Owens Corning (NYSE:OC) Stake Trimmed by Handelsbanken Fonder AB

Handelsbanken Fonder AB cut its position in shares of Owens Corning (NYSE:OC) by 1.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,000 shares of the construction company’s stock after selling 200 shares during the quarter. Handelsbanken Fonder AB’s holdings in Owens Corning were worth $2,668,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Lecap Asset Management Ltd. purchased a new position in shares of Owens Corning during the 4th quarter valued at $1,791,000. Voss Capital LLC purchased a new position in Owens Corning in the fourth quarter valued at about $5,929,000. Louisiana State Employees Retirement System acquired a new position in Owens Corning in the 4th quarter worth about $3,706,000. Federated Hermes Inc. raised its stake in shares of Owens Corning by 11.6% during the 4th quarter. Federated Hermes Inc. now owns 530,802 shares of the construction company’s stock worth $78,681,000 after purchasing an additional 55,263 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Owens Corning by 97.3% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 22,798 shares of the construction company’s stock valued at $3,110,000 after buying an additional 11,241 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors and hedge funds.

Owens Corning Stock Up 2.1 %

Shares of OC opened at $168.55 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.76 and a debt-to-equity ratio of 0.50. The company has a 50-day moving average price of $159.88 and a two-hundred day moving average price of $146.32. The stock has a market cap of $14.61 billion, a price-to-earnings ratio of 13.65, a P/E/G ratio of 6.97 and a beta of 1.47. Owens Corning has a 12 month low of $99.49 and a 12 month high of $173.65.

Owens Corning (NYSE:OC) last posted its earnings results on Wednesday, April 24th. The construction company reported $3.59 EPS for the quarter, topping the consensus estimate of $3.04 by $0.55. Owens Corning had a return on equity of 26.52% and a net margin of 11.53%. The business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same quarter last year, the company earned $2.77 EPS. Owens Corning’s revenue was down 1.3% on a year-over-year basis. Equities analysts predict that Owens Corning will post 13.92 EPS for the current fiscal year.

Owens Corning Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Monday, March 4th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.42%. The ex-dividend date of this dividend was Friday, March 1st. Owens Corning’s payout ratio is 19.43%.

Analyst Ratings Changes

Several analysts have commented on the stock. UBS Group boosted their target price on shares of Owens Corning from $169.00 to $192.00 and gave the stock a “buy” rating in a research report on Thursday. Loop Capital increased their target price on shares of Owens Corning from $167.00 to $188.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. Barclays cut Owens Corning from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $170.00 to $160.00 in a research report on Monday, February 12th. Evercore ISI raised their price objective on Owens Corning from $154.00 to $172.00 and gave the company an “in-line” rating in a research note on Thursday. Finally, Argus upped their target price on Owens Corning from $175.00 to $182.00 and gave the stock a “buy” rating in a research report on Thursday. Eight analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $168.21.

Insider Buying and Selling

In other news, insider Gunner Smith sold 708 shares of Owens Corning stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $153.73, for a total value of $108,840.84. Following the completion of the transaction, the insider now owns 39,994 shares in the company, valued at $6,148,277.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Owens Corning news, EVP Paula Russell sold 3,765 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $162.00, for a total transaction of $609,930.00. Following the sale, the executive vice president now owns 20,419 shares of the company’s stock, valued at approximately $3,307,878. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Gunner Smith sold 708 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $153.73, for a total transaction of $108,840.84. Following the completion of the transaction, the insider now directly owns 39,994 shares of the company’s stock, valued at $6,148,277.62. The disclosure for this sale can be found here. Insiders sold 21,672 shares of company stock worth $3,325,799 in the last quarter. 0.89% of the stock is owned by corporate insiders.

Owens Corning Company 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.