Raymond James Financial Services Advisors Inc. Sells 3,535 Shares of Owens Corning (NYSE:OC)

Raymond James Financial Services Advisors Inc. trimmed its holdings in shares of Owens Corning (NYSE:OC) by 48.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,807 shares of the construction company’s stock after selling 3,535 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Owens Corning were worth $564,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC increased its holdings in Owens Corning by 97.3% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 22,798 shares of the construction company’s stock worth $3,110,000 after acquiring an additional 11,241 shares during the last quarter. Contravisory Investment Management Inc. purchased a new position in Owens Corning during the 4th quarter valued at about $27,000. New York Life Investment Management LLC grew its holdings in Owens Corning by 101.7% during the 3rd quarter. New York Life Investment Management LLC now owns 9,969 shares of the construction company’s stock valued at $1,360,000 after buying an additional 5,026 shares in the last quarter. Cambria Investment Management L.P. grew its holdings in Owens Corning by 7.5% during the 3rd quarter. Cambria Investment Management L.P. now owns 84,448 shares of the construction company’s stock valued at $11,520,000 after buying an additional 5,877 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in Owens Corning during the 3rd quarter valued at about $1,186,000. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on OC shares. Loop Capital lifted their target price on Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a report on Monday, April 1st. Truist Financial lifted their target price on Owens Corning from $115.00 to $145.00 and gave the company a “hold” rating in a report on Thursday, February 15th. Barclays lowered Owens Corning from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $170.00 to $160.00 in a report on Monday, February 12th. Citigroup boosted their price objective on Owens Corning from $150.00 to $169.00 and gave the stock a “neutral” rating in a report on Friday, April 5th. Finally, Royal Bank of Canada cut their price objective on Owens Corning from $183.00 to $175.00 and set an “outperform” rating for the company in a report on Thursday, February 15th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Owens Corning has an average rating of “Moderate Buy” and a consensus target price of $162.14.

Insider Buying and Selling at Owens Corning

In related news, insider Gunner Smith sold 657 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $153.36, for a total transaction of $100,757.52. Following the completion of the transaction, the insider now owns 37,587 shares in the company, valued at $5,764,342.32. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Gunner Smith sold 657 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $153.36, for a total transaction of $100,757.52. Following the completion of the transaction, the insider now owns 37,587 shares in the company, valued at $5,764,342.32. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Brian Chambers sold 9,100 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 269,696 shares of the company’s stock, valued at approximately $41,417,214.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,672 shares of company stock worth $3,325,799. 0.89% of the stock is currently owned by insiders.

Owens Corning Stock Performance

NYSE:OC opened at $160.46 on Friday. The business has a 50 day moving average of $157.46 and a 200 day moving average of $144.96. The company has a market capitalization of $13.96 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 0.28 and a beta of 1.47. Owens Corning has a 1-year low of $98.02 and a 1-year high of $173.65. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.69 and a quick ratio of 1.17.

Owens Corning (NYSE:OC) last announced its quarterly earnings data on Wednesday, February 14th. The construction company reported $3.21 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.39. Owens Corning had a return on equity of 25.88% and a net margin of 12.36%. The firm had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the previous year, the company posted $2.49 earnings per share. The business’s revenue was up .8% on a year-over-year basis. On average, sell-side analysts predict that Owens Corning will post 13.77 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Monday, March 4th were given a $0.60 dividend. The ex-dividend date of this dividend was Friday, March 1st. This represents a $2.40 annualized dividend and a yield of 1.50%. Owens Corning’s payout ratio is currently 18.29%.

Owens Corning Profile

Owens Corning manufactures and sells building and construction materials in the United States, Europe, the Asia Pacific, and internationally. It operates in three segments: Roofing, Insulation, and Composites. The Roofing segment manufactures and sells laminate and strip asphalt roofing shingles, oxidized asphalt materials, and roofing components used in residential and commercial construction, and specialty applications.