FineMark National Bank & Trust Lowers Stock Position in Owens Corning (NYSE:OC)

FineMark National Bank & Trust cut its stake in shares of Owens Corning (NYSE:OC) by 0.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,579 shares of the construction company’s stock after selling 149 shares during the quarter. FineMark National Bank & Trust’s holdings in Owens Corning were worth $6,400,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of OC. Truist Financial Corp increased its position in shares of Owens Corning by 4.0% during the 4th quarter. Truist Financial Corp now owns 16,038 shares of the construction company’s stock valued at $2,732,000 after purchasing an additional 624 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Owens Corning by 3.1% in the third quarter. Janus Henderson Group PLC now owns 6,744 shares of the construction company’s stock worth $1,189,000 after buying an additional 200 shares in the last quarter. Penserra Capital Management LLC raised its stake in shares of Owens Corning by 53.3% during the third quarter. Penserra Capital Management LLC now owns 4,726 shares of the construction company’s stock worth $832,000 after acquiring an additional 1,643 shares in the last quarter. Principal Financial Group Inc. raised its position in Owens Corning by 88.9% in the 4th quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company’s stock worth $66,777,000 after purchasing an additional 184,552 shares during the period. Finally, Empower Advisory Group LLC lifted its stake in shares of Owens Corning by 1.0% in the 4th quarter. Empower Advisory Group LLC now owns 512,049 shares of the construction company’s stock valued at $87,212,000 after acquiring an additional 5,167 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Stock Performance

Shares of Owens Corning stock opened at $151.21 on Tuesday. Owens Corning has a 12 month low of $137.50 and a 12 month high of $214.53. The firm has a market capitalization of $12.93 billion, a P/E ratio of 12.87, a P/E/G ratio of 1.88 and a beta of 1.52. The company has a current ratio of 1.44, a quick ratio of 0.85 and a debt-to-equity ratio of 0.89. The business has a fifty day simple moving average of $167.19 and a two-hundred day simple moving average of $176.71.

Owens Corning (NYSE:OC) last released its earnings results on Monday, February 24th. The construction company reported $3.22 EPS for the quarter, topping the consensus estimate of $2.87 by $0.35. The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.88 billion. Owens Corning had a return on equity of 25.82% and a net margin of 9.92%. The company’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period in the previous year, the company posted $3.21 earnings per share. On average, equities analysts forecast that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 10th will be issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date of this dividend is Monday, March 10th. Owens Corning’s payout ratio is 37.70%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Royal Bank of Canada restated an “outperform” rating and set a $212.00 price target on shares of Owens Corning in a research report on Monday, March 17th. Benchmark reaffirmed a “hold” rating on shares of Owens Corning in a research note on Monday, March 3rd. Wells Fargo & Company lowered their price target on shares of Owens Corning from $225.00 to $200.00 and set an “overweight” rating for the company in a report on Tuesday, February 25th. Citigroup cut their price target on shares of Owens Corning from $212.00 to $207.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, UBS Group lowered their price objective on shares of Owens Corning from $245.00 to $235.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $204.18.

Insider Activity at Owens Corning

In other news, insider Monaco Nicolas Del sold 1,750 shares of the company’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the transaction, the insider now directly owns 11,635 shares of the company’s stock, valued at $2,140,490.95. This represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.89% of the stock is owned by insiders.

About Owens Corning

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.