State of Michigan Retirement System Sells 4,680 Shares of Owens Corning Inc $OC
by Jessica Moore · The Cerbat GemState of Michigan Retirement System lowered its stake in shares of Owens Corning Inc (NYSE:OC – Free Report) by 19.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,408 shares of the construction company’s stock after selling 4,680 shares during the quarter. State of Michigan Retirement System’s holdings in Owens Corning were worth $2,172,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also added to or reduced their stakes in the company. Quent Capital LLC raised its holdings in Owens Corning by 1,358.2% in the fourth quarter. Quent Capital LLC now owns 8,822 shares of the construction company’s stock worth $987,000 after purchasing an additional 8,217 shares in the last quarter. Advisors Capital Management LLC boosted its holdings in shares of Owens Corning by 0.8% in the 4th quarter. Advisors Capital Management LLC now owns 54,617 shares of the construction company’s stock valued at $6,112,000 after buying an additional 451 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its position in shares of Owens Corning by 367.0% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 131,065 shares of the construction company’s stock worth $14,668,000 after buying an additional 103,000 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Owens Corning by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 9,765,729 shares of the construction company’s stock worth $1,092,883,000 after acquiring an additional 84,096 shares in the last quarter. Finally, Resonant Capital Advisors LLC lifted its position in Owens Corning by 22.2% during the fourth quarter. Resonant Capital Advisors LLC now owns 2,719 shares of the construction company’s stock valued at $304,000 after acquiring an additional 494 shares during the last quarter. 88.40% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
OC has been the topic of a number of recent analyst reports. Zacks Research raised Owens Corning from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Wells Fargo & Company raised their price objective on Owens Corning from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Owens Corning in a research report on Friday, March 27th. Bank of America decreased their price target on Owens Corning from $140.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Finally, Evercore set a $130.00 price target on Owens Corning in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $145.09.
Check Out Our Latest Research Report on Owens Corning
Owens Corning Stock Performance
Shares of OC stock opened at $122.58 on Friday. The business has a fifty day moving average of $114.25 and a 200 day moving average of $117.22. Owens Corning Inc has a 1 year low of $97.53 and a 1 year high of $159.42. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.26 and a quick ratio of 0.70. The firm has a market capitalization of $9.85 billion, a price-to-earnings ratio of -19.15, a price-to-earnings-growth ratio of 2.09 and a beta of 1.35.
Owens Corning (NYSE:OC – Get Free Report) last posted its quarterly earnings results on Wednesday, February 25th. The construction company reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.36 by ($0.26). Owens Corning had a negative net margin of 5.17% and a positive return on equity of 21.93%. The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.17 billion. During the same quarter in the previous year, the firm posted $3.22 EPS. The firm’s revenue for the quarter was down 16.8% compared to the same quarter last year. As a group, research analysts expect that Owens Corning Inc will post 9.45 earnings per share for the current year.
Owens Corning Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, April 9th. Investors of record on Monday, March 9th were issued a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 2.6%. The ex-dividend date was Monday, March 9th. Owens Corning’s dividend payout ratio is -49.38%.
Owens Corning Company Profile
Owens Corning is a global leader in composite materials and building products, with a primary focus on insulation, roofing, and fiberglass composites. The company serves professional contractors, builders and industrial manufacturers by providing solutions designed to improve energy efficiency, structural performance and durability. Its products are used in residential, commercial, and industrial applications worldwide.
The company’s core product lines include fiberglass insulation for thermal and acoustic comfort, roofing shingles and underlayment systems engineered for weather protection, and advanced composite materials for markets such as wind energy, automotive, marine and infrastructure.
Further Reading
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