Public Employees Retirement System of Ohio Decreases Holdings in Owens Corning Inc $OC

Public Employees Retirement System of Ohio cut its holdings in shares of Owens Corning Inc (NYSE:OC) by 8.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 34,006 shares of the construction company’s stock after selling 3,051 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Owens Corning were worth $4,677,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Owens Corning by 12.0% during the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company’s stock worth $1,401,876,000 after acquiring an additional 1,053,855 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Owens Corning by 67.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company’s stock worth $339,930,000 after purchasing an additional 957,295 shares during the last quarter. LSV Asset Management grew its holdings in shares of Owens Corning by 1.9% in the first quarter. LSV Asset Management now owns 1,476,067 shares of the construction company’s stock worth $210,812,000 after purchasing an additional 27,185 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Owens Corning by 0.7% in the first quarter. Bank of New York Mellon Corp now owns 865,665 shares of the construction company’s stock worth $123,634,000 after purchasing an additional 5,819 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Owens Corning by 179.0% in the first quarter. Millennium Management LLC now owns 863,230 shares of the construction company’s stock worth $123,287,000 after purchasing an additional 553,864 shares during the last quarter. 88.40% of the stock is owned by hedge funds and other institutional investors.

Owens Corning Stock Performance

Shares of OC stock opened at $141.10 on Tuesday. Owens Corning Inc has a 12 month low of $123.40 and a 12 month high of $214.53. The stock has a market cap of $11.80 billion, a PE ratio of 36.65, a price-to-earnings-growth ratio of 10.14 and a beta of 1.32. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.98. The company’s fifty day moving average price is $147.75 and its 200-day moving average price is $142.58.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, August 6th. The construction company reported $4.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.80 by $0.41. The company had revenue of $2.75 billion for the quarter, compared to analysts’ expectations of $2.70 billion. Owens Corning had a net margin of 2.98% and a return on equity of 24.49%. Owens Corning’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.64 EPS. On average, equities analysts expect that Owens Corning Inc will post 15.49 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 6th. Investors of record on Monday, October 20th will be paid a $0.69 dividend. The ex-dividend date is Monday, October 20th. This represents a $2.76 dividend on an annualized basis and a yield of 2.0%. Owens Corning’s payout ratio is presently 71.69%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. UBS Group cut their target price on shares of Owens Corning from $218.00 to $210.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Royal Bank Of Canada cut their target price on shares of Owens Corning from $184.00 to $180.00 and set an “outperform” rating on the stock in a report on Thursday, August 7th. Barclays raised their target price on shares of Owens Corning from $167.00 to $173.00 and gave the stock an “overweight” rating in a report on Thursday, August 7th. Wells Fargo & Company raised their target price on shares of Owens Corning from $170.00 to $175.00 and gave the stock an “overweight” rating in a report on Thursday, September 11th. Finally, Evercore ISI lifted their price target on shares of Owens Corning from $165.00 to $169.00 and gave the company an “in-line” rating in a report on Friday, August 8th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $185.10.

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.