Public Employees Retirement System of Ohio Sells 4,444 Shares of Owens Corning (NYSE:OC)

Public Employees Retirement System of Ohio lowered its stake in shares of Owens Corning (NYSE:OC) by 8.4% during the third quarter, Holdings Channel reports. The fund owned 48,257 shares of the construction company’s stock after selling 4,444 shares during the period. Public Employees Retirement System of Ohio’s holdings in Owens Corning were worth $8,518,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OC. Alpha DNA Investment Management LLC lifted its position in shares of Owens Corning by 147.4% during the third quarter. Alpha DNA Investment Management LLC now owns 4,270 shares of the construction company’s stock worth $754,000 after purchasing an additional 2,544 shares in the last quarter. CWA Asset Management Group LLC bought a new position in Owens Corning in the 3rd quarter valued at $1,046,000. Atria Investments Inc increased its stake in shares of Owens Corning by 93.3% in the 3rd quarter. Atria Investments Inc now owns 13,200 shares of the construction company’s stock valued at $2,330,000 after buying an additional 6,373 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of Owens Corning during the second quarter worth $3,598,000. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in shares of Owens Corning by 133.1% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 9,327 shares of the construction company’s stock valued at $1,620,000 after acquiring an additional 5,325 shares during the period. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Trading Down 2.1 %

NYSE OC opened at $194.37 on Friday. The stock’s 50-day moving average is $190.94 and its 200-day moving average is $177.88. Owens Corning has a one year low of $138.70 and a one year high of $214.53. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 0.85. The firm has a market cap of $16.67 billion, a P/E ratio of 16.54, a P/E/G ratio of 2.26 and a beta of 1.42.

Owens Corning (NYSE:OC) last released its quarterly earnings results on Wednesday, November 6th. The construction company reported $4.38 earnings per share for the quarter, beating the consensus estimate of $4.05 by $0.33. Owens Corning had a net margin of 9.92% and a return on equity of 25.82%. The company had revenue of $3.05 billion during the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter in the prior year, the company earned $4.15 earnings per share. The business’s quarterly revenue was up 22.9% compared to the same quarter last year. Sell-side analysts anticipate that Owens Corning will post 15.46 earnings per share for the current fiscal year.

Owens Corning Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 17th. Shareholders of record on Monday, January 6th will be given a dividend of $0.69 per share. The ex-dividend date is Monday, January 6th. This represents a $2.76 dividend on an annualized basis and a yield of 1.42%. This is an increase from Owens Corning’s previous quarterly dividend of $0.60. Owens Corning’s dividend payout ratio is 23.49%.

Analyst Ratings Changes

OC has been the subject of a number of research reports. Royal Bank of Canada lifted their price objective on Owens Corning from $213.00 to $217.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Evercore ISI lifted their price target on shares of Owens Corning from $189.00 to $196.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. UBS Group raised their price objective on shares of Owens Corning from $197.00 to $218.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Wells Fargo & Company upped their target price on shares of Owens Corning from $175.00 to $195.00 and gave the company an “equal weight” rating in a research report on Thursday, November 7th. Finally, StockNews.com upgraded Owens Corning from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $198.33.

Insider Activity

In other news, insider Marcio A. Sandri sold 3,051 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $176.50, for a total value of $538,501.50. Following the completion of the transaction, the insider now owns 57,079 shares in the company, valued at $10,074,443.50. This trade represents a 5.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.89% of the stock is owned by corporate 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.