Principal Financial Group Inc. Lowers Holdings in Owens Corning Inc $OC

Principal Financial Group Inc. decreased its holdings in Owens Corning Inc (NYSE:OC) by 3.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 379,164 shares of the construction company’s stock after selling 13,862 shares during the period. Principal Financial Group Inc. owned 0.45% of Owens Corning worth $53,638,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Geneos Wealth Management Inc. lifted its holdings in shares of Owens Corning by 61.7% in the first quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock worth $69,000 after buying an additional 184 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in Owens Corning during the second quarter valued at $277,000. Truist Financial Corp increased its holdings in Owens Corning by 10.1% in the 2nd quarter. Truist Financial Corp now owns 14,380 shares of the construction company’s stock valued at $1,978,000 after acquiring an additional 1,317 shares during the last quarter. Ameritas Advisory Services LLC purchased a new stake in Owens Corning in the 2nd quarter worth $42,000. Finally, Shell Asset Management Co. boosted its holdings in shares of Owens Corning by 14.6% during the 2nd quarter. Shell Asset Management Co. now owns 10,220 shares of the construction company’s stock valued at $1,405,000 after purchasing an additional 1,300 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors.

Owens Corning Stock Up 6.3%

NYSE OC opened at $132.77 on Thursday. The company has a quick ratio of 0.86, a current ratio of 1.40 and a debt-to-equity ratio of 1.05. Owens Corning Inc has a 52 week low of $97.53 and a 52 week high of $186.18. The firm has a market capitalization of $10.91 billion, a price-to-earnings ratio of -23.21, a PEG ratio of 2.62 and a beta of 1.36. The company has a fifty day moving average of $117.41 and a two-hundred day moving average of $128.89.

Owens Corning (NYSE:OC) last announced its earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share for the quarter, beating the consensus estimate of $3.64 by $0.03. Owens Corning had a negative net margin of 4.46% and a positive return on equity of 24.42%. The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.71 billion. During the same quarter in the prior year, the firm posted $4.38 earnings per share. The business’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 21st. Stockholders of record on Monday, January 5th were paid a dividend of $0.79 per share. This is a positive change from Owens Corning’s previous quarterly dividend of $0.69. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Monday, January 5th. Owens Corning’s payout ratio is currently -55.24%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on OC shares. Citigroup reduced their target price on Owens Corning from $137.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, January 8th. JPMorgan Chase & Co. reduced their price objective on Owens Corning from $157.00 to $113.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 11th. Wells Fargo & Company increased their target price on Owens Corning from $130.00 to $145.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Royal Bank Of Canada set a $143.00 price target on shares of Owens Corning in a research report on Friday, January 9th. Finally, UBS Group lowered their price objective on shares of Owens Corning from $179.00 to $160.00 and set a “buy” rating for the company in a research report on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $149.75.

Owens Corning Profile

Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.

The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.