Federated Hermes Inc. Sells 67,138 Shares of Owens Corning (NYSE:OC)

Federated Hermes Inc. decreased its position in Owens Corning (NYSE:OC) by 29.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 157,275 shares of the construction company’s stock after selling 67,138 shares during the quarter. Federated Hermes Inc.’s holdings in Owens Corning were worth $26,787,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Aster Capital Management DIFC Ltd raised its position in shares of Owens Corning by 2,436.2% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 2,942 shares of the construction company’s stock valued at $501,000 after buying an additional 2,826 shares in the last quarter. Ilmarinen Mutual Pension Insurance Co bought a new stake in Owens Corning during the fourth quarter worth approximately $2,299,000. Wedbush Securities Inc. purchased a new stake in Owens Corning during the fourth quarter valued at approximately $247,000. Envestnet Asset Management Inc. lifted its stake in shares of Owens Corning by 0.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 194,032 shares of the construction company’s stock valued at $33,048,000 after purchasing an additional 1,645 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. bought a new position in shares of Owens Corning during the 4th quarter valued at approximately $4,394,000. 88.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Owens Corning in a research report on Tuesday, April 1st. They issued a “buy” rating and a $183.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $212.00 price target on shares of Owens Corning in a research note on Monday, March 17th. Benchmark reiterated a “hold” rating on shares of Owens Corning in a report on Monday, March 3rd. Citigroup decreased their price objective on shares of Owens Corning from $212.00 to $207.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, StockNews.com cut Owens Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Owens Corning has an average rating of “Moderate Buy” and a consensus price target of $199.42.

Insider Buying and Selling

In related news, insider Monaco Nicolas Del sold 1,750 shares of the firm’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $183.97, for a total transaction of $321,947.50. Following the sale, the insider now owns 11,635 shares of the company’s stock, valued at $2,140,490.95. This trade represents a 13.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.82% of the stock is currently owned by insiders.

Owens Corning Price Performance

Shares of OC stock opened at $126.11 on Wednesday. Owens Corning has a twelve month low of $124.33 and a twelve month high of $214.53. 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 stock has a fifty day simple moving average of $156.31 and a two-hundred day simple moving average of $174.44. The stock has a market capitalization of $10.79 billion, a price-to-earnings ratio of 10.73, a P/E/G ratio of 1.88 and a beta of 1.39.

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

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 10th will be issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 2.19%. The ex-dividend date is Monday, March 10th. Owens Corning’s payout ratio 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.