1 year high of $173.65.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, February 14th. The construction company reported $3.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.39. The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Owens Corning had a return on equity of 25.88% and a net margin of 12.36%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter last year, the business posted $2.49 EPS. On average, analysts predict that Owens Corning will post 13.77 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Monday, March 4th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.45%. The ex-dividend date was Friday, March 1st. Owens Corning’s payout ratio is 18.29%.

Insider Buying and Selling

In related news, EVP Paula Russell sold 3,765 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the sale, the executive vice president now owns 20,419 shares in the company, valued at $3,307,878. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Paula Russell sold 3,765 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $162.00, for a total transaction of $609,930.00. Following the completion of the sale, the executive vice president now owns 20,419 shares in the company, valued at $3,307,878. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Brian Chambers sold 9,100 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $153.57, for a total value of $1,397,487.00. Following the sale, the chief executive officer now owns 269,696 shares of the company’s stock, valued at approximately $41,417,214.72. The disclosure for this sale can be found here. Insiders sold a total of 21,672 shares of company stock worth $3,325,799 over the last 90 days. 0.89% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

OC has been the subject of a number of recent analyst reports. Royal Bank of Canada cut their price objective on Owens Corning from $183.00 to $175.00 and set an “outperform” rating for the company in a research report on Thursday, February 15th. Barclays downgraded Owens Corning from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $170.00 to $160.00 in a research report on Monday, February 12th. JPMorgan Chase & Co. cut their price objective on Owens Corning from $164.00 to $163.00 and set a “neutral” rating for the company in a research report on Tuesday, February 20th. Loop Capital raised their price objective on Owens Corning from $167.00 to $188.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Finally, Evercore ISI downgraded Owens Corning from an “outperform” rating to an “in-line” rating and dropped their target price for the company from $163.00 to $154.00 in a research report on Thursday, February 15th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Owens Corning presently has a consensus rating of “Moderate Buy” and a consensus target price of $162.14.

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.