abrdn plc Boosts Holdings in Owens Corning (NYSE:OC)

abrdn plc raised its stake in shares of Owens Corning (NYSE:OC) by 8.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 304,867 shares of the construction company’s stock after purchasing an additional 22,609 shares during the quarter. abrdn plc owned approximately 0.34% of Owens Corning worth $45,190,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in OC. Contravisory Investment Management Inc. bought a new stake in shares of Owens Corning during the 4th quarter valued at $27,000. Bruce G. Allen Investments LLC bought a new stake in shares of Owens Corning during the 4th quarter valued at $27,000. First Capital Advisors Group LLC. bought a new stake in shares of Owens Corning during the 2nd quarter valued at $31,000. IFP Advisors Inc boosted its holdings in shares of Owens Corning by 78.1% during the 2nd quarter. IFP Advisors Inc now owns 244 shares of the construction company’s stock valued at $32,000 after buying an additional 107 shares in the last quarter. Finally, Power Corp of Canada bought a new stake in shares of Owens Corning during the 1st quarter valued at $34,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Price Performance

OC opened at $160.11 on Monday. 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 $13.93 billion, a P/E ratio of 12.20, a P/E/G ratio of 0.28 and a beta of 1.47. The company’s 50-day simple moving average is $157.70 and its two-hundred day simple moving average is $145.33. Owens Corning has a 52-week low of $98.02 and a 52-week high of $173.65.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, February 14th. The construction company reported $3.21 EPS for the quarter, beating the consensus estimate of $2.82 by $0.39. Owens Corning had a net margin of 12.36% and a return on equity of 25.88%. The firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.25 billion. During the same quarter in the prior year, the firm earned $2.49 EPS. The business’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, analysts predict that Owens Corning will post 13.77 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Monday, March 4th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend was Friday, March 1st. Owens Corning’s payout ratio is currently 18.29%.

Insider Activity

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 shares were sold at an average price of $162.00, for a total transaction of $609,930.00. Following the sale, the executive vice president now owns 20,419 shares in the company, valued at approximately $3,307,878. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Owens Corning news, EVP Paula Russell sold 3,765 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were 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 directly owns 20,419 shares of the company’s stock, valued at approximately $3,307,878. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Gunner Smith sold 708 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $153.73, for a total transaction of $108,840.84. Following the sale, the insider now directly owns 39,994 shares of the company’s stock, valued at $6,148,277.62. The disclosure for this sale can be found here. Insiders sold 21,672 shares of company stock valued at $3,325,799 in the last quarter. 0.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on OC. Loop Capital boosted their target price on shares of Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a report on Monday, April 1st. Citigroup upped their price target on shares of Owens Corning from $150.00 to $169.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. UBS Group dropped their price target on shares of Owens Corning from $175.00 to $169.00 and set a “buy” rating on the stock in a research note on Thursday, February 15th. Evercore ISI cut shares of Owens Corning from an “outperform” rating to an “in-line” rating and dropped their price target for the stock from $163.00 to $154.00 in a research note on Thursday, February 15th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Owens Corning from $164.00 to $163.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 20th. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Owens Corning currently has a consensus rating of “Moderate Buy” and a consensus price target 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.