Sumitomo Mitsui Trust Holdings Inc. Has $34.50 Million Stock Position in Owens Corning (NYSE:OC)

Sumitomo Mitsui Trust Holdings Inc. reduced its stake in shares of Owens Corning (NYSE:OC) by 0.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 232,763 shares of the construction company’s stock after selling 376 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Owens Corning were worth $34,502,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of OC. Norges Bank acquired a new stake in shares of Owens Corning during the 4th quarter worth $111,343,000. Invesco Ltd. lifted its position in shares of Owens Corning by 156.1% during the 3rd quarter. Invesco Ltd. now owns 1,487,665 shares of the construction company’s stock worth $202,932,000 after buying an additional 906,782 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of Owens Corning by 6,116.6% during the 4th quarter. Pacer Advisors Inc. now owns 832,594 shares of the construction company’s stock worth $123,415,000 after buying an additional 819,201 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Owens Corning by 878.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 623,176 shares of the construction company’s stock worth $5,861,000 after buying an additional 559,459 shares during the last quarter. Finally, Federated Hermes Inc. lifted its position in shares of Owens Corning by 1,602.4% during the 3rd quarter. Federated Hermes Inc. now owns 475,539 shares of the construction company’s stock worth $64,868,000 after buying an additional 447,606 shares during the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Owens Corning news, EVP Paula Russell sold 3,765 shares of the firm’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 value of $609,930.00. Following the completion of the sale, the executive vice president now owns 20,419 shares of the company’s stock, valued at $3,307,878. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Owens Corning news, EVP Paula Russell sold 3,765 shares of the firm’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 value of $609,930.00. Following the completion of the sale, the executive vice president now owns 20,419 shares of the company’s stock, valued at $3,307,878. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gunner Smith sold 7,442 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $148.99, for a total value of $1,108,783.58. Following the completion of the sale, the insider now directly owns 36,140 shares of the company’s stock, valued at approximately $5,384,498.60. The disclosure for this sale can be found here. Insiders sold 21,672 shares of company stock valued at $3,325,799 over the last 90 days. Company insiders own 0.89% of the company’s stock.

Owens Corning Price Performance

Shares of OC opened at $160.11 on Friday. Owens Corning has a 1 year low of $98.02 and a 1 year high of $173.65. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.69 and a quick ratio of 1.17. The company has a market capitalization of $13.93 billion, a price-to-earnings ratio of 12.20, a price-to-earnings-growth ratio of 0.28 and a beta of 1.47. The business has a 50-day moving average of $157.70 and a 200-day moving average of $145.24.

Owens Corning (NYSE:OC) last released its earnings results on Wednesday, February 14th. The construction company reported $3.21 EPS for the quarter, topping the consensus estimate of $2.82 by $0.39. Owens Corning had a return on equity of 25.88% and a net margin of 12.36%. The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter last year, the firm posted $2.49 earnings per share. The firm’s revenue was up .8% on a year-over-year basis. As a group, equities research analysts anticipate that Owens Corning will post 13.77 earnings per share for the current 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. The ex-dividend date was Friday, March 1st. This represents a $2.40 annualized dividend and a yield of 1.50%. Owens Corning’s dividend payout ratio is currently 18.29%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Royal Bank of Canada dropped 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. UBS Group dropped their price objective on Owens Corning from $175.00 to $169.00 and set a “buy” rating for the company in a research report on Thursday, February 15th. Loop Capital upped 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. 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. Finally, Truist Financial increased their target price on Owens Corning from $115.00 to $145.00 and gave the company a “hold” rating in a research report on Thursday, February 15th. Eight equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average 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.