AustralianSuper Pty Ltd Sells 189,267 Shares of Owens Corning Inc $OC

AustralianSuper Pty Ltd decreased its stake in shares of Owens Corning Inc (NYSE:OC) by 35.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 351,009 shares of the construction company’s stock after selling 189,267 shares during the period. AustralianSuper Pty Ltd owned approximately 0.43% of Owens Corning worth $49,654,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of OC. Geneos Wealth Management Inc. boosted its position in Owens Corning by 61.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 482 shares of the construction company’s stock valued at $69,000 after acquiring an additional 184 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Owens Corning in the 2nd quarter valued at approximately $277,000. Greenleaf Trust boosted its position in shares of Owens Corning by 33.6% during the second quarter. Greenleaf Trust now owns 5,125 shares of the construction company’s stock valued at $705,000 after purchasing an additional 1,288 shares in the last quarter. Truist Financial Corp grew its stake in Owens Corning by 10.1% in the second quarter. Truist Financial Corp now owns 14,380 shares of the construction company’s stock worth $1,978,000 after purchasing an additional 1,317 shares during the period. Finally, Ameritas Advisory Services LLC bought a new position in Owens Corning in the second quarter worth $42,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Analysts Set New Price Targets

OC has been the topic of a number of recent research reports. JPMorgan Chase & Co. reduced their target price on shares of Owens Corning from $157.00 to $113.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 11th. Wells Fargo & Company raised their target price on shares of Owens Corning from $130.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Zacks Research upgraded shares of Owens Corning from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Barclays upped their price target on Owens Corning from $130.00 to $138.00 and gave the stock an “overweight” rating in a research note on Thursday, January 15th. Finally, Truist Financial lowered their price objective on Owens Corning from $165.00 to $135.00 and set a “hold” rating for the company in a research note on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $149.75.

Owens Corning Trading Down 0.6%

Shares of NYSE:OC opened at $120.48 on Thursday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.40 and a quick ratio of 0.86. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $192.64. The company has a market cap of $9.90 billion, a P/E ratio of -21.06, a PEG ratio of 2.51 and a beta of 1.35. The stock’s fifty day moving average price is $115.58 and its 200-day moving average price is $129.51.

Owens Corning (NYSE:OC) last issued its earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share for the quarter, topping analysts’ consensus estimates of $3.64 by $0.03. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.71 billion. Owens Corning had a positive return on equity of 24.42% and a negative net margin of 4.46%.Owens Corning’s revenue was down 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.38 EPS. Sell-side analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current year.

Owens Corning Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 21st. Shareholders of record on Monday, January 5th were given a $0.79 dividend. This is a boost from Owens Corning’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend was Monday, January 5th. This represents a $3.16 dividend on an annualized basis and a yield of 2.6%. Owens Corning’s payout ratio is presently -55.24%.

Owens Corning Company 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.