California Public Employees Retirement System Sells 6,214 Shares of Owens Corning Inc $OC

California Public Employees Retirement System reduced its stake in Owens Corning Inc (NYSE:OC) by 3.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 153,581 shares of the construction company’s stock after selling 6,214 shares during the period. California Public Employees Retirement System owned 0.19% of Owens Corning worth $16,621,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in OC. Geneos Wealth Management Inc. boosted 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 valued at $69,000 after buying an additional 184 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of Owens Corning during the second quarter worth $277,000. EverSource Wealth Advisors LLC raised its holdings in shares of Owens Corning by 1,433.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,273 shares of the construction company’s stock worth $175,000 after acquiring an additional 1,190 shares during the period. Cerity Partners LLC lifted its position in Owens Corning by 294.3% in the 2nd quarter. Cerity Partners LLC now owns 17,372 shares of the construction company’s stock valued at $2,389,000 after acquiring an additional 12,966 shares in the last quarter. Finally, Bank of Nova Scotia lifted its position in Owens Corning by 12.2% in the 2nd quarter. Bank of Nova Scotia now owns 3,059 shares of the construction company’s stock valued at $421,000 after acquiring an additional 333 shares in the last quarter. 88.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Owens Corning

In other news, insider Rachel Barthelemy Marcon sold 700 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.71, for a total transaction of $84,497.00. Following the completion of the sale, the insider directly owned 15,848 shares in the company, valued at approximately $1,913,012.08. This represents a 4.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Mari Doerfler sold 1,926 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $120.92, for a total transaction of $232,891.92. Following the sale, the vice president directly owned 3,093 shares of the company’s stock, valued at $374,005.56. This represents a 38.37% decrease in their position. The SEC filing for this sale provides additional information. 0.92% of the stock is currently owned by company insiders.

Owens Corning Stock Performance

Shares of NYSE OC opened at $139.00 on Friday. The company has a current ratio of 1.24, a quick ratio of 0.74 and a debt-to-equity ratio of 1.27. The company has a market capitalization of $11.19 billion, a P/E ratio of -21.03, a P/E/G ratio of 2.71 and a beta of 1.30. Owens Corning Inc has a 12 month low of $97.53 and a 12 month high of $159.91. The stock has a 50 day moving average of $130.69 and a 200-day moving average of $123.26.

Owens Corning (NYSE:OC) last announced its quarterly earnings results on Wednesday, May 6th. The construction company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.21. The business had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.18 billion. Owens Corning had a negative net margin of 5.43% and a positive return on equity of 19.86%. Owens Corning’s quarterly revenue was down 10.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.97 EPS. As a group, equities research analysts predict that Owens Corning Inc will post 9.55 EPS for the current year.

Owens Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 6th. Shareholders of record on Monday, July 20th will be given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Monday, July 20th. Owens Corning’s dividend payout ratio is presently -47.81%.

Analyst Ratings Changes

OC has been the subject of several recent research reports. Barclays upped their price objective on Owens Corning from $144.00 to $170.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 14th. Zacks Research upgraded Owens Corning from a “strong sell” rating to a “hold” rating in a research note on Monday, April 27th. Evercore reaffirmed an “outperform” rating and set a $193.00 price target on shares of Owens Corning in a research report on Thursday. Wells Fargo & Company raised their price target on shares of Owens Corning from $150.00 to $165.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Finally, Weiss Ratings upgraded shares of Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $157.92.

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.