VIRGINIA RETIREMENT SYSTEMS ET Al Invests $2.11 Million in Owens Corning Inc $OC

by · The Cerbat Gem

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Owens Corning Inc (NYSE:OC – Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 13,300 shares of the construction company’s stock, valued at approximately $2,114,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. California State Teachers Retirement System grew its stake in Owens Corning by 15,428.9% in the 2nd quarter. California State Teachers Retirement System now owns 14,771,676 shares of the construction company’s stock valued at $2,348,106,000 after buying an additional 14,676,552 shares in the last quarter. BlackRock Inc. bought a new position in shares of Owens Corning in the second quarter worth $1,401,161,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Owens Corning by 460.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,313,019 shares of the construction company’s stock worth $146,940,000 after acquiring an additional 1,078,877 shares during the period. Norges Bank purchased a new position in shares of Owens Corning in the fourth quarter valued at $119,748,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Owens Corning by 721.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,170,179 shares of the construction company’s stock valued at $125,513,000 after purchasing an additional 1,027,800 shares in the last quarter. 88.40% of the stock is owned by institutional investors.

Insider Buying and Selling at Owens Corning

In related news, insider Rachel Barthelemy Marcon sold 900 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $144.07, for a total value of $129,663.00. Following the transaction, the insider directly owned 21,449 shares in the company, valued at approximately $3,090,157.43. This represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.92% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Evercore reissued an “outperform” rating and set a $193.00 price objective on shares of Owens Corning in a report on Thursday, July 23rd. Weiss Ratings upgraded Owens Corning from a “sell (d)” rating to a “sell (d+)” rating in a research report on Wednesday, June 24th. DA Davidson assumed coverage on shares of Owens Corning in a report on Monday, August 24th. They issued a “buy” rating and a $190.00 price target on the stock. Citigroup raised their price objective on shares of Owens Corning from $149.00 to $177.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Owens Corning from $136.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Owens Corning has a consensus rating of “Moderate Buy” and an average price target of $165.31.

View Our Latest Analysis on Owens Corning

Owens Corning Price Performance

NYSE:OC opened at $127.41 on Friday. The firm has a market capitalization of $10.07 billion, a price-to-earnings ratio of -15.81, a P/E/G ratio of 1.93 and a beta of 1.32. Owens Corning Inc has a 52-week low of $97.53 and a 52-week high of $159.91. The stock has a fifty day moving average of $143.84 and a 200 day moving average of $127.73. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.67 and a current ratio of 1.16.

Owens Corning (NYSE:OC – Get Free Report) last announced its earnings results on Wednesday, August 5th. The construction company reported $3.93 earnings per share for the quarter, topping analysts’ consensus estimates of $3.09 by $0.84. Owens Corning had a positive return on equity of 20.52% and a negative net margin of 6.81%.The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same period in the prior year, the company earned $4.21 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. On average, research analysts expect that Owens Corning Inc will post 9.94 EPS for the current fiscal year.

Owens Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 6th. Stockholders of record on Monday, July 20th were issued a dividend of $0.79 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $3.16 annualized dividend and a dividend yield of 2.5%. Owens Corning’s payout ratio is presently -39.21%.

About Owens Corning

(Free Report)

Owens Corning (NYSE:OC) is a global building materials company that develops and manufactures products used in residential, commercial and industrial construction. Its portfolio includes insulation, roofing materials and glass-fiber composites designed to improve energy efficiency, durability and structural performance.

The company’s insulation products include fiberglass, mineral wool and foam insulation, as well as related air-sealing and weatherization products. Its roofing business provides asphalt shingles, roofing components and other solutions for residential and commercial applications.

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