Simplicity Solutions LLC Lowers Stock Holdings in Owens Corning (NYSE:OC)

Simplicity Solutions LLC trimmed its holdings in shares of Owens Corning (NYSE:OC) by 32.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,483 shares of the construction company’s stock after selling 711 shares during the period. Simplicity Solutions LLC’s holdings in Owens Corning were worth $220,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. State Street Corp lifted its position in Owens Corning by 3.7% in the 3rd quarter. State Street Corp now owns 4,301,672 shares of the construction company’s stock valued at $338,154,000 after acquiring an additional 155,155 shares in the last quarter. LSV Asset Management lifted its holdings in shares of Owens Corning by 0.9% during the 3rd quarter. LSV Asset Management now owns 2,256,436 shares of the construction company’s stock valued at $307,800,000 after buying an additional 19,590 shares during the period. Bank of America Corp DE lifted its holdings in shares of Owens Corning by 24.9% during the 1st quarter. Bank of America Corp DE now owns 1,556,181 shares of the construction company’s stock valued at $149,082,000 after buying an additional 310,487 shares during the period. Invesco Ltd. lifted its holdings 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 valued at $202,932,000 after buying an additional 906,782 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Owens Corning by 2.4% during the 1st quarter. Geode Capital Management LLC now owns 1,400,910 shares of the construction company’s stock valued at $134,803,000 after buying an additional 32,729 shares during the period. 88.40% of the stock is currently owned by hedge funds and other institutional investors.

Owens Corning Stock Down 0.3 %

OC opened at $160.11 on Monday. The firm has a 50-day simple moving average of $157.70 and a two-hundred day simple moving average of $145.33. Owens Corning has a 52 week low of $98.02 and a 52 week high of $173.65. The company has a market capitalization of $13.93 billion, a PE ratio of 12.20, a price-to-earnings-growth ratio of 0.28 and a beta of 1.47. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.50.

Owens Corning (NYSE:OC) last released its quarterly earnings data 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 business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the prior year, the firm earned $2.49 EPS. The business’s revenue was up .8% on a year-over-year basis. Analysts forecast that Owens Corning will post 13.77 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Monday, March 4th were issued 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 was Friday, March 1st. Owens Corning’s dividend payout ratio (DPR) is presently 18.29%.

Insider Buying and Selling at Owens Corning

In other Owens Corning news, insider Gunner Smith sold 708 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $153.73, for a total transaction of $108,840.84. Following the completion of the transaction, the insider now owns 39,994 shares of the company’s stock, valued at approximately $6,148,277.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Brian Chambers sold 9,100 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $153.57, for a total value of $1,397,487.00. Following the completion of the transaction, the chief executive officer now owns 269,696 shares of the company’s stock, valued at approximately $41,417,214.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Gunner Smith sold 708 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $153.73, for a total transaction of $108,840.84. Following the completion of the transaction, the insider now directly owns 39,994 shares of the company’s stock, valued at approximately $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 90 days. Insiders own 0.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Truist Financial increased their price target on Owens Corning from $115.00 to $145.00 and gave the company a “hold” rating in a report on Thursday, February 15th. Royal Bank of Canada reduced their price objective on Owens Corning from $183.00 to $175.00 and set an “outperform” rating for the company in a research note on Thursday, February 15th. Barclays lowered Owens Corning from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $170.00 to $160.00 in a research note on Monday, February 12th. Citigroup upped their price objective on Owens Corning from $150.00 to $169.00 and gave the stock a “neutral” rating in a research note on Friday, April 5th. Finally, Evercore ISI lowered Owens Corning from an “outperform” rating to an “in-line” rating and reduced their price objective for the stock from $163.00 to $154.00 in a research note on Thursday, February 15th. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $162.14.

Owens Corning Profile

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.