Pitcairn Co. Boosts Position in Owens Corning (NYSE:OC)

Pitcairn Co. raised its position in Owens Corning (NYSE:OC) by 98.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,830 shares of the construction company’s stock after purchasing an additional 1,401 shares during the period. Pitcairn Co.’s holdings in Owens Corning were worth $482,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in OC. Truist Financial Corp lifted its stake in Owens Corning by 4.0% in the 4th quarter. Truist Financial Corp now owns 16,038 shares of the construction company’s stock valued at $2,732,000 after buying an additional 624 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Owens Corning by 3.1% in the third quarter. Janus Henderson Group PLC now owns 6,744 shares of the construction company’s stock valued at $1,189,000 after acquiring an additional 200 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Owens Corning by 88.9% in the fourth quarter. Principal Financial Group Inc. now owns 392,031 shares of the construction company’s stock valued at $66,777,000 after acquiring an additional 184,552 shares in the last quarter. Empower Advisory Group LLC boosted its stake in shares of Owens Corning by 1.0% during the fourth 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. Finally, Retirement Systems of Alabama increased its position in Owens Corning by 3.1% during the 3rd quarter. Retirement Systems of Alabama now owns 196,672 shares of the construction company’s stock worth $34,717,000 after purchasing an additional 5,916 shares in the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Owens Corning from $200.00 to $176.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Citigroup reduced their target price on Owens Corning from $212.00 to $207.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Wells Fargo & Company dropped their price target on shares of Owens Corning from $225.00 to $200.00 and set an “overweight” rating for the company in a research report on Tuesday, February 25th. Loop Capital decreased their price target on shares of Owens Corning from $215.00 to $210.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Owens Corning in a report on Tuesday, April 1st. They set a “buy” rating and a $183.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Owens Corning presently has an average rating of “Moderate Buy” and a consensus price target of $202.42.

Insider Activity at Owens Corning

In related news, insider Monaco Nicolas Del sold 1,750 shares of the company’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $183.97, for a total value of $321,947.50. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.82% of the stock is currently owned by company insiders.

Owens Corning Stock Down 2.3 %

Shares of NYSE:OC opened at $134.17 on Friday. The company has a market capitalization of $11.48 billion, a price-to-earnings ratio of 11.42, a price-to-earnings-growth ratio of 1.88 and a beta of 1.39. The company has a 50 day moving average of $160.07 and a two-hundred day moving average of $175.44. Owens Corning has a 52-week low of $126.15 and a 52-week high of $214.53. The company has a quick ratio of 0.85, a current ratio of 1.44 and a debt-to-equity ratio of 0.89.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Monday, February 24th. The construction company reported $3.22 earnings per share for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same period last year, the business earned $3.21 EPS. The business’s revenue was up 23.3% on a year-over-year basis. As a group, analysts forecast that Owens Corning will post 15.49 earnings per share for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 10th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 2.06%. The ex-dividend date of this dividend is Monday, March 10th. Owens Corning’s dividend payout ratio (DPR) is 37.70%.

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.