Bank of New York Mellon Corp Reduces Stock Holdings in Owens Corning Inc $OC

by · The Markets Daily

Bank of New York Mellon Corp reduced its position in shares of Owens Corning Inc (NYSE:OC – Free Report) by 7.0% in the second quarter, HoldingsChannel reports. The firm owned 804,913 shares of the construction company’s stock after selling 60,752 shares during the quarter. Bank of New York Mellon Corp’s holdings in Owens Corning were worth $110,692,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Owens Corning by 12.0% in the first quarter. Vanguard Group Inc. now owns 9,815,685 shares of the construction company’s stock worth $1,401,876,000 after buying an additional 1,053,855 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Owens Corning by 67.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,380,123 shares of the construction company’s stock valued at $339,930,000 after buying an additional 957,295 shares during the last quarter. Nordea Investment Management AB raised its position in Owens Corning by 0.7% in the second quarter. Nordea Investment Management AB now owns 2,225,800 shares of the construction company’s stock worth $305,291,000 after acquiring an additional 15,927 shares during the period. LSV Asset Management boosted its stake in shares of Owens Corning by 1.9% during the 1st quarter. LSV Asset Management now owns 1,476,067 shares of the construction company’s stock worth $210,812,000 after acquiring an additional 27,185 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Owens Corning by 179.0% during the 1st quarter. Millennium Management LLC now owns 863,230 shares of the construction company’s stock worth $123,287,000 after acquiring an additional 553,864 shares during the last quarter. Hedge funds and other institutional investors own 88.40% of the company’s stock.

Owens Corning Price Performance

Shares of Owens Corning stock opened at $104.09 on Friday. The company has a market capitalization of $8.70 billion, a price-to-earnings ratio of 27.04, a PEG ratio of 9.10 and a beta of 1.31. The company has a quick ratio of 0.95, a current ratio of 1.52 and a debt-to-equity ratio of 0.98. The stock’s 50-day simple moving average is $136.30 and its 200-day simple moving average is $139.91. Owens Corning Inc has a 52 week low of $103.05 and a 52 week high of $214.53.

Owens Corning (NYSE:OC – Get Free Report) last released its earnings results on Wednesday, November 5th. The construction company reported $3.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.64 by $0.03. Owens Corning had a return on equity of 24.49% and a net margin of 2.98%.The firm had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.71 billion. During the same quarter last year, the business posted $4.38 earnings per share. The firm’s revenue was down 2.9% on a year-over-year basis. Owens Corning has set its Q4 2025 guidance at EPS. As a group, analysts expect that Owens Corning Inc will post 15.49 earnings per share for the current fiscal year.

Owens Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 6th. Stockholders of record on Monday, October 20th were given a dividend of $0.69 per share. The ex-dividend date was Monday, October 20th. This represents a $2.76 annualized dividend and a dividend yield of 2.7%. Owens Corning’s dividend payout ratio (DPR) is presently -48.25%.

Analyst Ratings Changes

OC has been the subject of several analyst reports. Bank of America reduced their price objective on Owens Corning from $180.00 to $168.00 and set a “buy” rating for the company in a research note on Wednesday, October 1st. Royal Bank Of Canada cut their price target on Owens Corning from $174.00 to $145.00 and set an “outperform” rating for the company in a report on Thursday. Evercore ISI set a $121.00 price target on Owens Corning in a research report on Thursday. Barclays decreased their price objective on Owens Corning from $173.00 to $131.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Wells Fargo & Company cut their price objective on Owens Corning from $175.00 to $150.00 and set an “overweight” rating for the company in a research note on Thursday. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $162.92.

Check Out Our Latest Analysis on OC

Owens Corning Company Profile

(Free Report)

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.

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