Avantax Advisory Services Inc. Boosts Stake in Owens Corning (NYSE:OC)

Avantax Advisory Services Inc. boosted its stake in Owens Corning (NYSE:OC) by 3.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 3,430 shares of the construction company’s stock after purchasing an additional 104 shares during the period. Avantax Advisory Services Inc.’s holdings in Owens Corning were worth $584,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OC. Truist Financial Corp increased its stake in shares of Owens Corning by 4.0% during the fourth quarter. Truist Financial Corp now owns 16,038 shares of the construction company’s stock worth $2,732,000 after buying an additional 624 shares during the period. Alpha DNA Investment Management LLC increased its position in shares of Owens Corning by 147.4% in the 3rd quarter. Alpha DNA Investment Management LLC now owns 4,270 shares of the construction company’s stock valued at $754,000 after purchasing an additional 2,544 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Owens Corning by 3.1% in the 3rd quarter. Janus Henderson Group PLC now owns 6,744 shares of the construction company’s stock valued at $1,189,000 after purchasing an additional 200 shares during the last quarter. Penserra Capital Management LLC lifted its position in shares of Owens Corning by 53.3% during the 3rd quarter. Penserra Capital Management LLC now owns 4,726 shares of the construction company’s stock worth $832,000 after purchasing an additional 1,643 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Owens Corning by 88.9% during the fourth quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company’s stock worth $66,777,000 after purchasing an additional 184,552 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Insider Buying and Selling

In other Owens Corning news, insider Monaco Nicolas Del sold 1,750 shares of Owens Corning stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the sale, the insider now directly owns 11,635 shares in the company, valued at $2,140,490.95. The trade was a 13.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.89% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

OC has been the subject of a number of recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $212.00 price target on shares of Owens Corning in a report on Monday, March 17th. StockNews.com cut Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Wells Fargo & Company dropped their price target on shares of Owens Corning from $225.00 to $200.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 25th. JPMorgan Chase & Co. reduced their price objective on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Finally, Citigroup lowered their target price on shares of Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a report on Monday, January 6th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $204.18.

Owens Corning Stock Down 1.8 %

Shares of NYSE:OC opened at $144.49 on Friday. Owens Corning has a 1 year low of $137.50 and a 1 year high of $214.53. The stock has a 50-day simple moving average of $167.56 and a 200-day simple moving average of $176.64. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.85 and a current ratio of 1.44. The stock has a market capitalization of $12.36 billion, a P/E ratio of 12.30, a PEG ratio of 1.88 and a beta of 1.52.

Owens Corning (NYSE:OC) last released its quarterly earnings data on Monday, February 24th. The construction company reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.87 by $0.35. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same quarter in the prior year, the business earned $3.21 earnings per share. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. Equities analysts forecast that Owens Corning will post 15.49 earnings per share for the current year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 10th will be issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend is Monday, March 10th. Owens Corning’s payout ratio is 37.70%.

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.