Allspring Global Investments Holdings LLC Cuts Stake in Owens Corning Inc $OC

Allspring Global Investments Holdings LLC cut its holdings in shares of Owens Corning Inc (NYSE:OC) by 21.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 142,379 shares of the construction company’s stock after selling 37,918 shares during the period. Allspring Global Investments Holdings LLC owned 0.17% of Owens Corning worth $16,253,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Twin Peaks Wealth Advisors LLC purchased a new stake in Owens Corning during the 2nd quarter worth approximately $26,000. Rexford Capital Inc. purchased a new position in Owens Corning in the 2nd quarter worth $28,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Owens Corning in the 2nd quarter worth $30,000. Root Financial Partners LLC acquired a new stake in Owens Corning during the 3rd quarter worth about $39,000. Finally, Measured Wealth Private Client Group LLC acquired a new stake in Owens Corning during the 3rd quarter worth about $42,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

Shares of Owens Corning stock opened at $105.86 on Friday. The firm has a market cap of $8.51 billion, a PE ratio of -16.54, a P/E/G ratio of 1.71 and a beta of 1.35. The business has a 50-day moving average price of $118.36 and a 200 day moving average price of $119.82. The company has a quick ratio of 0.70, a current ratio of 1.26 and a debt-to-equity ratio of 1.20. Owens Corning Inc has a twelve month low of $97.53 and a twelve month high of $159.42.

Owens Corning (NYSE:OC) last posted its quarterly earnings data on Wednesday, February 25th. The construction company reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.26). The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.17 billion. Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The firm’s quarterly revenue was down 16.8% compared to the same quarter last year. During the same quarter last year, the firm earned $3.22 earnings per share. Sell-side analysts predict that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 9th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Monday, March 9th. This represents a $3.16 dividend on an annualized basis and a yield of 3.0%. Owens Corning’s dividend payout ratio (DPR) is currently -49.38%.

Analyst Upgrades and Downgrades

OC has been the subject of a number of research reports. Wells Fargo & Company lifted their target price on Owens Corning from $145.00 to $155.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Barclays increased their price objective on shares of Owens Corning from $130.00 to $138.00 and gave the stock an “overweight” rating in a research note on Thursday, January 15th. Weiss Ratings reissued a “sell (d+)” rating on shares of Owens Corning in a report on Friday, March 27th. UBS Group boosted their target price on shares of Owens Corning from $160.00 to $172.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Finally, Zacks Research lowered shares of Owens Corning from a “hold” rating to a “strong sell” rating in a report on Monday, March 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $148.73.

About Owens Corning

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.