Owens Corning (NYSE:OC) Shares Sold by LSV Asset Management

LSV Asset Management decreased its position in Owens Corning (NYSE:OC) by 8.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,069,842 shares of the construction company’s stock after selling 202,308 shares during the quarter. LSV Asset Management’s holdings in Owens Corning were worth $345,250,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of OC. Envestnet Portfolio Solutions Inc. grew its position in shares of Owens Corning by 14.9% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 4,002 shares of the construction company’s stock worth $668,000 after buying an additional 519 shares in the last quarter. ORG Partners LLC acquired a new stake in shares of Owens Corning during the first quarter worth approximately $31,000. Texas Permanent School Fund Corp grew its position in shares of Owens Corning by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 77,782 shares of the construction company’s stock worth $12,974,000 after buying an additional 1,006 shares in the last quarter. Paulson Wealth Management Inc. acquired a new stake in shares of Owens Corning during the first quarter worth approximately $213,000. Finally, Mediolanum International Funds Ltd acquired a new stake in shares of Owens Corning during the first quarter worth approximately $4,314,000. Institutional investors and hedge funds own 88.40% of the company’s stock.

Owens Corning Stock Performance

OC stock traded up $2.32 during mid-day trading on Friday, reaching $177.47. The company had a trading volume of 586,680 shares, compared to its average volume of 658,886. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $15.38 billion, a P/E ratio of 14.44, a P/E/G ratio of 4.98 and a beta of 1.42. Owens Corning has a one year low of $109.95 and a one year high of $184.00. The stock’s 50-day simple moving average is $175.51 and its two-hundred day simple moving average is $162.76.

Owens Corning (NYSE:OC) last issued its quarterly earnings data on Wednesday, April 24th. The construction company reported $3.59 earnings per share for the quarter, beating analysts’ consensus estimates of $3.04 by $0.55. Owens Corning had a net margin of 11.53% and a return on equity of 26.52%. The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same period in the previous year, the business earned $2.77 earnings per share. The company’s revenue was down 1.3% on a year-over-year basis. Research analysts anticipate that Owens Corning will post 15.48 EPS for the current year.

Owens Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Monday, July 15th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date of this dividend is Monday, July 15th. Owens Corning’s dividend payout ratio is currently 19.43%.

Insider Activity at Owens Corning

In related news, VP Mari Doerfler sold 240 shares of Owens Corning stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $182.05, for a total transaction of $43,692.00. Following the sale, the vice president now directly owns 4,954 shares in the company, valued at $901,875.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Owens Corning news, insider Marcio A. Sandri sold 9,697 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $178.00, for a total value of $1,726,066.00. Following the sale, the insider now directly owns 62,895 shares in the company, valued at $11,195,310. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Mari Doerfler sold 240 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $182.05, for a total transaction of $43,692.00. Following the completion of the sale, the vice president now owns 4,954 shares in the company, valued at $901,875.70. The disclosure for this sale can be found here. Insiders have sold a total of 19,360 shares of company stock worth $3,437,315 over the last ninety days. 0.89% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. The Goldman Sachs Group reissued a “neutral” rating and set a $187.00 price target on shares of Owens Corning in a research report on Monday, June 17th. Loop Capital lifted their price objective on shares of Owens Corning from $188.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, June 21st. Jefferies Financial Group initiated coverage on shares of Owens Corning in a report on Wednesday, May 22nd. They issued a “buy” rating and a $215.00 price objective for the company. Royal Bank of Canada lifted their price objective on shares of Owens Corning from $192.00 to $201.00 and gave the stock an “outperform” rating in a report on Tuesday, May 21st. Finally, UBS Group lifted their price objective on shares of Owens Corning from $169.00 to $192.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $180.50.

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.