Charles Schwab Investment Management Inc. Trims Stake in Owens Corning (NYSE:OC)

Charles Schwab Investment Management Inc. reduced its stake in Owens Corning (NYSE:OCFree Report) by 0.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 591,021 shares of the construction company’s stock after selling 1,455 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.66% of Owens Corning worth $80,621,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in OC. Norges Bank purchased a new stake in shares of Owens Corning during the fourth quarter worth about $111,343,000. Envestnet Asset Management Inc. increased its position in shares of Owens Corning by 878.0% during the first quarter. Envestnet Asset Management Inc. now owns 623,176 shares of the construction company’s stock worth $5,861,000 after acquiring an additional 559,459 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Owens Corning by 114.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 608,130 shares of the construction company’s stock worth $58,259,000 after acquiring an additional 324,271 shares during the last quarter. Bank of America Corp DE increased its position in shares of Owens Corning by 24.9% during the first quarter. Bank of America Corp DE now owns 1,556,181 shares of the construction company’s stock worth $149,082,000 after acquiring an additional 310,487 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC acquired a new position in Owens Corning in the second quarter worth about $40,378,000. 90.22% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on OC. Truist Financial decreased their price target on Owens Corning from $135.00 to $115.00 and set a “hold” rating for the company in a research note on Thursday, October 26th. Barclays downgraded Owens Corning from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $170.00 to $160.00 in a research note on Monday. Deutsche Bank Aktiengesellschaft upgraded Owens Corning from a “hold” rating to a “buy” rating and lifted their price target for the stock from $130.00 to $180.00 in a research note on Friday, December 8th. JPMorgan Chase & Co. lifted their price target on Owens Corning from $116.00 to $161.00 and gave the stock a “neutral” rating in a research note on Thursday, December 14th. Finally, The Goldman Sachs Group lifted their price target on Owens Corning from $130.00 to $147.00 and gave the stock a “neutral” rating in a research note on Thursday, December 14th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Owens Corning currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.80.

Check Out Our Latest Research Report on OC

Insider Transactions at Owens Corning

In related news, CEO Brian Chambers sold 9,100 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $153.57, for a total transaction of $1,397,487.00. Following the sale, the chief executive officer now owns 269,696 shares of the company’s stock, valued at $41,417,214.72. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Owens Corning news, insider Gunner Smith sold 657 shares of the company’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $153.36, for a total value of $100,757.52. Following the transaction, the insider now owns 37,587 shares of the company’s stock, valued at $5,764,342.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Brian Chambers sold 9,100 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $153.57, for a total value of $1,397,487.00. Following the completion of the transaction, the chief executive officer now directly owns 269,696 shares in the company, valued at approximately $41,417,214.72. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,465 shares of company stock worth $1,607,085. Company insiders own 0.89% of the company’s stock.

Owens Corning Stock Performance

Shares of NYSE OC opened at $149.18 on Tuesday. The company has a current ratio of 2.16, a quick ratio of 1.49 and a debt-to-equity ratio of 0.59. The stock has a 50 day simple moving average of $149.15 and a 200-day simple moving average of $138.88. The company has a market cap of $13.26 billion, a PE ratio of 11.49, a P/E/G ratio of 1.83 and a beta of 1.47. Owens Corning has a 12-month low of $88.86 and a 12-month high of $160.18.

Owens Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 4th. Stockholders of record on Monday, March 4th will be given a dividend of $0.60 per share. The ex-dividend date is Friday, March 1st. This represents a $2.40 annualized dividend and a dividend yield of 1.61%. Owens Corning’s dividend payout ratio is presently 18.49%.

About Owens Corning

(Free Report)

Owens Corning engages in manufacture and sale of insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, Latin America, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.

See Also

Institutional Ownership by Quarter for Owens Corning (NYSE:OC)

Receive News & Ratings for Owens Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens Corning and related companies with MarketBeat.com's FREE daily email newsletter.