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May 31, 2023

Owens Corning (NYSE:OC) Stake Boosted by Acadian Asset Management LLC

Acadian Asset Management LLC increased its stake in Owens Corning (NYSE:OC - Free Report) by 3.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange

Acadian Asset Management LLC increased its stake in Owens Corning (NYSE:OC - Free Report) by 3.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 87,819 shares of the construction company's stock after purchasing an additional 2,717 shares during the quarter. Acadian Asset Management LLC owned approximately 0.10% of Owens Corning worth $8,411,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of OC. Norges Bank purchased a new position in Owens Corning during the 4th quarter valued at about $111,343,000. Envestnet Asset Management Inc. grew its stake in shares of Owens Corning by 878.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 623,176 shares of the construction company's stock valued at $5,861,000 after buying an additional 559,459 shares in the last quarter. Sarasin & Partners LLP bought a new stake in shares of Owens Corning in the 1st quarter valued at approximately $42,129,000. Pacer Advisors Inc. grew its stake in shares of Owens Corning by 59.3% in the 1st quarter. Pacer Advisors Inc. now owns 835,352 shares of the construction company's stock valued at $80,027,000 after buying an additional 310,853 shares in the last quarter. Finally, Great Lakes Advisors LLC grew its stake in shares of Owens Corning by 11,127.8% in the 1st quarter. Great Lakes Advisors LLC now owns 290,576 shares of the construction company's stock valued at $27,837,000 after buying an additional 287,988 shares in the last quarter. Hedge funds and other institutional investors own 90.22% of the company's stock.

In other Owens Corning news, Director W Howard Morris sold 1,033 shares of the firm's stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $141.63, for a total value of $146,303.79. Following the completion of the sale, the director now owns 40,889 shares in the company, valued at approximately $5,791,109.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director W Howard Morris sold 1,033 shares of the firm's stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $141.63, for a total transaction of $146,303.79. Following the completion of the transaction, the director now owns 40,889 shares in the company, valued at approximately $5,791,109.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Todd W. Fister sold 5,375 shares of the firm's stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $136.23, for a total value of $732,236.25. Following the transaction, the insider now owns 26,067 shares of the company's stock, valued at approximately $3,551,107.41. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,978 shares of company stock worth $2,061,533. 0.89% of the stock is currently owned by company insiders.

Several brokerages recently commented on OC. Bank of America boosted their price target on Owens Corning from $127.00 to $152.00 in a research note on Friday, July 14th. Jefferies Financial Group lifted their price target on shares of Owens Corning from $142.00 to $160.00 and gave the company a "buy" rating in a research report on Thursday, July 13th. Citigroup raised their target price on shares of Owens Corning from $132.00 to $134.00 and gave the company a "neutral" rating in a research note on Monday, July 24th. JPMorgan Chase & Co. raised shares of Owens Corning from an "underweight" rating to a "neutral" rating and boosted their target price for the stock from $95.00 to $133.00 in a research report on Friday, July 28th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Owens Corning from $102.00 to $110.00 in a research report on Monday, May 1st. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $140.92.

Read Our Latest Stock Analysis on Owens Corning

Shares of NYSE:OC opened at $138.12 on Tuesday. The business has a 50 day moving average price of $134.51 and a 200 day moving average price of $113.85. Owens Corning has a twelve month low of $74.22 and a twelve month high of $143.70. The company has a market cap of $12.41 billion, a price-to-earnings ratio of 9.79, a PEG ratio of 1.27 and a beta of 1.48. The company has a quick ratio of 1.37, a current ratio of 2.07 and a debt-to-equity ratio of 0.60.

Owens Corning (NYSE:OC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 26th. The construction company reported $4.22 EPS for the quarter, topping analysts' consensus estimates of $3.25 by $0.97. Owens Corning had a return on equity of 25.59% and a net margin of 13.62%. The company had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the company earned $3.83 EPS. The company's quarterly revenue was down 1.5% on a year-over-year basis. Research analysts predict that Owens Corning will post 13.59 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 4th. Shareholders of record on Monday, July 17th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, July 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.51%. Owens Corning's dividend payout ratio is currently 14.74%.

Owens Corning engages in manufacture and sale of insulation, roofing, and fiberglass composite materials in the United States, Canada, Europe, the Asia Pacific, Latin America, and internationally. It operates in three segments: Composites, Insulation, and Roofing. The Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and glass fiber products in the form of fabrics, non-wovens, and other specialized products.

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