Greenleaf Trust Lowers Position in Owens Corning (NYSE:OC)

Greenleaf Trust decreased its position in Owens Corning (NYSE:OC) by 11.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,987 shares of the construction company’s stock after selling 541 shares during the period. Greenleaf Trust’s holdings in Owens Corning were worth $591,000 at the end of the most recent quarter.

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

Owens Corning Stock Performance

NYSE:OC opened at $164.44 on Tuesday. The firm has a 50 day simple moving average of $158.00 and a 200-day simple moving average of $145.55. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.69 and a quick ratio of 1.17. The firm has a market cap of $14.31 billion, a PE ratio of 12.53, a P/E/G 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.

Owens Corning (NYSE:OC) last issued its quarterly earnings results on Wednesday, February 14th. The construction company reported $3.21 EPS for the quarter, topping the consensus estimate of $2.82 by $0.39. Owens Corning had a net margin of 12.36% and a return on equity of 25.88%. The firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.25 billion. During the same quarter in the prior year, the business posted $2.49 earnings per share. Owens Corning’s revenue for the quarter was up .8% compared to the same quarter last year. On average, equities analysts expect that Owens Corning will post 13.77 EPS for the current year.

Owens Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Investors of record on Monday, March 4th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 1.46%. The ex-dividend date was Friday, March 1st. Owens Corning’s dividend payout ratio (DPR) is 18.29%.

Insider Buying and Selling

In related news, 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 transaction of $1,397,487.00. Following the completion of the transaction, the chief executive officer now owns 269,696 shares of the company’s stock, valued at $41,417,214.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Owens Corning news, insider Gunner Smith sold 7,442 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $148.99, for a total transaction of $1,108,783.58. Following the completion of the sale, the insider now directly owns 36,140 shares in the company, valued at $5,384,498.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Brian Chambers sold 9,100 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $153.57, for a total transaction of $1,397,487.00. Following the sale, the chief executive officer now owns 269,696 shares of the company’s stock, valued at $41,417,214.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,672 shares of company stock valued at $3,325,799. Insiders own 0.90% of the company’s stock.

Wall Street Analysts Forecast Growth

OC has been the topic of several recent research reports. Citigroup upped their price target on shares of Owens Corning from $150.00 to $169.00 and gave the company a “neutral” rating in a report on Friday, April 5th. Loop Capital upped their price target on shares of Owens Corning from $167.00 to $188.00 and gave the company a “buy” rating in a report on Monday, April 1st. UBS Group reduced their price target on shares of Owens Corning from $175.00 to $169.00 and set a “buy” rating on the stock in a report on Thursday, February 15th. Truist Financial upped their price target on shares of Owens Corning from $115.00 to $145.00 and gave the company a “hold” rating in a report on Thursday, February 15th. Finally, Evercore ISI downgraded shares of Owens Corning from an “outperform” rating to an “in-line” rating and reduced their price target for the company from $163.00 to $154.00 in a report on Thursday, February 15th. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Owens Corning has an average rating of “Moderate Buy” and a consensus target price of $162.14.

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.